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March 27, 2009

TICs vs. Condos on 3rd Ave

617_3rd

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.

Though it has one-car parking and storage, there’s no outdoor space. That’s because the other, first-floor unit—soon to be on the market after its own renovations are complete—spans two levels, and has a deeded garden. (The master suite is on the garage level, so a shared yard would obliterate any sense of privacy.) Stay tuned for this lower unit: It’s about 2,000+ square feet, has two-car parking, and is expected to be priced at about $100,000 more than the top floor.

673_3rdNext up was 673 3rd, a 3BR/2BA first-floor TIC unit priced at $819,000. This unit is also remodeled, and has a solid floorplan. The landscaped garden is shared, and the owner of the whole two-unit building will stay on in the top unit to complete a condo conversion.

692_3rd692 3rd enjoys the best curb appeal of the three. It’s a 3BR/1BA, top-floor unit with a large, deeded undeveloped attic space. This will close as a condo, and the unit’s listed at $835,000. It seems the owners of the building will stay on and live in the lower unit.

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