The luxury tenancy-in-common (TIC) market is alive and well as evidenced by the recent sales at 2440-2444 Broadway in Pacific Heights.
Located on the flat block of Broadway, the three-unit TIC building on an extra wide lot has Bay views. Parking was offered separately at $150,000, and storage for $50,000.
Here’s the rundown:
2,731 sq ft
Parking offered separately for $150,000
Big views, elevator to unit
2,400 sq ft
2,825 sq ft
For comparison purposes, the average 3BR+ condo in the neighborhood is $4,227,750, but views and specific location are big factors in where values fall. There haven’t been any recent Pacific Heights TIC sales for units of this size very recently. These Broadway ones are the highest priced TIC interests over the past year.
I’d say that the 2440-2442 Broadway sales are a testament to the strength of the luxury TIC market right now. [Photo courtesy of Compass]