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June 8, 2009

Luxury TICs Pray For Buyers


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.

The usual trappings are here—radiant heat, Energy Star appliances, CaesarStone counters. I’m not sure what to think of the little drink shelf around the island in the kitchen:

But here’s my quick and dirty evaluation: The building is on Church Street, which is notorious for noisy, rumbling street cars. There are only two units, so I’m thinking the building will fare better than its modern, three-unit TIC counterpart up at 1278-1282 Church Street. (The most recent sale took place in the latter property in late April: a 3BR/3BA, 1650-square foot middle unit that sold for $950,000.) The asking prices could be a bit ambitious, particularly since the TIC world is on shaky ground these days. I’d advice putting that statue of St. Joseph in the backyard.

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