The resale of 425 1st Street #4802 has closed escrow with a reported contract price of $1,355,000 ($1,035 per square foot). The One Rincon Hill two-bedroom was purchased from the sales office for $1,401,500 ($1,071 per square) in August 2008.
The upgraded two-bedroom one floor below (425 1st Street #4702) re-sold for $1,350,000 this past March having been purchased from the sales office for $1,605,500 in August 2008 while the two-bedroom one floor above (425 1st Street #4902) re-sold for $1,370,000 last October having been purchased for $1,355,500 in August 2008 as well.
The re-seller of #4802 was also the re-seller of #4902 and had listed both units for $1,499,000 in 2010. And if you’re trying to figure out why some sites misreport a 50 percent off sale for both units in 2009, as a plugged-in reader notes, this would be the reason why: Santa Cruz lawyer…arrested in San Francisco luxury-condo scam.
∙ “The Last” Of The Last One Rincon Hill 02’s [SocketSite]
∙ The “America’s Cup Effect” In Action? [SocketSite]
∙ Santa Cruz lawyer…arrested in San Francisco luxury-condo scam [santacruzsentinel.com]
Hmm…those actually seem to have held up better then I would have expected.
Fascinating. Im not sure how these were publically filed as sold right underneath the owners noses. I wonder how many more vacant properties are listed/filed as sold . This story could be made into a movie. Murder, mortgages and mayhem. Looking to see how this unfolds.
I wonder how many more vacant properties are listed/filed as sold
worse, the condo they sold wasn’t even vacant!!!!
The case began to unravel when the One Rincon Hill’s owner, Shirley Hwang, a major San Francisco real estate investor, found a package in her mailbox that supposedly belonged to a new owner of her building, when in fact, she hadn’t sold it.