Since the housing market has slowed a little bit here in San Francisco I’ve started to look for an affordable house here in the city. The real estate market is so crazy here. The advice everyone has given me is to buy a small condo or TIC just to get in the “game” and then move up from there. This flat is a one bedroom in an up and coming neighborhood. Only $350K! {I seriously can’t believe there is a TIC that cheap.}
bex
February 6, 2007
argh. i need to start working full time again and just buy something rad like this. seriously.
Anonymous
February 8, 2007
don’t buy a TIC unless it is only a 2 unit that can go into the condo conversion without going into the lottery. otherswise you are on a loan with strangers and it can get really complicated….
Anonymous
February 9, 2007
What’s this TIC accronym?
Anonymous
February 9, 2007
TIC=tenancy in common. If you look at the site, this one is ready to go into the lottery, which means no long residency requirement before it is eligible for conversion. If the owners win conversion any time in the next 5 years (likely, given the current lottery situation where repeat entrants get a leg up) the value of the apartment will go up $50K overnight. Not a bad investment if you don’t mind a little risk.
My advice would be to make sure that the apt is ready for conversion– if it won’t pass the city inspection, the owner may have to do expensive repairs to make it conversion-ready. Look carefully into the inspections that were done when the building went TIC. Your agent should be able to help you decipher them.
–TIC buyer
Anonymous
February 10, 2007
Terrible neighborhood. Too many projects. Maybe ok if you work from home and get Safeway food delivery.