May 24, 2012
TIC-Tock It's Apple O'clock
The three-bedroom TIC at 1278 Church Street first hit the market in July of 2008 having been newly remodeled and priced at $1,395,000. The other two units in the building (1280 and 1282 Church) were listed for $1,245,000 and $1,365,000 respectively at the time.
The sale of 1278 Church ended up closing escrow in September 2008 with a reported contract price of $1,368,000 while the list prices for 1280 and 1282 were reduced the very next month and then eventually withdrawn without selling.
Public records would suggest 1280 Church ended up selling for $950,000 in June 2009. And yesterday, 1282 Church Street returned to the MLS asking $1,195,000.
While the listing for 1282 Church Street was withdrawn from the market in November 2010 without a reported sale, today 1278 Church Street returned to the market listed for $1,360,000 ($648 per square foot).
∙ Listing: 1278 Church Street (3/2.5) 2,100 sqft - $1,360,000 [1278churchstreet.com]
∙ Newish Construction In Noe: Three TICs At 1278-1282 Church Street [SocketSite]
∙ Green Construction (But Red Comp) Returns On Church [SocketSite]
First Published: May 24, 2012 7:30 AM
Comments from "Plugged In" Readers
Good lord, plant a tree or something. What an ugly grey wall of a facade.
Posted by: kg at May 24, 2012 8:37 AM
The seller might be wise to hold this property back if, as "Mike" asserted in yesterday's thread on the mayor's housing plan, "condo bypass legislation will be introduced before the Board of Supervisors in the next few weeks."
Posted by: observantneighbor at May 24, 2012 9:38 AM
^Given the lengthy set of liens put on and off this property since he bought, I'm guessing the seller doesn't feel he has the luxury of taking his time.
Posted by: tipster at May 24, 2012 9:51 AM
Why bother with such an expensive TIC? Who would buy this even with a TIC discount factored in? You'd need $340k down to buy this place. For $340k down, you can buy some much nicer condos or SFH's and not deal with the TIC mess. Remember that you have to find someone equally as qualified as you when selling. That doesn't take into account any property gains. Let's say you end up selling for $1.5M a few years down the line. The buyer would also have to pony up $375k for a $1.5M house.
The people I know with that much free cash are looking at much, much nicer places than this. TICs are rarely worth it at the higher end.
Posted by: scurvy at May 24, 2012 11:25 AM
perhaps one of the other readers can help.
these TICs have a parking issue.
if i remember correctly, one unit controls one space with a unique garage door; the remaining two units share their parking spaces via the other garage door. this garage is not side-by-side-rather it requires the owners to toggle their cars to get in and out.
totally bogus arrangement from the get-go.
Posted by: snider at May 24, 2012 11:50 AM
The buyer pool is more limited for TICs, which is reflected in the discount. The buyer will probably be very decently liquid, will not care too much about immediate resale value, not be afraid to stay long term in the unit.
In short, qualities that should be the standard for most RE transactions.
Posted by: lol at May 24, 2012 12:04 PM
The tree comment is right on; I see this ALL the time around the neighborhood with new and/or heavily remodeled properties. The Planning Code requires the addition of trees/landscape at the front elevation, but they rarely enforce it.
It's just common sense and good practice to put in trees on the sidewalk, and despite the complaints that there is no room, I see space for 3 street trees and sidewalk greening on just this one property. The local inspector didn't enforce the rule, and I suspect the developer/builder was just too cheap to bother with it.
Posted by: futurist at May 24, 2012 12:35 PM
Where's the space for the three trees? I don't see it.
Posted by: R at May 24, 2012 1:03 PM
In front of the grey service door on the left side, centered between the garage doors, and centered on the entrance. 3 trees, plus room for low sidewalk greening under the entry tree.
Posted by: futurist at May 24, 2012 1:19 PM
I don't buy the ability to put a tree between the two garage doors..there is only a sliver of curb and any greenery would be sure to get clipped by turning movements in and out of those garages sooner or later. I was going to question why the developer was even allowed two garage entries, but this is a remodel/reconstruction, isn't it? One entry would have made greening much more practical.
Posted by: curmudgeon at May 24, 2012 1:41 PM
This was basically a full rebuilt from a house known in Noe as the "crack house on Church St", truly one of the ugliest buildings, at that time out this way.
As for the trees..well..there are tons of garage entries with trees adjacent. Developers/owners try to bring up all kinds of excuses for not greening our city. It just takes some effort, desire and a few $$.
Posted by: futurist at May 24, 2012 1:47 PM
I don't think you can put a tree immediately next to telephone pole, but maybe I'm wrong.
And in front of the entrance is gas/water access/shutoff, so you can't put a tree there.
Posted by: R at May 24, 2012 1:54 PM
Posted by: SocketSite at July 9, 2012 9:18 AM