425 1st Street #4706 Living

Purchased as a One Rincon Hill two-bedroom for $1,250,000 ten months ago, 425 1st Street #4706 has returned to the market with one less bedroom but all 1,238 square feet and asking the same. In the words of the listing agent:

Similar two-bedroom units present a challenge for entertaining more than six people for cocktails, while this unit can comfortably host a dozen or more for drinks or eight for a formal dinner.

As the floor plan looked before the renovation when “Bedroom Two” was removed, the entrance to the adjoining bathroom was changed, and a bathtub looks to have been removed (and perhaps converted to a closet):

One Rincon Hill '06' Floor Plan

In related ”06 stack news, the resale of 425 1st Street #806 closed escrow yesterday with a reported contract price of $835,000.

∙ Listing: 425 1st Street #4706 (1/1.5) 1,238 sqft – $1,250,000 [MLS]
The Latest (By Two Weeks) One Rincon Hill “06” Comp [SocketSite]

Comments from Plugged-In Readers

  1. Posted by tipster

    Bathroom 2 looks like a wet bar.

  2. Posted by EH

    “Similar two-bedroom units present a challenge for entertaining more than six people for cocktails”

  3. Posted by ellbee

    I don’t even know six people named Bryce or Muffy.

  4. Posted by curmudgeon

    I know that it’s always considered to be the wrong real estate decision to remove a bedroom (for value, anyway), but I like this arrangement much better.

  5. Posted by Ivan

    Ok, so now it’s a 1 bedroom for $1.25m. Arrangement might be better, but terrible decision.

  6. Posted by curmudgeon

    Yeah, I’m guessing the ultimate buyer will reap all the benefit of the remodel. Not the current seller. 🙂

  7. Posted by Willow

    A ten month hold indicates this is a flip, right? Can’t believe people are taking these risks still.
    The changes make the unit more livable no doubt but you are narrowing your pool of prospective buyers by removing the bedroom and reducing the full bathroom. I would have instead blown out the wall of the second bedroom adjacent to the living room to get the additional space but also make it relatively easy to put it back.
    Why are there not more pictures in the MLS listing?

  8. Posted by eddy

    This place is sweet from what I can tell. There aren’t too many 47th floor 1bd entertaining condos in the city.

  9. Posted by Kurt Brown

    LOLz @ellbee

  10. Posted by El Bombero

    There are so many ways to lose money on SF real estate — it’s wonderful to see.
    The great thing about listings like this is that someone will post that the reno must have cost around $100K, and then some bull will come on and say that’s crazy — could have been done for $10k or maybe less. Then some other bull will come on and say that removing the second bedroom actually decreased the value by $100k, so prices are actually up from 10 months ago. Finally, a few days later, someone will come on and suggest that they just put the wall back up and change the bathroom back, and bull #1 will say that would cost $200k.

  11. Posted by sunnyvale steve

    So it looks like they removed the bedroom and then completely reconfigured the bathroom, turning it into a half bath, so they could add a wet bar. The number of potential buyers who would prefer a wet bar over a full bath can be counted on the fingers of, what, one hand? And they did something so “specific” in a 10-month flip? Who but an alcoholic (in a stupor) would think this was a good idea. Completely insane. How many cocktail parties would you need to have to make this look like a good idea?

  12. Posted by Chris

    By also removing the second bedroom, they removed the option to have a nice small office. Does your computer and desk now go in the living room, or worse, in the master bedroom?

  13. Posted by bernalkid

    calling all alcoholic stud googlaires

  14. Posted by Legacy Dude

    An “entertaining condo?” Seriously?
    The Marriott at 4th and Mission has a bar with a great view, as do the Embarcadero Hyatt and the Mark Hopkins. Usually no cover charge, and a room for the night is typically under $1.2 million if memory serves. That would probably cover over 10 years of stays.

  15. Posted by curious

    How about the piede a terre market?

  16. Posted by Legacy Dude

    Ah, yes, forgot about that. Somebody remind me…isn’t ‘pied a terre’ French for “how to lose or waste a bunch of money?”

  17. Posted by Brahma (incensed renter)

    There’s a market for people who want to waste a bunch of money, look at the Sperlings, who have multiple mansions in this town, sitting empty and unused.
    If you need a place to stash your “kept woman” (think the first third of Breakfast at Tiffany’s) that you trot out for parties, you can’t very well do that at the Embarcadero Hyatt or the Mark Hopkins…well, you could, but then you wouldn’t be able to take advantage of the fact that the first million of the asking $1.25 million price would presumably be covered by the federal mortgage-interest tax deduction. It’s a stretch and mostly in jest, but that’s the best I can do.

  18. Posted by Couch surfer

    That’s a lot of effort to add a second sofa to your condo.

  19. Posted by The Milkshake of Despair

    Aw don’t be so naive Legacy Dude. ‘pied a terre’ literally means “foot on ground” meaning if you buy one of these then you won’t have enough money left to buy shoes.

  20. Posted by Willow

    Actually this redesign is an acknowledgement of the impractical nature of most floor plans in these recently built skyboxes. (The 06 Stack here is decent compared to some of the challenging ones at the Infinity.) Most new condo designs have tiny living/dining areas, limited closet space with oversized bathrooms. Once you move in you end up using the second bedroom as a study/tv room or put your furniture in storage because there’s no room in your brand new 900K pad.

  21. Posted by anon

    It sure looks nice. I’ll bring some wine if the new owner wants to invite me for the housewarming party.

  22. Posted by Grubber2

    uhhhh, Legacay Dude, the Hyatt Embarcardero view bar has been closed for almost 10 years….

  23. Posted by Me

    “Current owner has further raised the bar with with his mistake(s) by the additional luxurious touches.” WHY WOULD HE REMOVE THE WALL / bedroom? IMHO, leave the wall but create a ‘barn door’ type of opening. Allowing the option to close off the bedroom / den / office / sitting space.
    Just my opinion…
    Something like this:
    http://st.houzz.com/simages/46940_0_8-0777-modern-family-room.jpg

  24. Posted by ulio

    eddy,
    you must either be the owner or the agent. it’s not good to be the most expensive 1bd in the area.

  25. Posted by eddy

    Yes, I’m the owner this of property. No, wait, I’m the agent. Sorry if you don’t like my opinion, but this place is sweet from what I can tell. If I were the owner or the agent I would have posted a lot more pictures of the place actually. Most if not all 2bd rooms configured as this one was configured absolutely suck for entertaining. And its hard to find 1200sqft 1bd places. Let alone on teh 47th floor of a good building with insane views. I’ve no idea if it is priced right but I do know that it is unique and that it only has to appeal to 1 person for it to sell.
    Personally, for the money, I’d rather have the Bush Loft (name link). But the size / location / view tradeoff of this place does command a psf premium over the Bush St Loft.

  26. Posted by ex SF-er

    calling Charlie Sheen!
    Terrible listing. This seller is clearly not serious.
    although perhaps not wise, it does address the shortcomings of these “luxury” units.

  27. Posted by Fish

    Huh, I had no problem having 8 people over in one of those. The guy next door at a stack 7 had even more over.
    If I wanted a pied-a-terre, I’d buy a stack 7 at half the price.

  28. Posted by Mole Man

    The design is nonstandard, but the real problem is the price. This is what happens when someone builds their dream space and then gets moved.

  29. Posted by Oakland Chap

    “This is what happens when someone builds their dream space and then gets moved.”
    Mole Man has a very good point.

  30. Posted by metropolitan shopper

    Does anyone know if rincon tower 2, if it ever gets built, would be on the southwest corner or northeast corner of harrison and Fremont? It’d make a big difference for the people in the Metropolitan who have an eastward view of the bridge…
    Thanks.

  31. Posted by GoodBuyBadTimes

    “Who but an alcoholic (in a stupor) would think this was a good idea. Completely insane. How many cocktail parties would you need to have to make this look like a good idea?”
    LOL and over-the-top clever response Sunnyvale Steve!
    @Me That ‘barn door’ is not a good fit for what the owner intended but your overall concept is spot on – should have employed self-storing sliding doors to replace the two walls. Add a Murphy Bed and it would have been possible to retain the functionality of the 2/2 while creating the stylish and more spacious space desired for entertaining. This approach would have appealed to a much broader market thus improving the chances that the owner wouldn’t be taking a bath due to the removal of the bathtub (and bedroom).

  32. Posted by Outsider

    An ideal set up for a high end “entertainer” may be ?

  33. Posted by Ryan

    People must be getting sell happy in stack six. 2606 just went on the market as well. Sans the deleted second bedroom, for $1.050.

  34. Posted by tipster

    Ryan,
    It’s coming up on three years from the move in date and the 06 stack faces east, has 200 square feet wasted on hallways, and so were probably some of the hardest to bedrooms to sell. The sales office probably threw in three years of HOA to inflate the sales price on some of the 06 stack.
    Their payments are about to go way up, and with interest rates rising, their value is about to go way down.
    It’s the perfect storm for those units and the sellers are about to get very, very desperate.

  35. Posted by tipster

    Ryan,
    It’s coming up on three years from the move in date and the 06 stack faces east, has 200 square feet wasted on hallways, and so were probably some of the hardest to bedrooms to sell. The sales office probably threw in three years of HOA to inflate the sales price on some of the 06 stack.
    Their payments are about to go way up, and with interest rates rising, their value is about to go way down.
    It’s the perfect storm for those units and the sellers are about to get very, very desperate.

  36. Posted by reviewasaurus

    What’s up with real estate agents that only include two pictures of the actual unit? Not earning their commission in my opinion!

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