Rincon Hill Towers

Foreclosures are the hot topic these days, they are everywhere and it’s now clear that no areas are immune.  Recently, several have come and gone in San Francisco at first class buildings such as the Watermark, the Metropolitan, the Beacon and Bridgeview just to name a few.  Downtown San Diego is swimming in bank owned properties including high end buildings such as Parkloft, Horizon, Renaissance, Discovery and several others.  More are on the way including a few one and a 2 bedroom units at the Metropolitan, a luxury high-rise in a prime area of San Francisco.  Properties that cash flow with 20% down are now available in many areas.

These properties are the best deals and they are the ones the savy investors are asking about.  They are also the best ones to buy given the current uncertainty in the market.  The banks price them to sell and they usually do sell fast. To search foreclosure properties anywhere in California, click here.  I will be adding new foreclosure data soon and can track the price trends in each stage of foreclosure for any California property.

Click here for a tour of 2602

Here’s a quick update on the SF Blu project:

Estimated first move-ins will be December 1, 2008

Several units in the Phase 1 release have gone into contract or are pending, most notably, the 3 bedroom two bath penthouse unit A listed for $3,395,000.

Hard hat tours into the building are available and can be scheduled in advance.

One unique feature of SF Blu is that all 6 of the second floor units feature large functional patio space for exclusive use.  Both the A & D floorplans have very generous outdoor space, although the A floorplan has one quirk, the extra large northwest corner patio is accessed directly through the master bedroom, all others connect through the living area.  Please call Scott to schedule a personal tour.

Is there a home in San Francisco where you can simultaneously see in clear view both towers of the Golden Gate Bridge, the Bay Bridge and the Richmond bridge?  Yes, and it’s only available at the top of One Rincon Hill.  The most desireable view unit in San Francisco is now availalbe for the buyer that wants to be above all the rest.  A home like this one will rarely, if ever, become available.  It is truly unique, spacious and has breathtaking views of the entire city, Marin, North Bay, East Bay, and both sunrises and sunsets.

If you are looking for a unique Penthouse opportunity, please contact Scott Osborne for more details at 415-734-8005.

SF Blu has finally opened its doors and released its first phase of 11 units.  I had heard pricing would start at around $1000/psf and was skeptical that the BLU may be another overpriced luxury highrise .  Well, it’s NOT!  It’s well priced for today’s more competitive market.  The location at 631 Folsom St, near Folsom and Second St, in the heart of Soma, is perfect.  Second St spans from At&t park to the heart of the Financial district, with great restaurants and entertainment lining the neighborhood.

The 6 different 2 bedroom floorplans range in size from approximately 930 sq. ft. to over 1200 sq. ft.  Current release pricing ranges from $739,800 for plan 3E to $1,199,000 for the 17D floor-plan featuring 2 bedrooms and a den with bay, ballpark, and west city views.  There are also 6 tri-level penthouses with 3 bedrooms, 2 baths and a rooftop Solarium and patio.

Most of the 2nd floor units feature large private patios with nice afternoon sun exposure, a rare feature in the SOMA area.   In addition, these will be usable and functional patios, unlike many of the high-rises in the area where balconies can be too windy or cold much of the time.  Only the second floor units and penthouses have outdoor patio space.

 The finishes are top notch - Granite kitchen counters with under-mount sinks and European cabinetry.  Viking stainless appliances and Bosch dishwasher - all standard, no upgrades needed.  The baths have standard marble floors, counters and shower surrounds, frame-less glass shower enclosure and dual designer sinks.  In addition to the 24 hours lobby attendant and concierge services, there is a private rear garden terrace with fountain, BBQ and catering set-up facility.

 The A floor-plan should be popular with floor to ceiling glass windows for the entire unit.  It faces north towards the city and will have intimate street views for floors 2-5, with floors 6 and above opening up to more expansive city views.  The D & F floor-plans are the largest, slightly over 1200 sq. ft. with Southern exposures.

The 6 penthouses each feature their own rooftop decks and Solarium with unparalleled city and bay views.  Penthouse A has been release at $3,395,000.  I’d be happy to give you a tour and share my insights in the preconstruction buying experience.

The status of the One Rincon Hill project has been updated in the Spring newsletter put out by the sales office at One Rincon Hill. Here is the latest on what is to come atop Rincon Hill:  

• The groundbreaking ceremony for Phase II, a second tower to be built at the corner of Harrison St. and Fremont St., will be scheduled soon after the selection of the general contractor this summer, with pre-sales in 2009.
• ORH is a phased-occupancy building and closings follow that schedule. Beginning in mid-April, closings begin for floors 27 to 60, on a floor-by-floor basis through Sept. 2008, when the penthouses on floors 56-60 are occupied.
• The main entrance and lobby still have some details to finish. Craftsmen are installing stone to the front columns and a glass canopy. Meanwhile, the curved bank of 20 foot tall glass windows are awaiting window treatments.
• Later in the summer, common areas will be completed. This will include a lap pool, hot tub and barbecue grill, surrounded by lounge chairs offering city views in every direction. Inside, just off the pool area, is a conference room and a large hospitality lounge which has already hosted several functions. The lounge has a 73″ flat screen TV, a baby grand piano and a full kitchen. Down the hall are men’s and women’s locker rooms, each with saunas. They are adjacent to a fitness center that offers an assortment of Precor and Nautilus equipment, as well as natural light and a stellar view of the Bay Bridge.
• Townhomes are rising along Harrison Street. There are 14 in all, each with private entrances and terraces. Some have private elevators and poolside patios. Sales tours are anticipated in early fall.
• The dramatic driveway up to ORH will be lined with 16 ft. trees, about 72 in all. This extensive landscaping surrounding the tower will be installed when Caltrains finishes work on the First St. on-ramp later this summer.
• Currently, only a handful of homes remain available for sale in Phase I. The sales center has a waiting list for homes that may become available during the upcoming phase of closings.

To read the entire newsletter, click here.

Amateur video taken by yours truly during the fireworks show after the Giants extra inning win over the Padres.  The video was taken from the balcony of the 18th floor at One Rincon Hill.  What a great place to watch the fireworks display!  Enjoy the show…  (full screen view recommended)

Residents and restaurants are quickly moving into the Rincon Hill area.  Local at 330 First St is the newest addition to the neighborhood.  The San Francisco Chronicle gave them an “excellent” rating in their four star system.

With over 300 wines to choose from, and only a $10 corkage fee, the attached Wine Merchant is a great way to sample some new wines.  Or, if you’re an owner at One Rincon Hill, bring your One Club card and they waive the corkage fee. 

The Infinity has now closed 58 units.  The 1st phase of the project is approximately 85% sold and making steady progress toward becoming sold out.  A wide selection of nice units are still available in 1,2 and 3 bedroom floor-plans.

The Webcor website recently posted the following project update: 

March has been a momentous month for the Infinity project. The phase I portion of the project has been turned over to building management. Residents are now occupying the tower and the Main St podium building. The final podium building is finalizing punch-list and will have residents moving in the first of May. The pool, fitness area and sauna are in full use for the residents.

The 42-story, Phase 2 structure topped out at the beginning of the month. The tower crane should be coming down in late May which is earlier than expected. Curtain wall continues to progress as it is installed through level 24. The interior construction is following with framing through level 15 and drywall on 8. The cabinets and finishes will start at the beginning of April.

For specific pricing, floorplan analysis, and a tour, please give me a call!

Here’s just a few of the many photos I have taken from inside the coveted Southeast corner units at One Rincon Hill, San Francisco’s newest luxury residential highrise. One Rincon is located at 425 1st St, just a few blocks from everything San Francisco has to offer.