CFAH

425 1st Street #4702 Living
Over the past few months the sale of a fair number of One Rincon Hill high forties “02’s” have closed escrow.
At the beginning of September the sale of 425 1st Street #4602 closed escrow with a recorded contract price of $1,343,500 ($1,026 per square foot) while at the end of September 425 1st Street #4502 (which had last been listed at $1,450,000 as the sales office’s “LAST 02”) sold for $1,297,000 ($991 per square foot).
And in October, the re-sale of 425 1st Street #4902 (which had also been listed as the “Last Brand New 02 Unit”) closed escrow with a recorded contract price of $1,370,000 ($1,047 per square), for an average recent per square foot sale price of $1,021 for the three 02’s in the high forties.
At the same time, 425 1st Street #4802 has been on the market for a month asking $1,499,000 ($1,145 per square) while 425 1st Street #4702 hit the market yesterday asking $1,449,000 ($1,107 per square) having been purchased for $1,605,500 ($1,226 per square ) in August 2008.
∙ Listing: 425 1st Street #4702 (2/2) 1,309 sqft – $1,449,000 [MLS]
∙ Listing: 425 1st Street #4802 (2/2) 1,309 sqft – $1,499,000 [MLS]

Comments from Plugged-In Readers

  1. Posted by The Milkshake of Despair

    Wow, those are some pretty good results for the sales office. It will be really interesting to see how well the resales of 4702 and 4802 do in comparison.

  2. Posted by sfrenegade

    Both 4802 and 4902 were bought originally by the same real estate investor. Both were then transferred fraudulent to a fraudster because the fraudster was in cahoots with two other guys who were filing paperwork for him:
    http://www.santacruzsentinel.com/ci_14754175
    This is why you see that $717,500 sale for #4802 and #4902 on Redfin. That was the fraudulent transfer done in the name of fraudster Winston Lum, who was the front for Jay Shah and Melvin Emerich, all as stated in the article. The original real estate investor who owns 4802 and 4902 owns tons of condos around the area. When she sold 4902, she only made $14.5K before fees.

  3. Posted by ex SF-er

    actually, these 2Br units in the 2 stack look to be faring better than nearby units.
    overall, 2BRs are far more desireable than the 1 BRs, and this is true for ORH too.
    if these can be sold for almost $1.5M when they were purchased for $1.6M then I’d say the seller will have done as well as possible.
    as many of you know my friends are in the building in the high 40’s and low 50’s, but not a 2 stack. and their condo has lost far more than $100k… and both of them are in a 1Br with a much lower original purchase price than these.
    I’ll admit to mild surprise that these went for $1k/sq ft, even though I rarely try to estimate sales prices.

  4. Posted by irked

    4702 Owner: I want to sell my condo for $1.45M.
    Realtor: Oh, okay. Well recent comps indicate that the current fair market value of your unit is closer to $1.35M.
    4702 Owner: I don’t care.
    Realtor: And the comps are new units. . .
    4702 Owner: I don’t care.
    Realtor: . . . with the same finishes . . .
    4702 Owner: I don’t care.
    Realtor: . . . and the same views.
    4702 Owner: I don’t care about any of that. My condo has brown paint.
    Realtor: Oh, well I’m sure you’ll find someone willing pay $100K over market value for brown paint.
    4702 Owner: And it has the wifis.

  5. Posted by sfrenegade

    “if these can be sold for almost $1.5M when they were purchased for $1.6M then I’d say the seller will have done as well as possible.”
    The former owner of #4902, who is the owner of #4802, listed at $1.499M originally as well and got $1.37M, so getting almost $1.5M would be a great result for her. She originally paid $1.4015M for #4802, which is 46K more than she paid for #4902.
    That sales team has a way to go. There are still tons of units that haven’t sold in the 30-32 and 37 and higher ranges, unless they’ve sold relatively recently.

  6. Posted by hangemhi

    4702 Realtor – the three ’02’s that sold recently were also asking $1.45+ but accepted an avg of 8% under list. So lets be like them.
    As for $1,000 per SqFt? Wow. I really don’t get why anyone wants a view so badly that they’d live in a terrible location

  7. Posted by lolcat_94123

    delusional.

  8. Posted by dontlikewoodfloors

    The wood floors add to the unit’s look and really make the place look sharp. Unfortunately they’re a huge liability for the person who lives directly below. When we were living at One Rincon, the owner directly above us had hardwood floors. Everyday, we kept hearing the strangest scratching sounds day and night. It almost sounded like rats were running across the ceiling. We finally realized that it was the owner’s dog, whose paws were scraping on the hardwood floor. If I hadn’t lived through it myself, I never would have believed how loud it could be.
    Maybe they were in a rush when they built One Rincon and didn’t bother with any insulation under the floors. I’ve lived in a lot of different places but that was the strangest experience I’ve had in the past 10 years, easily.
    Despite the views, I couldn’t wait to get out of there.

  9. Posted by willy

    @dontlikewoodfloors – you are right, the vast majority of the transmitted noise/vibration is due to the hard flooring. I’m sure the ORH hardwood installation rules require a sound insulation underlayment – like cork – but it provides minimal soundproofing.
    That is why the CC&Rs at these places stipulate that you cover 80% of the hardwood with carpet…but I bet on avg, people cover 10-20%.

  10. Posted by 02D2

    And didn’t someone sell a low 20’s 02 at $1.3M in the good old days? I want to be that person!

  11. Posted by Kenz

    Is it possible to get objective information about sound transmission through floors and walls when buying a condo in SF? I’ve heard that in other places (Tokyo?) that data is part of the specs of a place just like square footage.

  12. Posted by sfrenegade

    “Is it possible to get objective information about sound transmission through floors and walls when buying a condo in SF?”
    Probably not. The goal here in the States is generally to hide that type of useful data, if it’s even kept at all. Our regulations generally don’t encourage or require disclosures of important pieces of data like this.

  13. Posted by SocketSite

    The list price for 425 1st Street #4702 has just been reduced $51,000 to $1,398,000 ($1,068 per square foot).
    Once again, #4702 was purchased for $1,605,500 ($1,226 per square) in August 2008 while the sales office sold #4602 for $1,026 per square foot this past September and #4902 for $1,047 per square in October.

  14. Posted by SocketSite

    The listing for 425 1st Street #4802 has been withdrawn from the MLS without a reported sale after 158 days on the market.

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