Monthly Archives: June 2012

Are the TICs at 226 27th in Noe Valley for You?

Are the TICs at 226 27th in Noe Valley for You?

Whenever a gaggle of new units hits the Noe Valley market offering 2BRs in the $400,000-$500,000 range, I start receiving inquiring emails from various prospective home buyers. I explain to everyone that the units are tenancy-in-common (TIC) interests, and then am usually asked to explain how TICs are different from condos. From there, I’m either scheduling a showing or being told that TICs are not an option.

So I thought I’d cut to the chase and write a public service blog post that will help any buyers out there who are curious about the TICs at 226 27th Street in Noe Valley. I viewed four of the units this week on broker tour, and have also been watching the former apartment building being renovated over the past several months.Continue Reading

Just Sold: 1388 Gough #407

Just Sold: 1388 Gough #407

I just closed the sale of my 2BR/2BA condo listing at The Post International (1388 Gough) in the convenient Cathedral Hill neighborhood. Featuring a spacious floor plan with a kitchen open to the living and dining areas, as well as two large bedrooms and baths, #407 also included parking, storage and in-unit washer/dryer. The Post International is a 72-unit building with a recently renovated fitness room, common-area garden, 24/7 security, and conference room. It’s located near Japantown, Hayes Valley, Civic Center and Lower Pacific Heights.

On the market only a week, we received two offers. Listed at $699,000, the unit sold for $715,000.

Sellers on Hook to Disclose What They Know

Yes, there are probably sellers out there who don’t disclose everything they should. But I don’t typically assume that sellers are hiding pertinent details about their homes. The homeowners with whom I’ve listed properties have generally tended to go out of their way to disclose even the most minor deficiencies.

Not to pat myself on the back, but I typically sit down with sellers while they complete the extensive disclosure package, going over each form line by line and clarifying the questions. It’s this approach that I believe leads to more thorough disclosures for buyers. It also gives me the opportunity to learn all the property details before the marketing begins, which results in clear, accurate fact presentation to agents and prospective buyers.Continue Reading

Former Mayoral Manse On Market Again

Former Mayoral Manse On Market Again

Less than a year after former Mayor Newsom sold his 4BR/3.5BA Ashbury Heights home at 1581 Masonic in an all-cash transaction for $2,750,000, the property is again up for sale.

The fully detached, gated residence features grand common rooms, a major chef’s kitchen, spa-like bathrooms, wine cellar, and four walk-out terraces. 1581 Masonic is now listed for $2,895,000.

If you missed it last time around—a likely situation, as the house was only on the market for two days before the buyers plunked down their cash and snapped it up—you can take advantage of this weekend’s open houses and check out the property. Twilight preview tonight from 5:30-7:00pm; Saturday June 9th from 200-4:00 and Sunday June 10th from 2:00-4:00.

TIC Market Slower, But Still Strong

The tenancy-in-common (TIC) market in San Francisco may not be the busiest it’s ever been. After all, condo prices have fallen since the 2005-2008 market heights, and most buyers would prefer to own their own unit (vs an interest in a building, with fellow owners all on the same title).

But the TIC market is certainly not dead. A total of 120 TIC interests have sold year to date, at an average of $598,422. TICs are taking longer to sell than other property types, and those 120 TICs took an average of 80 days to sell. There are 90 TIC interests currently in contract, and 54 TICs on the market (including a newly renovated, seven-unit building on Dolores at 22nd Street).Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate

415.823.4656

ebermingham@zephyrsf.com

BRE# 01352627

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