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

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One Rincon Hill Tower II has begun construction on the 50 story tower, and will have fewer units than in the original 2005 plan, because some of the one bedroom units have been combined to create larger units. The building will also have a “Sky Lounge” on the roof, as well as a large fitness center for the residents. Since 2007, when sales started for Tower I, the market has boomeranged back to where it was then, but with better interest rantds and more sound economic fundamentals.

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.

Not yet for sale but leaving prospects salivating, 300 Ivy’s construction is underway with pre completion sales expected to begin in February or March. 62 units consist of 1 & 2 bedroom flats and five 3 bedroom town homes. Ivy will be first out of the gate in a year that will see several developments open sales offices. Let the games begin.

One Rincon Hill Tower II is just one of many residential new construction, planned or started in San Francisco. Others include 376 Castro, 706 Mission, and 2299 Market.

About Sean Sullivan San Francisco Real Estate Agent

Sean Sullivan, real estate agent and senior sales leader at brokerage Climb Real Estate Group is known for his expertise in the complex San Francisco market, including new construction, where he got his start in 2000.  He has seen several market cycles, which helps him refine how he assists different types of clients.

Contact Information
Sean Sullivan, Senior Sales Leader
Climb Real Estate Group
San Francisco, CA

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