Added on to the front of the lot where Imogen Cunningham once had her home and studio (1331 Green). Designed by Paulette Taggart. And now on the market as a TIC.
Interior photos? Coming soon (we hope).
∙ Listing: 1333 Green Street (1/1) – $979,000 (TIC) [MLS]
∙ The Imogen Cunningham Trust [imogencunningham.com]
∙ Paulette Taggart Architects [ptarc.com]
This post makes me wonder…might the housing price declines be hidden behind a TIC effect? We just bought a TIC unit in the mission for under $475 sq/ft, which is about 20% less than a comparable TIC unit (actually worse) we saw back in February. The premium for condos in sf is currently about 40%, could this possible be distorting the data? Just a thought…
Interesting placement of vent grates on garage door. Can’t wait to see the interior pictures.
I take issue in the description with the use of “perfect” and “home”… errr, and “reknowned” (is incoherence/illiteracy a component of the real estate agent exam? I mean, seriously, if I’m seeking representation – and offering commission – to transact a million dollar asset, you better well offer up at least a spellcheck of your pitch….):
Unique, freestanding townhouse, designed by well reknowned architect Paulett Taggart, who has created the perfect city home in a fabulous location, close to shops, restaurants, transportation.
A million bucks for a 1/1 TIC without a view? Whatever. I don’t really need to see the interior pictures…..
The difference in TIC v Condo pricing may have an effect on the data, but I imagine it would not be very large, and as you point out, possibly offset by the corresponding premium on condos.
“Fabulous location” is also a funny one. How about, “Fairly Average location” or “O.K. location” “Located near some really fabulous locations”?
Does anyone have defensible data on the TIC/condo price disparity? The “40%” figure offered in the first comment on this thread seemed way out of line to me, but my reaction is only impressionistic.
I wouldn’t count them myself, but I did find these numbers, and the Condo price is not terribly off from Dataquick’s numbers so they don’t seem too shakey. I do not know this agent though, so the numbers are not totally solid. Note data is from MLS and only represents closed not pending sales.
http://www.lubasf.com/blog/san-francisco-home-sales-data-june-2008.php
Median Condo Price in June $772,500
Median TIC price in June $609,000
Tic medium is 78.83% of condo median.
Gosh looks like the slums…
Eoral – I wonder what your definition of “Fabulous location” is. This is a pretty awesome location–a block to both Polk and Hyde Street shops, but far enough up the hill to be quiet. 10 minute commute to downtown on the 41 bus. Union St and North Beach are both walkable. It’s one of the best locations in the city, in my opinion.
That aside, the huge “fishbowl” window in the front is great if you want a view of all your neighbors staring at you (assuming this is the front unit for sale). The current residents had to resort to putting a screen in front of the window to have any privacy.
Fabulous would be closer to the top of the hill with views. The location is not terrible, but in a city full of views for me “fabulous location” would include at least a 180 degree shot of something, bay, city, but not the street in front. Your comment on the fishbowl window is spot on.
You are right, it is quiet and close to a lot of great amenities and neighborhoods, but that is not terribly unique to the City. Also it is kind of squat looking, especially around its taller neighbors. $979,000 is a lot of coin for a one bedroom one bath TIC – I would want more fabulousness for that much =)
I’m the unknown agent Eoral mentioned in the comments above (in regards to the TIC median price data.)
The numbers are taken straight from the MLS with no tweaking and no dropping high/low numbers, etc. I think my condo stats vary from Dataquick’s because they include TIC’s in their data, while I split them apart since TIC prices are quite different than condo prices (or they SHOULD be.)
If anyone has any questions about how I pull the date, feel free to give me a holler by contacting me through my blog.
I do the reports everymonth, usually around the beginning of the month, though June data was an exception so check early August for July’s data.
Thanks for the clarification Luba.
Regarding the “TIC discount” (vis-a-vis condos):
I do not think comparing median prices as Eoral and Luba have done tells us much about the “TIC discount factor,” because condos tend to be new or newish construction and TICs tend to be found in older buildings (those subject to rent control and the condo conversion lottery). It would be more instructive to compare $/sf of TICs and Condos in older buildings (say, pre-1950). There would still be the usual “mix” concerns (aside from neighborhood and individual property characteristics, the condo units will have received City-mandated improvements as part of condo conversion, and the condo units will probably be smaller on average too), but at least the statistics would not be distorted by the new-construction premium. It would be useful to see a time series illustrating the price disparity ($/sf) so calculated and whether it is converging or diverging over time (since the early 2000s, or whenever the TIC market first took off). Because the number of “condo in older building” sales in any given month is likely to be small (thanks to SF’s draconian condo-conversion laws), it would probably be useful to calculate the median $/sf figures using six months or a year of sales data (yielding 1 or 2 datapoints per year, going back to the early 2000s), rather than monthly data.
If Luba or anyone else with access to the MLS database (fluj?) wants to take on this project, I would be really interested to see the result–as would many other market participants, no doubt.