What is the average price per square foot in the upper Haight for a 3 br 2 ba TIC? Thanks!

Asked by Susan Reynolds, 94117 Sat Sep 6, 2008

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Jason Chapin, , San Francisco, CA
Sat Sep 6, 2008
Your criteria are so specific, there aren't actually any current listings or recent sales to draw from. If you expand to include the Haight, NoPa and Hayes Valley and look at closed sales as far back as six months, there is one sale: 215 Cole #1. It closed at $697.95 per square foot.

If you look at the Haight without the bed/bath restrictions, there are two sales. One was a studio which closed for $621.04 per square foot. The other was a 1/3 interest in 239-241 Carl. Public records give this whole property 3,825 square feet. If you use 1/3 of that, then this sale amounted to $627.45 per square foot. It's not enough data, but your average in the Haight is $620 - $630 per square foot.

Not much help, but there it is...
1 vote
Lance King, Agent, San Francisco, CA
Wed Aug 4, 2010
Susan,

Not sure if you are looking to buy or sell, but either way pricing property on a per sq foot basis doesn't really make sense in any neighborhood. In San Francisco there are so many variables in terms of age, condition, views, location, etc..., not to mention that all TICs are not created equal. You need to have an agent/broker who knows TICs & how to market them, but it's still going to be tougher than selling a SFH or condo.

There are lots of reasons for that, but the lack of finance options makes both purchase and sale more difficult because of the disparity in costs of a fractional loan vs conventional. TIC usually will take longer to sell, although priced with a proper discount over a similar condo in the same neighborhood it will likely sell.

We do a lot of these and happy to consult with no strings.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes
Herb Alston, Agent, San Francisco, CA
Sat Jul 31, 2010
Susan,

You can't base your pricing in the Upper Haight on price per square foot. A good agent is going to help you to look at everything in the neighborhood one by one and guide you in pricing. The real issue with the TIC market is days on market (DOM) and pricing. Actually this market is ALL about pricing. TICs have their challenges. If you're selling/buying 1 of 2 in a 2 unit TIC awesome! Easy! 3, 4, 5, 6 unit TIC building... yawn.

My colleagues won't be happy with this answer but when you do the analysis... pull the statistics, it simply takes longer to sell a TIC unit vs a real condo. Reality bites. Price it right and it will sell!

Take the time to look at the price of similar amenitized condos in the neighborhood. Condos will generally sell, faster, quicker and easier than a TIC. The caveat there is if the seller is real and they have priced it well. A 3BR/2BA TIC for $1.2M in Cow Hollow or Pac/Lower Pacific Heights versus and a single family home in a similar price range. It's a no brainer, the buyer will buy the house. That has been my experience. Getting a loan on a condo is difficult enough, now add in the factor of it being a shared loan/TIC or fractional. Whoa nelly!

I've sold a lot of TICs over the years. This is a more challenging market for TICs as there are too many well priced homes/condos and/or over priced condos on the market that people are making offers on. Clients I have worked with most recently have looked at both, then make an offer on a property; sometimes 3, 4 counter offers later; we're in contract.

Real buyer's are looking for good value and good pricing. My advice is price it right.
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