In August a reader asked, we speculated, and the architects responded. And while it’s now a few months later than anticipated, at least two of the newly converted TICs at 415 (and 437) Carl have officially hit the market in Cole Valley.
And as we noted before, although it appears to be one big building, it’s technically five separate parcels (now consisting of six condos and six TICs).
∙ Listing: 415 Carl Street #A (1/1) – $489,000 (TIC) [MLS]
∙ Listing: 437 Carl Street #J (1/1) – $529,000 (TIC) [MLS]
∙ Moving Pictures: Can You Help A Reader (And Us) Out? [SocketSite]
in order to sell as tic you typically are required to get a survey done. this tells you exactly the units sq.footage. so it is easily disclosed and yet these brokers are not listing that info. why not?? also, i find it hard to believe that there are no HOA dues…
is this possible???
Interesting exterior; but please — rip down that ridiculous entrance wall and horrible gate with its wacky ironwork and ridiculous lanterns. I’d cringe entering every time.
Agreed, but at least it’s not perma-stone or aluminum siding. 😉
i agree. its not expensive to remove or stucco the front gate to match the rest of the building and you get instant curb appeal. plus the landscaping could be easily and cheaply improved by removing that silly water feature and adding some native plants.
honestly, we are talking about five days work and $5k.
I agree that the entry gate is ugly and the water feature somewhat silly.
But that water feature, with the ambient “white sound” noise it would generate, just might make it possible to actually open a window in your unit facing that very hard surface and acoustically live courtyard.
true, but water-wise trees would absorb sound, off gas oxygen and provide cross courtyard privacy..IMO
Tree don’t really cut down on the noise, unless there is a forest 100’s yards wide. The fountain is fun and it’s noise will go a long way to cover the muni noise.
I actually like the gate, it’s quirky.
Neither water nor trees will help the noice problem here. These places are right on the N Judah line.
as in quirky=good or quirky=kitschy?
ersatz stone and brick? algae caked faux villa d’este water feature?? and nothing but nothing is going to mask the rumbling sound and tremors that the n-judah periodically visits upon this building. at least trees provide a living screen, cleaner air and what with their rustling leaves, even a pleasant sound…
Probably a dumb question, but if it’s five parcels, how can there be six condos and six TICs?
‘Paco’- This is a new TIC, therefore the new owners will determine what they HOA dues will be. Some TIC groups opt not to have monthly dues, but rather a set amount of reserves in their account, and others may opt to ‘pay as they go’ There are a number of ways to go about it, it just depends on the parties involved, what they feel comfortable with and agree to and ultimately how the TIC agreement is drawn up. There is likely already a draft document in place.
Also, you are not required to list square footage, but they will probably give you an estimate. The best means of determining this is via your own appraiser, but bear in mind it can still vary, depending upon the appraiser.
This isn’t really cole valley, it’s practically 9th and irving…
Kinda scary to see water and mud gushing from under the concrete stairs on the side of the building (west side) during the recent rain.
The lot next door is getting worked on. Ryan Engineering has removed most of the hill from that lot and replaced it with a concrete foundation. Impressive, the steep grade, those guys will work on.
The majority of TIC listings on the MLS do not list the unit’s square footage. If the size is estimated in a survey prior to the sale, that number rarely sees the light of day as it will not be recorded with the sale of the building in public records (as it is sold as one entire property). This makes apples to apples comparisons from a buyers standpoint tougher for sure. Not sure if this is due to the listing agents wanting to avoid potential size lawsuits or if the owners don’t want to disclose it to keep apples to apples comparisons between their properties and competing properties more difficult, but that’s the way it is for now. One way to get a rough idea is to get the overall building area from the public records, deduct a bit for common hallways and such, and divide the entire gross building area by the number of units and then make adjustments for the number of bigger/smaller units in the unit mix. It’s gives you a pretty rough idea of a unit’s size (assuming the building hasn’t been expanded since initial construction), but something beats the hell out of nothing.
mia, i have to disagree a little bit. as i posted earlier, in order to sell any building in CA with more than 5units as a tic you need to obtain a public report (a.k.a. white paper). to do this you need to have a survey done and a budget drawn up. the survey is done by a total pro and is (in my experience) very accurate. this is important b/c the budget and the tic agreement both rely on it. a tic agreement designates, among other things, the percentage interest that each unit (and parking space, storage space etc..) is of the whole. the budget is very detailed and is required as a means of determining how much money must be set aside for reserves. in a typical tic arrangement there are often 3 different accounts: one to ensure six months of mortgage &tax payments in case someone does not pay, one for future needs like a roof or exterior paint job and one for ongoing expenses like water and garbage. the DRE wants all of this spelled out. once you’ve sold the interests then the group can get together and agree to chuck the budget, but, precisely b/c this is a new tic i think there is an hoa number.
now i know john and tim are the most experienced guys in town at selling this product and i’m willing to bet you a big burrito that they will not back up what you are saying.
i would almost go so far as to suggest that they do not want to list the sq.footage b/c it will show potential buyers that this price per sq.ft. is rather, um, lofty. and i would also almost suggest that the hoa (as determined by the DRE) is not listed b/c this number is usually artificially high and that might also scare off some buyers. i said almost suggest.
i believe this tactic may be employed b/c its better to get the potential buyer in the door first where he/she can then see the merits of the place. if a buyer had too much info they might not even make the trip. and maybe that’s what needs to happen in this market. btw, i have nothing against john and tim, they are both good and ethical brokers. and i have nothing against this building (aside from that faux rock) that is in a very nice location and will hopefully sell quickly. i would like to learn more so please correct me if i’m wrong.
Hi, I’m John Farnham, the listing agent for 415 Carl Street. This project is actually 2 3-unit TIC buildngs so does not require DRE approval or a final public report. We will be providing a pro-forma budget for the group to use, however as was stated before in these cases it is up to the new TIC partnership to vote on what the monthly dues should be. In regards to the square footage, the only reason I didn’t post it on MLS is because I didn’t have access to it when I was listing the property. They are all around 750-800′, so in any event they are large 1BR’s.
thanks for clarifying that john. i suspected that there was more to the story when it said above that there were five parcels.
the units look good BTW. good luck.
How can there be six condos and six TIC? Won’t the condo owners always be in a better position to sell, as opposed to TICs?
You have to have 5 or less to be TIC. This is all very suspicious to me.
mary,
five parcels=3 duplexes w/2 condos each and two 3unit buildings being sold as tic interests.
each parcel is typically its own separate entity.
btw, tic’s can be as many units as you want but the point above about the public report requirement applies to buildings of 5units or more.
Just noticed this Craigslist ad:
http://sfbay.craigslist.org/sfc/rfs/760910802.html
Looks like all of the TICs are still available. Any comments from the peanut gallery?