Rincon Hill Towers

One Rincon Hill is getting very close to having its first residents.  Some walkthrough inspections are starting next week and the first closings should be in early February.

 According to the sales office, the ground breaking for One Rincon Tower 2 is scheduled for February 26th, but sales will probably not start until mid summer or later. 

Lately, I have been asked frequently about the availability of units at One Rincon Hill, and if there are going to be many people that cannot close.  My best guess is that most of the units will close and there will be very few units that go back to the sales office for sale.  There are, however, a few buyers that are looking for equity partners or possibly someone to take over their contract. 

I have seen many interior and view photos from all levels and directions, and every unit in this building will have nice views, remember, it’s built on top of a hill and there are very few tall buildings nearby so most views are completely unobstructed.

There are also several units that will be available for lease.  I have both one and two bedroom units soon to be available for lease and one owner who may consider a lease option. 

Congressional leaders and the White House today reached agreement on a proposal to increase conforming loan limits as part of a larger economic stimulus package. Raising the conforming loan limits to more accurately reflect the cost of housing in California and other high-costs areas of the nation will provide tremendous relief for those that will now qualify for lower interest rates.

Currently, Californians are forced into more expensive non-conforming jumbo loans, decreasing homeownership opportunities for many and forcing others into more costly – and often riskier – loan products.

The Associated Press reported that House leaders of both parties have agreed to increase the conforming loan limit to $625,000 for one year, although Senate lawmakers and the Bush administration had not signed off on the idea.  Under the terms of the proposed stimulus package, the conforming loan limit — the maximum loan amount that government-sponsored enterprises like Fannie Mae and Freddie Mac may purchase or guarantee on the secondary market — will be raised from $417,000 to as high as $725,000 in high-cost areas.

 I will continue to follow this story, and report back as the details get worked out. 

Interest rates on home mortgages have hit a two year low for conforming loans with balances up to 417k.  30 year fixed rates for a no cost refinance are at 5.625% a true no point/no fee loan and 5.25% for 15 year (4.875% available at 1 point)  Jumbo rates are very attractive with many options as lenders start to make many programs available that were temporarily unavailable.

If you are considering refinancing, you should look at the no cost option.  In a period of declining rates, it is very often the best option.  You pay no costs, and have nothing added to your loan.  The interest rate is about .25%-.375% higher than if you paid these costs.  If rates continue to go down, then you can simply “refi again” to move down to the lower rate.  It is an easy process that can repeat itself as rates drop, and will ultimately get your rate down as low as they go.

The best rates require good credit, but even without perfect credit, rates are still low.  If you need to check your credit, or find out how to improve your credit score, I have 15 years experience in raising credit scores.

This is a work in progress as I am in the process of updating this post with many more links of articles & videos related to all the developments in the Rincon Hill area.

 Ok, I finally got around to updating these:

One Rincon Residents are moving in  SF Chronicle - 3/7/2008

Shifting Demographics hint at SOMA’s future  SF Chronicle - 3/9/2008

High-rises are a sign of the times in changing San Francisco  SF Chronicle - 1/2/2008

One Rincon tower features water tank on top to counteract wind  SF Chronicle 12/29/2007

How’s it going? Updates on Bay Area’s big building projects   SF Chronicle 12/25/2007

As upscale home complexes add great chefs, more buyers are biting   SF Chronicle  12/19/2007

May 2007
San Francisco Market Report

Open house this weekend January 27th for this well priced 2 bedroom 2 bath condo at the Metropolitan SF on Rincon Hill. Part of the growing new neighborhood on Rincon Hill, just a few blocks to the heart of the financial district. Shopping, restaurants, arts, museums, and public transit are all nearby. This is the only 2 bedroom condo in 94105 that is under 800k, this lovely condo is priced at only 769k!

It features an exceptional floorplan with a gourmet kitchen, Granite counter-tops and a Sub Zero Refrigerator, Bosch dishwasher, Bosch Range and gas cooktop , & microwave. 2 full bathrooms with marble counter-tops. In unit separate washer and dryer closet, AC, deeded parking space and storage area.

This unit has direct access to a large common area patio in a secluded private area near the pool. Although this is a common area, because of its location, it is not used by residents and gives the unit direct access to a spacious outdoor area. The patio offers a fantastic space for children, a great overflow space for entertaining guests, or makes it easy to exit the building if you have pets.

Click for photos

Call Scott Osborne 415-734-8005 for questions or to schedule a showing.

With only a month or two to go, the closings for both Infinity Tower and One Rincon Hill are just around the corner.  The activity and buzz are picking up as the long awaited dates draw near.  Many happy homeowners will be moving into their new homes, and many other investor owners will be looking for tenants.  I have several clients who will be renting out units, both one and two bedrooms and I am putting together a list of other units that are also available.  I also have one client who may consider a lease to purchase option on their unit after closing.  Call me for further rental or sales information at 415-435-3740.

The following update regarding Infinity was recently posted on the Webcor website:

THE INFINITY (300 SPEAR STREET), SAN FRANCISCO, CA