Every Friday afternoon this month we start an open thread with an expert (think real estate agents and architects) for you, the readers, to ask questions and get answers. We’ll do it again this Friday, but in the meantime check out the best questions and answers from Friday’s [March 22, 2013] thread featuring realtor/attorney Kevin Ho of Vanguard Properties.
Q: Could you list the general risks/concerns of buying in a TIC vs. buying a condo?
A: The TIC vs. Condo debate can be a heated one especially here in the City because of the implications of the interplay between owner rights and tenant rights. Generally, buying a TIC means your neighbors are more akin to your business partners than just being your neighbors. Setting that all aside, here’s a very quick pros vs. cons list.
Here it is: Your Broker Tour Sheet for Tuesday, April 2, 2013 here in San Francisco.
As usual, if there’s something you want me to see or if you’d like to come along with me to the speed dating of open houses, please let me know. Until then Happy Easter Egg Rolling!
From Curbed SF: Remember when we were in a recession and no development projects were seeing the light of day? Yeah, well, apparently the clouds have lifted, because the citys been cranking out Environmental Reviews over at the Planning Department. We thought wed take a minute to check on some of the projects that are cookin in the oven. Some of these have been approved and some havent, but all are in the early stages of development and havent broken ground yet that we know of – tipsters, correct us if were wrong. All of which means we wont actually see them complete for years to come, of course. SOMA and Market-Octavia seem to be the hottest spots for upcoming new projects
Fresh from our broker office meetings, here’s the latest word on the street about what’s been happening in SF real estate this week.
It’s a fast market with continuing price pressure due to the an undersupply of homes right now. We’re starting to see some relief though with more homes trickling out on the market. Now, more than over, it seems sales are going by word-of-mouth and off-MLS for better or worse. So, it makes more sense to see what I’ve learned from, well, word of mouth.
53 Clifford Terrace, which is as single-family craft-style home with 3 bedrooms, 1.5 baths (with a sunroom that can be converted into a master suite relatively easily), 2 car parking with garage, that’s listed at a $1.7M, pre-MLS. But a house just down the block with the same square footage also listed at $1.7M got 6 offers and sold for a little over $1.8M. The agent (whose house this is) said if he doesn’t sell off-market in the next 2 weeks he’ll paint and stage and we know what that could mean on the open market
73 Beaver Street, the small, narrow condo in the heart of the Castro received 19 offers. Who knows where it’ll close at.
352 Castro Street, a 2 bed, 2 bath top-level Victorian/Edwardian condo located near Castro and Market listed at $1.150 million was on the MLS for a mere 22 hours before receiving an offer the sellers apparently couldn’t refuse as it was in contract before its first Saturday public open house.
The TIC at 629 Dolores – the top floor stunner across the street from Dolores Park — that was listed at $1.35 million, two-car tandem parking, respect with city views, high-end finishes, received three offers at least and is rumored to be a contract around $1.8 million. Another, lower-level TIC 2 bed, 2 bath unit (no parking) is expected to be on the market soon
Over at 6th and Harrison one of my colleagues brokered a deal whereby 36 units could be developed for more than $5M.
The beautiful, newly-built LEED-certitifed modern condo at 1456 Chestnut will set records for the Marina. The top floor unit listed at $2.095 million received various offers and is a contract well over its asking price. The middle unit is in negotiations and the lower unit is still available.
The TIC pair otherwise known as the Chinese Laundry over at Duboce and Church That didn’t sell last year just went to contract this year having been on the market for about for five weeks. The front unit $895,000 in the rear unit $1.175 million were built in 2011 and designed by noted architect Owen Kennerly is working on a few new homes at 16th St. and Albion Street with one of them being a stand-alone 5,000 sqft house in addition to condos. Funny enough each of the pair on Duboce each went to lawyers joining another who bought my listing there last summer. Rumor has it that the contract prices are the same or close to the asking price.
A multiunit building at 834 Broderick St. – four units — listed for $2 million received 11 offers and is an contract for more than $2.6 million. The buyers will redevelop these into 4 TIC units demonstrating the strength of the Divisadero/NoPa area.
A rare single-family house and cottage at 154 Julian Ave. near 16th St. received three offers and bested its $1.345 million asking price by quite a bit with an all-cash offer.
346 Hermann Street The top floor Debusse triangle/Hayes Valley two bedroom one bath condo with tandem parking listed at $875,000 received 10 offers and is in contract at nearly 13% over its asking price.
Over at One Rincon Hill for one bedroom on the 38th floor listed at $839,000 went over its asking price
Over on 27th St., only one of the TIC units remain. Another one, number nine, the large back corner home, listed at $519,000, received all-cash offer with a very short close from an investor owner who plans to rent the home out
And further proof that wealth is spreading throughout the Bay Area, a townhome in Hayward received 8 offers going into contract a significant amount over it $329,000 price tag.
The single-family fixer on Carmel Street
in Ashbury Heights listed at $1.295M went into contract for $1.855M; this was after another agent offered (and would have had it accepted) a preemptive offer for $1.5M but for a client being too indecisive.
979 Guerrero, middle-floor, Victorian condo, no parking at 22nd Street was on the market for 3 weeks but received 3 offers in the end losing over its $900,000 asking price.
501 Beale, #8B, the Waternark building, is a 1200 sqft condo that would have sold for $750K last year as the building was undergoing litigation then. But with all that resolved this year it received a $1M+ all-cash offer (among several), which put it well over its $899K list price.
Exclusive listings and advances
901 De Haro St. at Southern Heights Ave. This beautiful newly redone four-level high-end, chic finish home with four bedrooms, three bathrooms and a fantastic roof deck overlooking the City the highest point of Potrero is on the market for $3.25 million
Three new construction homes at Broderick and Grove Streets, two and three bedrooms, parking, high level of finishes, elevators, custom barrel sinks and smart layouts will be on the market starting from $1.285 million through $1.4 million.
1648 Fell Steet at Masonic – two level, top unit of a two- unit condo Victorian building, with tandem parking, four bedrooms, 2 1/2 baths, beautiful finishes, huge kitchen in an open layout floorplan, quiet, shared backyard, exclusive back deck, which won’t last very long, 2500 ft.²+ listed at $1.495 million.
224 Hermann, top-floor condo, completely redone with high-end finishes and smart design, 2 bed, 2 bath, tandem parking, right near Duboce Park/Lower Haight/Mission/Castro/Hayes Valley and everything else the area has to offer. Expected in 2 weeks, expected price $1.2 million.
These are in addition to other potential properties such as a single-family 2500+ sqft home in the Richmond with City and Ocean views ($1.3M+) ; a 2-unit income property in Russian Hill with 2 flats and parking with strong rents ($1.4M+) ; a Duboce Triangle top-floor 2 bed/1 bath, 1200 sqft condo (approx $1M) among others.
If you want to learn more, contact me right away.
Kevin K. Ho, Esq.
Broker Associate | Vanguard Properties | Attorney
DRE 01875957 | SBN 233408 | kevinho.co
Office: 415.875.7408 | Cell: 415.297.7462 | Your Trusted Real Estate Professional
When Henry Doelger built and sold his first house in 1925 thousands of San Francisco homes were constructed with elements of Spanish, French, and Italian Revival style. Doelger’s homes stayed in line with his competitors: stucco exteriors, barrel-fronts over recessed garage entries, stairways open to the sky, red tile roofline accents, and various generic bas-relief decorations.
Take a look at what’s open on Tuesday the 19th.
Take a look what’s on broker tour on Feb 19. Want to tag along? Want me to preview something you can’t otherwise? Let me know and I’ll see what I can do. And take note that there are too few homes listed. So, if you or you know anyone even just thinking about taking advantage of the opportunities presented by the strong market, let me know!