The website for the Francisco Palms is live and stocked with photos, floor plans, and a downloadable flyer (pdf). The first open house for four of the seventeen TIC units in the Marina has been confirmed for 9/10/06. And it now looks like pricing will start at $900,000 (versus the previously reported $950,000).
Once again, individual financing is available through the Bank of Marin and there were no evictions in the building. Questions on the development can be directed to: firstname.lastname@example.org.
Update: Looks like it’s worth repeating what we wrote in our original post about the Francisco Palms, “We had a chance to take a sneak peek a couple weeks back and were relatively impressed by the quality and thoroughness of the renovation. (Our major quibble was the decision to configure a few of the three bedroom units with only one bathroom.) The big question, however, is how the market will respond to million dollar TICs that are priced in-line with condos, but will never have the opportunity to convert (residential buildings over six units aren’t eligible). And while it’s true that the individual financing will mitigate at least one of the major drawbacks associated with TICs (i.e., shared risk of loan default or delinquency), it doesn’t adequately address another: liquidity (more on this later).”
∙ Francisco Palms [1229-1261 Francisco]
∙ The Francisco Palms (1229 Francisco) [SocketSite]