Category Archives: TICs & Multi-Unit Bldgs

Just Sold: 171 Wawona and 1153-55 Florida

I’m proud to announce two closings late last week:

171 Wawona
West Portal
3BR/2.5BA, 2 pkg
Sold: $2,300,000

My clients are thrilled with their purchase of 171 Wawona, a gracious home in the heart of the highly desirable West Portal neighborhood. The house has three bedrooms and two bedrooms on the upper level, with a large primary suite. There’s a remodeled kitchen and open living/dining room. Continue Reading

30-Year Fixed Loans Now Available for TICs

Tenancy-in-common (TIC) loans are no longer limited to adjustable-rate terms. It’s official: You can now get a 30-year fixed loan.

Part of the reason fractional loans haven’t moved beyond adjustable-rate mortgage (ARM) products is because the idea behind TICs was to condo convert in a few years. So you’d end up refinancing out of the TIC loan, anyway. Plus, the handful of TIC lenders out there wanted to limit their exposure in the riskier fractional financing market.

But condo conversion has long been suspended for buildings with three or more units, so that aspect isn’t really relevant anymore. And fractional loans have turned out to be successful for lenders, as there haven’t been many loan defaults among the well-qualified buyers who meet the lender guidelines for income, credit and assets.

Lenders are obviously now comfortable offering a longer fixed-rate term, and TIC owners, in turn, seem to be staying in their properties as long as condo owners do—-in many cases, beyond three or five years.

So for those who are wary about being exposed to a higher interest rate after an ARM adjusts in the future, a 30-year fixed TIC loan could be a good fit. Continue Reading

New Listing: Victorian Duplex in the Mission

New Listing: Victorian Duplex in the Mission

I’m proud to present 1153-1155 Florida Street in the heart of the Mission. Steps from 24th Street’s retail corridor, this duplex has one vacant top-floor unit, and a tenant-occupied lower unit.

Each flat features two bedrooms, one bath and rear sunrooms. The upper vacant unit has an additional front room for an office, nursery or guest room. And there are views of Twin Peaks and Bernal Hill. Period details abound, from high ceilings and wood floors to decorative moldings and ceiling medallions.

There’s a large garage with plenty of storage, and a lush yard with mature palm tree.

This is an excellent opportunity for an owner occupier or investor to land an iconic building in a prime neighborhood location.

Check out our Web site here.

List price is $1,595,000, shown by appointment to qualified buyers and their agents. Or stop by our open houses this weekend on Sat 7/17 from 11:00am-1:00PM | Sun 7/18 from 1:00pm-3:00pm. Please note that we will only be showing the lower unit after offer acceptance.

TIC Inventory Poised To Grow in 2021

TIC Inventory Poised To Grow in 2021

The tenancy-in-common (TIC) market slowed to a crawl in the last quarter of 2020, with almost 100 cancelled or expired listings laying by the MLS wayside. With the condo market cooling due to Covid, it was no surprise that the less conventional TIC took a bit of a hit, as well.

But 87 TIC interests did end up selling (up from 70 sold in Q4 2019) despite these challenges. Buyers snapped up TICs in popular neighborhoods like Noe/Eureka Valleys, the Haight, Hayes Valley, NoPa, Marina, Russian Hill and the Mission in search of prime locations and more space than condos can typically offer for the same price. Continue Reading

Welcome To The 2020 Holiday Home Stretch

2020 has been a year like no other, but I’m willing to bet that motivated buyers and sellers will follow their usual holiday season activity pattern. Buyers will aggressively write offers and try to negotiate, and sellers will be more willing to negotiate so they can wrap up their sale before year end.

There’s a healthy amount of houses, condos and TICs on the market that all stand a chance of having to return in 2021. Here’s a quick look at each category:
Single-Family Homes
Number available: 345
Median list price: $1,890,000
Avge days on market (DOM): 59
Where the inventory is: Parkside/Sunset, Ingleside, Sunnyside, Noe/Eureka Valleys, Pacific Heights, Cow Hollow, Bernal Heights, Mission, Bayview, Visitacion Valley.
Worth noting: There are far fewer houses than condos sitting on the market, with about 40% listed for up to $1.5M. That means buyers can expect to pay $2M+ for most of the homes on the market. Continue Reading

TIC Market Stays Alive During Corona

TIC Market Stays Alive During Corona

The tenancy-in-common (TIC) market in San Francisco is a small one, with about a tenth of the condo volume at any given time. Buyers tend to shy away from TICs when there’s a glut of condo inventory, as the former are a bit more complicated. But if you’re looking for more space and a better location than your condo budget allows, you may want to consider one of the TICs currently on the market. Continue Reading

The Difference Between a TIC and a Condo

It’s not always obvious whether a property is a condo or tenancy-in-common (TIC) when you’re a buyer who’s searching online for properties. You have to click in to all the details before you realize that the photos of the wonderful “flat” that seems listed kind of low is actually a TIC.

But what’s the difference between a TIC and a condo? All things being equal, couldn’t you just buy a TIC if it has the space and location you want? Continue Reading

Adding ADU To House, Duplex May Not Be The Best Idea

The climate is ripe for adding housing in San Francisco, and that extends to the city’s efforts to make adding an accessory dwelling unit (ADU) to a property easier. But whether you should move ahead with “legalizing” an existing in-law apartment—or creating one—depends upon what type of property you own.

If you own a building with three or more units, adding another one won’t really introduce new use restrictions on the building or resale complications. Continue Reading

SF TIC Market: Small But Mighty

SF TIC Market: Small But Mighty

Tenancy-in-common (TIC) interests accounted for a small portion of San Francisco sales in 2019. But the average price was almost $1,300,000, and there were a fair number of luxury sales in the $2,000,000+ range.

Only 262 TICs sold in 2019—a comparably small quantity compared to the 2,530 condos sold. But the fact that there is a still a solid market for a property type that involves sharing title with other building owners speaks to the risks buyers are willing to assume in their quest to become San Francisco homeowners. Continue Reading

COPA Legislation Now In Effect for SF Multi-Unit Building Sellers

The Community Opportunity to Purchase Act (COPA) is now officially in effect for sellers of multi-unit buildings.

I first blogged about the COPA back in June. The legislation wasn’t scheduled to go into effect until September 3, 2019. In a nutshell, COPA gives non-profit housing organizations the first right to purchase residential buildings with three or more units. The city is hoping that COPA will help preserve affordable housing.

Sellers of three or more units now have to provide a formal notice to the Qualified Nonprofits (QNPs) via email prior to marketing the property to the public—and prior to listing the property on the MLS or in a “coming soon” capacity. Continue Reading

Can I Turn Two Units Into A Single-Family Home?

One of the most frequently asked questions in San Francisco is how easy it is to turn a two-unit building into a single-family home.

The short answer: It’s a real challenge to get permission from the city for this sort of transformation. This is because the city ultimately does not want to lose housing stock—particularly when it comes to rental units. Continue Reading

TIC Market On Firm Footing in 2019

Tenancy-in-common (TIC) interests are still successfully attracting buyers in the current San Francisco real estate market, despite their inherent risks that include sharing title with multiple owners.

TICs traditionally account for a much smaller slice of the pie. For example, 179 condos have sold year-to-date, and only 29 TICs have changed hands. But these sales offer a good sampling of what you can expect in this segment of the market.

For one thing, most TICs are selling at or below list price and are bucking the list-low, sell-for-more pattern that’s the norm for condos and houses in San Francisco. Here are some tips: If you’re a TIC seller, don’t list your unit for well below its value. And if you’re a TIC buyer, consider units that are around the price you can afford to pay.

Continue Reading

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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