There was a time when condos were worth substantially more than TICs. Well, the gap has narrowed as the San Francisco market has softened.
A look at two-bedroom units in the city with parking reveals that condo prices have declined to the extent that they may be the more obvious choice. For example, in the under-$1M category for two-bedroom TICs with parking, the average selling price from April 1st was $621,125, with an average of 1,052 square feet.
On the condo front, the averaged sale price was $671,360, with an average of 1169 square feet.
Though TIC interests will usually provide more space for the money, I think there’s something to be said for owning your property independently. In the current economy, being on title with other owners is more of a risk than it was when TICs first became more popular many years ago.