April 1, 2009
Talking About TIC Activity Or The Lack Thereof: 3175 California Closes
A plugged-in reader reports on the sale of 3175 California, a two (plus) bedroom, two bath and 1,140 square foot TIC on the border between upper and Lower Pacific Heights:
3175 California Street (Pac Heights, near the JCC) closed today. It has been on the market since the first week of September [when listed for $739,000]. It opened at 699,000 in December with a new agent, and then was reduced to 649,000 in February. Closed [yesterday] for 610,000.
Top floor with leased parking in the building, closed for $535 per square foot.
∙ RandomRumors Via Trulia Voices: Fractional TIC Financing Drying Up? [SocketSite]
∙ 3175 California [Zillow]
First Published: April 1, 2009 7:30 AM
Comments from "Plugged In" Readers
17% off list? Not bad, really.
Posted by: alex at April 1, 2009 9:06 AM
anyone know if it was ellised?
Posted by: resp at April 1, 2009 9:09 AM
How many units in the bldg total?
[Editor's Note: Let's follow the links (but six to answer the question).]
Posted by: 45yo hipster at April 1, 2009 9:42 AM
Seems like a TIC group that was established over 5 years ago.... meaning no Ellis problems.
It signed up for and lost the lottery in Feb. So paying a premium for more lottery tickets in the future too
Posted by: real at April 1, 2009 9:46 AM
Anybody know how to find out if they applied to the lottery in previous years before 2009?
Posted by: real at April 1, 2009 9:47 AM
I'm surprised it went for so much being a TIC and all. However, they might get lucky (really lucky) and win the lottery next time they enter so they're probably betting on that.
Posted by: Jake at April 1, 2009 9:58 AM
@ alex : I agree. 17% off list is in line with the national average and much BETTER than the SF average, if you are referencing the Case-Shiller indexes (earlier post)
[Editor's Note: In this case "17% off list" is a relatively meaningless number as it's more a reflection of pricing rather than how values have changed.]
Posted by: 3175CaSt at April 2, 2009 7:26 AM
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