SFist: One Rincon Hill's Second Tower Comes Crashing Down

Sniffy

Wed, 29 Oct 2008 19:51:31 -0800

boo hoo. what will rich people wanting an empty hunk of real estate to invest their spare gobs of cash in do now??

sfrealist

Wed, 29 Oct 2008 17:46:38 -0800

Prices are dropping. They just don't want to admit that they're dropping.

RinconHillSF

Wed, 29 Oct 2008 14:04:26 -0800

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.

what

Wed, 29 Oct 2008 13:44:57 -0800

"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.

allanh

Wed, 29 Oct 2008 13:12:09 -0800

Yeah I'm definitely not sad. View of the bridge from Dolores Park is spared!

karulee

Wed, 29 Oct 2008 13:11:20 -0800

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.

Plug1

Wed, 29 Oct 2008 13:05:26 -0800

good riddance, to it and the ionic breeze still standing.

dantsea

Wed, 29 Oct 2008 13:02:12 -0800

Aw, that's a shame. Heh

largo01

Wed, 29 Oct 2008 12:32:46 -0800

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.

Remi

Wed, 29 Oct 2008 12:17:25 -0800

Too bad, what are we going to do with our millions now?