Purchased for a little over a million ($1,007,000) in January of 2016, the “exceptional” 710-square-foot, one-bedroom view condo #4905 atop One Rincon Hill returned to the market listed for a mere $8,000 (0.8 percent) more this past April.
And having been reduced to $995,000 in May, the sale of 425 1st Street #4905 has now closed escrow “at asking.” And while $1,401 per square foot certainly isn’t cheap, it is 1.3 percent cheaper on an apples-to-apples (versus Bay Area or median price) basis versus early 2016.
Comments from Plugged-In Readers
How lazy is it that the bathroom vanity is identical to the kitchen cabinets? Horrible. At least they bothered to choose a different floor.
I genuinely cannot figure out if this is sarcasm…
I understand that the editor used the name of the building and not the neighborhood, but is this still in Rincon Hill or is it in The East Cut?
Google maps indicates that The East Cut runs to the east side of Second Street. Would it be time to introduce a The East Cut tag on socketsite? I’m being sincere, here.
Yes, we didn’t spend that $62K chosing a name for nothing, right?
I still call it SOMA to out of town visitors.
Note – this is not a valid apples to apples comparison. The unit was last sold before the building went into litigation in 2017. It is currently under litigation now (standard 10 year litigation against builders / architects – which has depressed the value of all of the units in the building significantly.
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