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
I’ve just sold my 1BR/1BA tenancy-in-common (TIC) listing at 1145 Green #5. Listed shortly before Labor Day weekend, a very motivated buyer submitted an offer almost immediately and we were in contract within five days. List price was $439,000 and the sale closed at the asking price. Continue Reading
The tenancy-in-common (TIC) market in San Francisco has seen its share of ups and downs. I’m happy to say that this market is alive and well—and actually thriving—despite economic uncertainty.
That’s because the rise of fractional loans has enabled buyers to purchase a building together without having to be on the same loan. The latter has always been the inherent huge risk in a TIC situation. Continue Reading
I’ve been fielding calls and emails regularly from TIC homeowners on long-standing group loans in 3+ unit buildings who want or need to sell their TIC interest. Unfortunately, many of these homeowners are unable to sell, and that turns out to be quite a surprise.
I wanted to put together a checklist to help these prospective TIC sellers determine whether they’ll indeed be able to sell their interest. Continue Reading
Tickets for San Francisco’s annual condo lottery go on sale Monday. And there’s something you should know, as per my friends at Plan C: The City may be denying additional lottery tickets to buildings that qualify with the minimum qualifications. (Generally, this means one owner-occupied unit for each of the last three years in 2-4 unit buildings, and three owner-occupied units for each of the last three years in 5-6 unit buildings.) Continue Reading
We’ll take a look at three very different properties being offered in the $950,000-$1M price range. For those interested in purchasing a home in San Francisco, this sort of exercise is designed to help you sort through the unique property types that exist, as well as get a feel for the neighborhoods in which they lie. Continue Reading
Word on the street is that Marin-based Circle Bank is planning to open a branch on Noe Valley’s 24th Street. The bank reportedly believes the demographics in Noe and its immediately surrounding neighborhoods are very similar to that of Marin (no shock there). Continue Reading
Constructed in the shadow of St. Paul’s Church in Noe Valley, 1667-1669 Church is a two-unit TIC offering in search of buyers looking to spend $1,289,000 and $1,479,000 for either of the 3BR/2.5BA units, which offer 1750 square feet each. Continue Reading
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. Continue Reading
My broker tour brought me to Third Avenue between Balboa and Cabrillo this week, to check out two TICs and one condo all listed in a similar price range. 673 3rd (above) is a 2+BR/2BA Edwardian TIC, listed at $895,000. This top-floor unit has been recently renovated, and is about 1725 square feet. Continue Reading
Got a three-unit building you want to sell, but don’t want to tread the choppy waters of the multi-unit TIC ocean? Take a tip from the sellers over at 215-217 Cole in the North Panhandle: Create an “airspace” subdivision of a three-unit building. Turn the top unit into Parcel A, and designate it a planned unit development, or PUD. Continue Reading
Popular among first-time home buyers in San Francisco, tenancy-in-common (TIC) ownership traditionally lets two or more individuals share building ownership through a group loan. You don’t technically own your unit in a TIC arrangement–just a percentage of the building. The goal is to ultimately condo convert the building, so everyone can officially own their unit. The conversion process is complicated, lengthy and fairly expensive, so the cons sometimes outweigh the pros in TIC situations. Continue Reading
No surprises here. Three- to six-unit building owners have the right to pursue condo conversion through a lengthy and time-consuming lottery system. A total of 1,844 TIC units applied for conversion this year. Unfortunately, the cap is still set at 200 conversion approvals.
Better yet, there are 2,100+ TIC units expected to apply in 2009. At this point, it’ll take an average of 24 years to condo convert for a 2010 applicant.
415.823.4656
eileen@insidesfre.comDRE# 01352627
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