January 29, 2006 • 5:26 pm
Tenancies In Common (TIC) are very popular throughout San Francisco and are always a hot topic at city hall, in real estate law offices, with the SF Board of Realtors, and with buyers and sellers of TIC’s or multi-unit buildings.
Over the last couple years, we’ve seen outrage from tenant rights groups, change in the way banks finance such property, change in law in regards to converting TIC’s into condominiums and the price of TIC’s skyrocket. I get questions each week from clients and interested folks trying to gather more information about how to purchase such a property and whether or not it makes sense.
First, a couple definitions:
In SF, a TIC is: a 2+ unit property that is owned by the entire TIC group in percentage shares and a detailed written agreement describes each TIC member’s rights and duties, including exclusive rights to use and occupy particular dwelling units along with assigned storage, parking and decks. (This is from the attorneys, Goldstein, Gellman, Melbostad, Gibson and Harris) .
A condominium is: an individually owned unit including the space within the walls, floors and ceilings of a dwelling, plus shard ownership of the remainder of the property, known as “common areas.” Owners pay monthly dues to their HOA to cover common repair and insurance expenses, but pay separately their individual mortgages, property taxes and utilities. (Goldstein, Gellman, Melbostad, Bibson and Harris)
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Filed under: real estate , real estate
January 13, 2006 • 5:00 pm
For our Potrero Hill Readers and other interested folk:
Public and subsidized housing is a very heated issue in San Francisco. There are several low-income, subsidized developments throughout the city, but for Potrero Hill residents, none hit closer to home than the Potrero Terrace and Potrero Annex. Though many of you may not have walked or driven through these housing projects, you all know they are sitting on prime San Francisco real estate. The views are incredible and the location is in Potrero Hill’s hip back yard.
There has been plenty of speculation as to what is going to happen to these barrack-style buildings over the next few years and at the moment, all we can do is speculate, as there seems to be very little set in stone at the Board of Supervisors office.
Some developers want that land to place high-end housing, open space and retail. Others want to build a more comfortable subsidized environment like the Haight projects and some would even like to see an integrated living space that can take advantage of the perfect location, yet create some below market rate housing and some high-end development.
In 2003, San Francisco city government officially invited developers to come up with plans to rebuild 18 of the city’s most dilapidated public housing projects. There were no developers that were interested in the Potrero housing projects because they knew that homeowners’ associations on the the hill are zealous anti-development advocates. Almost all developement on the ‘Hill is greatly researched and scrutinized, but this particular project gets full attention from the Potrero Hill residents as everybody is concerned for their safty, their investment and their overall wellbeing.
What could be put there to best utilize the space without completely displacing those that cannot afford sky high SF real estate? Do you think the area should stay 100% low income but with a much more friendly set up (open space, modern units, etc.)? Potrero Hill residents and Boosters have a very strong voice, when the time comes, what would you like to see there?
Filed under: Ggold, Potrero Hill , Potrero Hill
January 3, 2006 • 5:36 pm
Hi All,
We thought that you may enjoy some 2005 sales stats so that you could make your own conclusions about the market.
Potrero Hill Single Family Homes:
Homes sold: 47
Average listing price: $872,084
Average sales price: $981,136
Average size of home: 1404 square feet
Days on the market: 27
Potrero Hill Lofts and Condo’s:
Units sold: 94
Average listing price: $688,748
Average sales price: $748,788
Average size of unit: 1224 square feet
Days on market: 30
Glen Park Single Family Homes:
Homes sold: 66
Average listing price: $940,045
Average sales price: $1,039,886
Average size of home: 1775 square feet
Days on market: 29
Glen Park Lofts and Condo’s:
Units sold: 13
Average listing price: $805,265
Average sales price: $876,000
Average size of home: 1562 square feet
Days on market: 28
There are some very interesting numbers there. I bet most of you did not expect to see Glen Park’s numbers looking like that–higher than Potrero Hill’s.
What do you think all of this means???
Filed under: stats
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