Monthly Archives: September 2009

Fractional TIC Loans Thrive in San Francisco Market

I was surprised to hear recently that lender NCB recently suspended its fractional loan program. Which made me think: Are fractional loans here to stay? Are buyers risking the ultimate integrity of their multi-unit TIC ownership by assuming the individual loans will be available when they are ready to sell?

Fractional loans are apparently performing quite well, thank you, according to Sterling Bank’s Henry Jeanes. He says that Sterling is committed to offering its fractional loan product, a decision fueled by the consistent popularity of TIC interests among San Francisco buyers (particularly of the first-time variety).Continue Reading

The SoMa Cottage That Could

The SoMa Cottage That Could

Though its neighboring loft buildings have sandwiched it in, 334 Harriet stands proud on its small street between Folsom and Brannan. The 820-square foot cottage was built in 1910 and has all the trappings of the era (including very small bedrooms).

And the current owner even cared enough to remodel the cottage in 2007. It has a cute garden. But it lives in the shadows of taller, shinier properties. Last sold in October 2004 for $615,000, 334 Harriet has been on the market for about a month for $699,000.

You know, if I were in the market for a quintessential Victorian, and I had about $700,000 to spend, Harriet would be a nice alternative.

TICs Avoid Foreclosure Wave

Last week, our reader The Real Estate Whisperer asked about the health of the TIC loan industry.

TICs apparently have an excellent track record when it comes to foreclosures, according to Henry Jeanes at Sterling Bank—one of the primary TIC lenders. Jeanes confirmed that apart from one TIC owner in Oakland who was heading for foreclosure (which was ultimately avoided), Jeanes isn’t aware of any lenders foreclosing on a TIC interest.

Good news, particularly with the mix of group and fractional loans. Jeanes attributes the loan success to the strict TIC loan requirements.

719 Carolina and the Red Kitchen Return

719 Carolina and the Red Kitchen Return

719 Carolina in Potrero Hill is back on the scene, after a month’s break. First listed in early June for $2,250,000, the “substantially rebuilt” 3BR/3.5BA, 3400-square foot home sat on the market for 60 days before the sellers withdrew it.

Carolina’s back, red kitchen intact…and still listed at $2,250,000. Perhaps the sellers are counting on what are perceived to be improved market conditions since the summer? No 3BR homes in Potrero have sold for more than $1,435,000 in 2009, so Carolina may continue to be a tough sell—particularly amidst a ton of new inventory expected over the next several weeks.

Capp Compound Seeks Crafty Buyer

Capp Compound Seeks Crafty Buyer

For those yearning for an Arts and Crafts-style compound in the heart of the Mission, 428 Capp will certainly do the trick.

This two-story home with a rear carriage house sits on a 6,125 square foot lot right at Capp and 19th Street. It was last sold for $1,085,000 in October 2006, but is now listed at $1,295,000.Continue Reading

No More FHA Condo “Spot Approvals”

If you’re a buyer approved for an FHA loan, your choices are somewhat limited when it comes to condo possibilities.

The FHA was okaying condo buildings on an individual basis to add to its existing list of approved properties—until recently. From this point on, there won’t be any further spot approvals. And in October, the projects on the list will be required to apply to remain on the list.Continue Reading

“Celebrity-Quality” Unit at SoBe Warehouse Opens Up

“Celebrity-Quality” Unit at SoBe Warehouse Opens Up

Not yet officially on the market, 164 Townsend is a 4,000-square foot luxury live/work loft between 2nd and 3rd Streets.

The property represents the union of two units, and features everything high end you can imagine—along with roof rights. Architects Sheehan and Quandt guided the renovations, which took place in 2005.

List price is a celebrity-worthy $3.8M. And by all means, give me a shout if you’d like a private showing. That means you, Madonna.

Diggin’ the Deck at One South Park

Diggin’ the Deck at One South Park

Yes, the deck is dreamy over at One South Park—or, at the very least, the outdoor bed is.

The 3BR/2BA, top-floor unit that’s available now has never been occupied, and measures 1500 square feet. Finishes are high end, and two of the three bedrooms have en suite baths. There’s one-car parking, but keep in mind it’s on a lift. HOA dues are $611 per month. List price: $1,195,000. (Last year, if I recall correctly, this unit was on the market for above $1.3M.)

That’s just under $800 per square foot, which is trumping recent sales in Rincon and Infinity. You might not have the crazy, high-rise views, but you have a boutique building with lower HOA dues and what I’d consider to be a more prestigious address.

Empty Nesters Get Tax Benefits

Empty nesters and retirees take note: There could be some very nice tax advantages in your next home purchase.

If you’re ready to downsize and move into a smaller, more centrally located property like San Francisco’s Mission Bay or South Beach, for example, don’t forget about Prop 90.Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate


BRE# 01352627

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