As condo prices climb and low inventory persists in centrally located neighborhoods, San Francisco buyers appear to be more willing to take on TICs.
A total of 66 TIC interests sold in the last quarter of 2011, at an average price of $594,127. However, buyers snapped up 94 TICs in Q4 2012, and the average price shot up by about 9% to $645,091.
In a city where the average condo price is almost $1M, TICs still represent a more affordable path to home ownership—particularly where 2BR units are concerned. Almost half of the TICs sold in the last quarter of 2012 were 2BRs, with 1BR TICs representing 32% of the total sold. The least popular TIC type was the 3BR+ unit; only 22% of buyers purchased those.… Continue Reading
I was invited to a TIC Roundtable last Friday sponsored by Sterling Bank and Trust. The officers and lender reps were in attendance, as was TIC attorney Lyssa Paul. We had an interesting Q&A about Sterling’s goals in the TIC lending arena, as well as identified a few trends in the TIC market—all while sitting 40 stories up in the Transamerica Building.… Continue Reading