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April 29, 2011

Duboce 3BR Trips Up Downward TIC Trend


It’s no secret that the 3-6 unit TIC market is softer than it’s ever been. Condo prices are also weaker, and why would a buyer pick a TIC over a condo if given the chance to own his or her unit outright?

So the activity at 2194 15th Street in Duboce Triangle (off the tree-lined stretch of Noe) surprised even me. Last sold in late 2009 for $890,000, the unit was listed earlier this month for $865,000. Yes, this is a great location, but the parking is leased half a block away for $250/mo, with HOAs of $344/mo. And it’s located in a five-unit building supported by individual/fractional financing on all the units.

The property received four offers, and went into contract three weeks after its list date.

That means there were four buyers out there who could qualify for the stringent fractional financing requirements, and who were okay with owning a TIC that will most likely always be a TIC due to condo conversion challenges. But it goes to show you that nice properties in good locations (and priced with the current market value in mind) will sell.

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