April 29, 2011
Atop The Two-Unit TIC Market
The plans to add a third story and terrace at 1372 union were first approved in 2002, renewed in 2007 (along with plans to excavate for a garage), and finished up this year.
Atop the building now sits a 3,200 (plus) square foot penthouse with framed bridge views and 800 square feet of outdoor space. Asking $3,295,000 as a TIC.
Relisted anew in January and then reduced to $3,250,000 in February, yesterday the sale of 1372 Union closed escrow with a reported contract price of $2,700,000, 18 percent under original expectations but still $844 per square foot for the penthouse TIC in a two-unit building (i.e., with lower barriers to condo convert).
∙ 1372 Union: Eight Years Later Its Penthouse Finally Pops Up [SocketSite]
∙ Condo Conversion 2011: Are You Feeling Lucky Punk? Well, Are You? [SocketSite]
First Published: April 29, 2011 11:00 AM
Comments from "Plugged In" Readers
I would rather pay 2.7 for this one then the same amount for 2739 Larkin
Posted by: Mike at April 29, 2011 11:31 AM
Same architect for this and 2739 Larkin, George Hauser of Cubix fame.
Posted by: Skirunman at April 29, 2011 11:46 AM
and 1275 Lombard as well? Correct?
[Editor's Note: Correct: The Banks Are Starting To Get Better Digs: 1275 Lombard.]
Posted by: Mike at April 29, 2011 12:09 PM
buyers agent knows TICs and sellers agent did not. Sale price reflected true value. I suspect seller had a TON of secured debt and buyer likely took security in form of deed.
Posted by: jimmy at April 29, 2011 1:00 PM
I suspect seller had a TON of secured debt
ROYO LIND BLDG GRP filed a Mechanics Lien on 3/11/2011.
Deed of Trust with Camicot LLC April 15, 2011.
Wonder if they got to spend some quality time (2 of the last 5 years?) in 1372 Union before they put on the penthouse.
Posted by: EBGuy at April 29, 2011 1:56 PM
What's to understand about a TIC in a 2-unit building? That had nothing to do with the sales price. I saw it, thought it was way over priced at anything above $3M, but frankly would have attempted the same since it was a unique property in a great location. But getting lucky enough to get a dumb-rich buyer is like winning the lottery - it usually doesn't happen. $2.7 sounds about right. The bedrooms were down, and were awkward. The top floor is what got this place sold - and had to carry the bedroom level with it kicking and screaming.
Posted by: hangemhi at April 29, 2011 3:15 PM