Quote:
Originally Posted by mthd
i think the main factor is that one rincon has views and a very high profile. these lower developments can't really distinguish themselves. the issue with rincon hill right now is that it's pretty desolate. it takes someone with a bit of vision to imagine a vibrant neighborhood there. i wouldn't be surprised to see the second tower wait a bit for a few more infill projects to at least get started.
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Different market also, I think. I haven't seen a breakdown if one exists, but places like One Rincon tend to attract a lot of pied-a-terre and second home buyers, empty nesters and yuppies (in the true meaning of the term) stretching their budget for a really high-status "crib". Most of the other lower-rise buildings around are more attractive to city people buying a primary residence, I'd guess. In other words, I'd make the competition for One Rincon, aside from the Infinity, to be places like the St. Regis and 4 Seasons condos which also sold fast, not your regular buildings like, say, The Palms which I have definitely read is having slow sales.