The website for the Francisco Palms is live and stocked with photos, floor plans, and a downloadable flyer (pdf). The first open house for four of the seventeen TIC units in the Marina has been confirmed for 9/10/06. And it now looks like pricing will start at $900,000 (versus the previously reported $950,000).
Once again, individual financing is available through the Bank of Marin and there were no evictions in the building. Questions on the development can be directed to: lipton@maveninvestments.com.
Update: Looks like it’s worth repeating what we wrote in our original post about the Francisco Palms, “We had a chance to take a sneak peek a couple weeks back and were relatively impressed by the quality and thoroughness of the renovation. (Our major quibble was the decision to configure a few of the three bedroom units with only one bathroom.) The big question, however, is how the market will respond to million dollar TICs that are priced in-line with condos, but will never have the opportunity to convert (residential buildings over six units aren’t eligible). And while it’s true that the individual financing will mitigate at least one of the major drawbacks associated with TICs (i.e., shared risk of loan default or delinquency), it doesn’t adequately address another: liquidity (more on this later).”
∙ Francisco Palms [1229-1261 Francisco]
∙ The Francisco Palms (1229 Francisco) [SocketSite]
Wow, these units look nice! It is in the’GOLD BOX’ area of the Marina i.e. below Fort Mason, and 100% on bedrock. But I donno, even though this is a prime location, hard to swallow 900k TICs, but maybe!
and only 1 bathroom for 900,000 youve got to be kidding me
But again, this is the ‘Gold Box’, an excellent location b/c it is on bedrock, walkable to Fort Mason, Moscone Park, Polk St., Union St., AND Chestnut St.
The borders are Bay to Lombard, and Laguna to Van Ess. I like this area a lot.
http://www.franciscopalms.com/location.html
They are clearly using the socketman in their marketing!!
[Editor’s Note: Not a bad idea, but unfortunately we’re not on the payroll (nor are we with any other properties, developments, deals, etc.). The developer was nice enough to give us a preview and the inside scoop, and we’re just trying to keep our readers “plugged in.”]
Awsome area. Lousy floorplan. Its that simple. You can decide if it works for you…
Yeah, what’s up with the kitchen being all the way on the otherside of the dining room? Oh well.
We’ll see if it sells. The 10-yr yield is back down to 4.78% and looks like it’s heading lower. The housing market will be just fine. A little slump, just like in 2002, and a bit during the start of the War and SARS in 2003, but then the market went crazy.
This area will hold up very well. Just don’t know about TICs.
The pictures look really nice to me but I wouldn’t dare touch a 17 unit TIC.
Can you imagine trying to refinance your loan? If I’m not mistaken, everyone on the deed of trust needs to sign off on any changes to title. That’s 16 other units that need to sign off if you do a refi (or an equityline). So if 1 person does not want to sign, then you can’t refinance (though I may be wrong since I don’t own a TIC). No way for me. BTW, 6.95% for 5 years fixed sounds a bit on the high end, even in this interest rate market.
They are working with Marin Bank to offer INDIVIDUAL TIC financing. It’s not that bad.
One of the best location in all the Bay Area. The Marina.