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Looking at our monitor through a wall of tears, the following info is difficult for us to report. According to Curbed, it has been confirmed that "the second tower of the Rincon Hill development has been cancelled for the foreseeable future." With vacancies still inexplicably open at the tallest apartment building west of the Mississippi River, One Rincon Hill; our economy in the bidet; and the cost of housing getting higher by the hour, developers have pulled out. Oh, and not only has development in Rincon Hill be drastically reduced, but at other locales across the Bay Area as well.
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Too bad, what are we going to do with our millions now?
This is where my economics classes seem to fail. So shouldn't the price of renting at Rincon go down now that it seems nobody is moving in? Wouldn't that make sense?!! You know.. low demand and high supply dictate lower prices.
Aw, that's a shame.
Heh
good riddance, to it and the ionic breeze still standing.
I don't know why anyone would want to live there? I know the highrises on Russian Hill are sixties gross, but the view, oh the view. The only benefit I can see to Rincon one is that you can stand stark naked in front of your floor to ceiling window without worrying about your neighbor across the street ogling you...well, those without binoculars anyway.
Yeah I'm definitely not sad. View of the bridge from Dolores Park is spared!
"So shouldn't the price of renting at Rincon go down now that it seems nobody is moving in?"
You're not selling a one-off product. You're entering into a potentially long-term contract. It may be worth waiting a bit longer for a higher rent, and missing a few months of rent, than to rent at a lower rate and get stuck with it for a long time.
They could be totally wrong in predicting this, of course. Or, there may be tax benefits to not renting, or other benefits to not renting, which I'm not aware of. Maybe they're just stubborn, or bound by some contract, or involved in some political game, or....
Me, in short: no fuggin' idea.
Well, if I owned that land that provides agruably some of the best views in the City, I can wait a few years for the economy to turn around if need be. If I had recently purchased the land and was paying for the land AND development on top of it, then I guess I'd be up a creek.
Prices are dropping. They just don't want to admit that they're dropping.
boo hoo. what will rich people wanting an empty hunk of real estate to invest their spare gobs of cash in do now??