Sean Sullivan of Climb Real Estate Group: San Francisco Real Estate New Construction: One Rincon Hill Tower II Construction Started; Tower I Is Now Sold Out
San Francisco, CA (PRWEB) December 19, 2012
Ground was broken two months ago for One Rincon Hill Tower II and as rebar pokes out of the construction pit, big brother Tower I has sold out after a protracted 5 year sales cycle.
According to curbedsf, the 50 story One Rincon Hill Tower II will have a large Sky Lounge on the roof. Also included will be a 3,600 fitness center. It will have fewer units than the original plan which was approved in 2005, because some of the one bedrooms will be combined into larger units. Another significant change is that some of the units may become rentals, depending on the market in 2014.
It was a different world when sales started in 2007 and the irony is the market has boomeranged back to where it was then, although now with better interest rates and more sound economic fundamentals. Year end sell outs are the thing as Madrone announced today it has 5 homes left out of 329. Sales started exactly a year ago in contrast to ORH. The boutique 411 Valencia has just 14 homes, but 10 are spoken for which leaves 4 available in the heart of the uber trendy Mission.