Home Buying in San Francisco>Question Details

Ross_sf, Home Buyer in San Francisco, CA

What are the pros/cons of buying a condo vs. TIC vs. Co-Op in San Francisco?

Asked by Ross_sf, San Francisco, CA Wed Feb 27, 2008

What are the pros and cons of each? Specifically, how does each impact the pricing, on-going costs, and as an investment opportunity?

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Thanks Jed. Is Co-Op financing similar to TIC? Do you have to do a fractional loan or shared mortgage? Also, what are the other co-ops in the city besides Fontana?
0 votes Thank Flag Link Wed Feb 27, 2008
Ross,
This is a question that you will need to sit down with someone and have a conversation to really understand.
We have very few stock co-ops like the Fontana. In a co-op you are buying shares in the building and need to have the approval of the board to be able to buy.
A TIC is like a co-op in that you are not buying a certain space but a fractional interest in a building. The internal TIC agreement is the contract that gives you exclusive use of a unit. This is due to one of the many laws passed by the Board of Supervisors with in the past 8 years. There are many other issues about TIC's that make them different and most of the conversation will be about them because they are pretty unique to SF.
A condo is owned by you just as a house is. You own the interior of your unit and a share of the rest of the complex.
The other parts of your question about investment, on-going costs and pricing are very variable and need to be looked at within each catagory.
Condo's generally are worth more that TICs though.
Web Reference: http://www.jedlane.com
0 votes Thank Flag Link Wed Feb 27, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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They are more expensive. Great question.
0 votes Thank Flag Link Wed Feb 27, 2008
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