2033 Pine Street: Interior
It’s a three-bedroom Tenancy in Common (TIC) with parking in a three-unit building in Lower Pacific Heights that’s two blocks from “the heart” of Fillmore. And if the MLS is correct, 2033 Pine Street is also bank owned.
Again, TIC and bank owned (which would be the first such combo we’ve seen) assuming the listing is correct.
UPDATE: Well, despite the fact that it’s been listed on the MLS (and sites that rely on the MLS) for 19 days as a bank owned sale…
2033 Pine Street on ZipRealty
…apparently it’s not.
UPDATE: And after three hours on SocketSite, the listing has been corrected. Cheers.
∙ Listing: 2033 Pine Street (3/2) 1,600 sqft – $1,075,000 (TIC) [2033pine.com] [MLS]

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Comments from “Plugged-In” Readers

  1. Posted by whatever

    I don’t see the reference to “bank owned” in the MLS comments. It’s listed by the same agent who sold it in 2004.

  2. Posted by spencer

    Whatever, what did it sell for in 2004?

  3. Posted by 94114

    Under “REO” it says “yes”.

  4. Posted by whatever

    Public records shows a transfer for $805,000 in 3/8/04. Also there is a loan recorded for $2,020,000 in 2006. I still don’t think it’s an REO.

  5. Posted by scurvy

    Why didn’t the bank foreclose on the whole building? I thought that was the fear of TICs. 1 share in default = entire building defaulted.
    Please don’t let this turn into a giant TIC shitstorm thread, but I’d like to know the answer to this. Thanks.

  6. Posted by (Sorta)NewBuyer

    @Scurvy
    There are two types of TIC arrangements:
    *Traditional TIC is as you described. One loan for the building, and neighbors are sharing that liability.
    *Fractional TIC is where everyone has their own loan on their own share. If one defaults, then only that share/unit is defaulting.
    Obviously the second option is far more conventional and desirable, and makes TIC’s function a lot more like a condo.
    I also share the view that this appears not to be bank owned…

  7. Posted by scurvy

    @(Sorta)NewBuyer thanks!

  8. Posted by Geo

    I also share the view that this appears not to be bank owned…
    you can share that view, but when it says REO on the MLS, that means the bank owns it.

  9. Posted by rr

    Recently I have heard rumblings that fractionalized TIC loans have some risk of disappearing from the market. Regardless of how true you feel that to be, you have to wonder how the bank plans to be able to resell fractionalized TICs that foreclose without loans to finance them. Perhaps banks will only issue new fractionalized loans on their own buyback properties.

  10. Posted by jessep

    an honest question…
    what’s the difference between “Lower Pacific Heights” and the “tenderloin”?
    All opinions appreciated. I thought both were the same no?

  11. Posted by anonn

    It could also be a typo. By the looks of the various transactions, IMO, it seems as if it probably is one. I have had a typo inserted before by a broker who was editing some language elsewhere on the MLS form. It happens. Give it a few days and then see what it reads.

  12. Posted by YeahRight?

    Some much for investigative journalism.
    A simple phone call to the listing agent will clear this up.
    So I did. It was NOT bank owned.
    [Editor’s Note: You’re right, we should know better than to rely on the accuracy of the MLS.]

  13. Posted by 94114

    Let’s face it. It wasn’t a good enough deal to be a REO.

  14. Posted by EBGuy

    FWIW, Sterling Bank appears on the deed of trust, so that would suggest a fractionalized TIC loan. You think their would be some note in the MLS about “financing available”.
    HOA: No (Huh?)

  15. Posted by tipster

    jessap,
    LPH is an older area of Pac Heights with some very busy streets – Pine and Bush (this home is on Pine). It is nearer to the gangs and housing projects of Western Addition, but it is not a low income area by a long shot. Many of the buildings are quite beautiful and most are well maintained, but those busy streets tend to dominate. For that reason, prices tend to be lower here than they are in Pac Heights. Here, you’re ON a busy street, and that is going to make anything difficult to sell.
    Pac heights has a couple of busy streets: Franklin, Gough, California and first couple of blocks of Divisadero from California, and so prices in those areas are more comparable to LPH than they are to the rest of pac heights. It’s really the traffic that hurts LPH more than anything.
    TL is a low income area with a drug, prostitution and other crime problem. The buildings are not usually well maintained. That influences prices more drastically than LPH.
    Geographic boundaries are very different between those two areas.

  16. Posted by vox

    jessep,
    LPH goes East to Franklin. Then the Polk Gulch covers the next few blocks to Leavenworth. See those drag queen and tranny bars? You’ve now left LPH. The Tenderloin is East of Leavenworth.

  17. Posted by whatever

    EBGuy,
    While Sterling makes fractional loans, this one appears to be a group loan as several names appear on the deed of trust.

  18. Posted by Rubicon

    rather than “lower pac heights” jesse is thinking of “lower nob hill” aka the “tendernob”

  19. Posted by Jake

    jessep,
    In addition to what Tipster said, LPH is WEST of Van Ness, generally south of California.
    Tenderloin is EAST of Van Ness and generally south of Bush street.
    Like Tipster said, it’s largely the busy (one way often times) streets that make LPH less desirable but you also don’t get views of the bay (either from units or from walking around). Pacific Heights offers both. Also, the busy streets tend to be the border streets of the area (Franklin/California) and once you get above Sacramento, Gough actually becomes a two-way street with only one lane of traffic in each direction… it really changes at Jackson when it takes on an entirely residential feel with large sidewalks, plenty of trees, and nice pads.

  20. Posted by #23

    I bet the listing realtor thought the MLS was asking whether he (or she) digs speedwagon.

  21. Posted by FSBO

    The MLS listing still shows REO = YES.
    YeahRight?, thank you for calling the agent to clarify that the listing is not a REO – but we shouldn’t have to be investigate journalists to obtain the truth about a MLS listing. The data submitted should be 100% accurate – and if an error is detected (and brought to the attention of the listing agent), it should be corrected immediately.

  22. Posted by anonn

    [Editor’s Note: You’re right, we should know better than to rely on the accuracy of the MLS.]
    LOL. Where would you be without the MLS? You heart you some MLS man. Come on now.

  23. Posted by kthnxybe

    The question you wanted to ask is “what’s the difference between Lower Pacific Heights and the Western Addition?” ;-)

  24. Posted by kthnxybe

    … the answer being, of course, Geary. This is an okay place to live, and I like the kitchen. I don’t think it’s worth over a million dollars, though.

  25. Posted by tony

    Looks like a nice rental.
    For my buying dollar, I’d rather be north of California (and really, north of Clay).
    Looking forward to places like this selling for ~$500/sqft sooner rather than later.

  26. Posted by eddy

    Don’t be surprised if this wasn’t intentional. There are a lot of folks targeting REO properties and it could easily be a tactic to get more eyeballs. And it worked. Maybe it will bring some light on the TIC market in general.

  27. Posted by EBGuy

    Or if you are a DIY type, 2255-57 Pine appears to be headed for the auction block on May 26 (whaddya know, today!) for an estimated amount of $1.378 million. Its a duplex, but Pine Street Holdings LLC couldn’t handle the conversion, so there may be “tenant issues”.

  28. Posted by anonn

    nothing you said there was correct, EBGuy, including today’s date

  29. Posted by SocketSite

    UPDATE: After 19 days on the MLS, and three hours on SocketSite, the listing has been corrected. Cheers.

  30. Posted by EBGuy

    including today’s date
    I just got a Waveceptor watch and obviously need to read the manual a bit more. I pressed a button and it said 5-26 (really should have looked at the freakin’ blog signatures, eh?). I’m guessing that was the date it last synced with the Atomic clock signal. At any rate, was Pine Street Holdings LLC able to avoid the gavel yesterday? You obviously have more info than I have at my fingertips.
    Dang… was also going to mention 2799 Pacific but I see that Trip beat me to the scoop on another thread.

  31. Posted by jaja

    a million dollar home and this place has mostly cheap track lighting! I mean c’mon. It should all be recess lighting or at least expensive looking tracking lighting. The fixtures in this TIC looks like from home depot.

  32. Posted by tipster

    Western addition is on the other side of Geary from LPH, but it’s worlds away. There are extensive areas of large housing projects. There are a very few decent areas(the whole neighborhood near the Masonic and Fell Lucky’s for example), but the rest of it is a disaster, or too close to a disaster.

  33. Posted by T Iseler

    2255-57, 2255-2257 Pine Street – Used to live there. Looked into condo converting, but there’s tons of unpermitted work (foundation, roof, etc.). It was going to cost us way too much!

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