Condo Converted
We have completed condo conversion, so this will be my goodbye post. We went through the conversion in record time for a 6-unit building, thanks to one of our building partners staying on top of everything. Of course all the people in the building were highly motivated to take advantage of the much lower mortgage rates available to condo owners, versus the very limited financing options available for TICs. Going from a 7.5% to a 3.4% rate makes a huge difference in your monthly bills.
I think the City needs to stop putting up so many barriers to condo conversion. People would rather be owners than renters, and the City would be better off with more homeowners. Homeowners pay taxes. They are committed to taking care of their homes and taking care of their neighborhoods.
The City is encouraging tech companies to return, with special tax deals and other enticements. They want these businesses back in the City. With these businesses come people who need places to live. People who would like to buy property in the City near their jobs. So San Francisco needs to complete that loop, and allow working people to fast track condo conversion.
Good luck to all of you out there who are on the journey of finding your first home in San Francisco. Don't give up. It's not easy. But this is a magical City and magical things do happen.
I think the City needs to stop putting up so many barriers to condo conversion. People would rather be owners than renters, and the City would be better off with more homeowners. Homeowners pay taxes. They are committed to taking care of their homes and taking care of their neighborhoods.
The City is encouraging tech companies to return, with special tax deals and other enticements. They want these businesses back in the City. With these businesses come people who need places to live. People who would like to buy property in the City near their jobs. So San Francisco needs to complete that loop, and allow working people to fast track condo conversion.
Good luck to all of you out there who are on the journey of finding your first home in San Francisco. Don't give up. It's not easy. But this is a magical City and magical things do happen.
posted by rp at 10:28 PM
5 Comments:
Congradulations! I came across your blog while trying to decide on my first home. Its a very hard process to buy a TIC (and Im still currently unsure), but I just wanted to let you know that your blog has been very helpful. Thank you.
Congratulations! Time to sell. :-)
Can you recommend the contractor you used for condo conversion?
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