Monday, February 23, 2009

TIC House of Cards?

Socket Site has an interesting post and comment thread about an 800 square foot TIC property at 3731 Fillmore going up for auction at 1pm tomorrow - February 24. This is a 6 unit building with leased parking. According to reports only one other unit has been purchased and is owner occupied. The bidding will start at $295,888.

The comments raise a lot of good questions about the value of TICs in this down market, the virtues of renting versus buying right now, and the strategies TIC developers (and banks) might devise to get properties off their books now that units have stopped selling.

It also raises the spectre of ghost partners. I'd hate to be that sole owner occupier in a building where the rest of the units remain in the hands of the developer speculators.


Blogger Thornberry Team said...

Does anyone know what it finally sold for at auction?

4:38 PM  
Blogger mel said...


Do you know if TICs will be able to qualify for the Obama mortgage relief package? I just want to be able to reduce my interest rate from the 7.25% from Sterling!

9:16 AM  

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