Saturday, September 30, 2006

How Much is Condo Conversion Worth?

Several unoccupied 2-unit buildings are on the market as TICs. A 2-unit building means you can avoid the condo lottery circus. In theory, these units could be condominiums within five years. Should the sale price of these listings be equal to that of comparable condominiums? I don't think so, especially in this declining market.

480 Valley Street at Castro
Contemporary (ie charmless), located at the upper edge of Noe Valley. Upper 2BR $785,000, lower 2BR $775,000.

54 Fair Avenue
Standard issue Bernal with usual Bernal views. Upper 1 BR $474,00, lower 2 BR $625,000.

2132-34 24th Street
Lovely Potrero building with verdant garden. But "great freeway access" means you are two blocks from the roar of the 101. Upper 2 BR $849,000, lower 1 BR $649,000.


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