CFAH

58 Divisadero Bed
Renovated “beyond the studs” (i.e., new systems) in 2010, the two unit building at 56-58 Divisadero has been on the market but not the MLS for about a week asking $3,990,000.
58 Divisadero Bath
Today, the two units were officially listed as TIC’s for $1,995,000 each.
58 Divisadero View
And yes, we’re suckers for a bed bathed in light (and with a view).
∙ Listing: 56 Divisadero (4/4) 3,396 sqft – $1,995,000 (TIC) [56divisadero.com] [MLS]
∙ Listing: 58 Divisadero (3/3) 2,544 sqft – $1,995,000 (TIC) [58divisadero.com] [MLS]

Comments from Plugged-In Readers

  1. Posted by EBGuy

    Countrywide financing; will be interesting to watch if they don’t sell.

  2. Posted by Denis

    The tub in #56 is just insane. Maybe it’s just the photo, but how the hell are you supposed to get in and out of it? It doesn’t have a huge amount of space on the sides or the back.

  3. Posted by EH

    denis: the front of the sink cabinet doesn’t go further than the back of the tub.

  4. Posted by Denis

    I’m referring to picture #6 in unit 56 where the tub seems to be perched upon a pedestal inside the shower. Huh?

  5. Posted by The Milkshake of Despair

    I think that Denis is referring to MLS photo 6/12 of the tub to the rear of the shower stall and perched on a marble podium. There appears to be no clearance on either side and the tub seems to be at the edge of the podium. So it raises the effective height that you’d need to scale to get in.
    If true, even a limber tall person would struggle to board this rubber duckie express. There might be enough room to squeak by on the right side of the tub though.
    This really needs a report from our intrepid in person OH visitors to clarify.

  6. Posted by Kurt Brown

    I’m wondering, does the use of the word “artsy” in the listing add to or subtract from this listing?

  7. Posted by EBGuy

    A little intrigue up the hill at 60-62 Alpine Terrace. A WaMu mortgage leads to a foreclosure on Jan. 15, 2010, which leads to a lawsuit by someone claiming to have a life estate. The fun never stops…

  8. Posted by mikey woodz

    Really nice TICS, but Im guessing its next to impossible to get financing on anything near this bracket right? so it needs to basically be a cash deal. Anyone know off hand the max lending on TIC loans right now?

  9. Posted by lyqwyd

    I can’t imagine these will sell anywhere near asking. I mean $2 mil for a TIC? I think you would need somewhere in the range of $500K – $600K down-payment, if you can even get financing as mikey points out.
    If you have that kind of money, why bother with a TIC?
    And even if you can get financing, you could get much better financing on a SFH, meaning the same payment would probably buy a $2.5M house.

  10. Posted by anonee

    they are banking condo conversion going quickly.
    on a $/sq ft basis this place with these finishes does not look so bad. esp. when you look at how some have paid similar $/sq.ft in far worse neighbourhoods (like bernal..).

  11. Posted by mikey woodz

    Yea of course theyll get condo conversion (but at least a year off, and refi/closing costs again) in a year, but till then they need to carry it and who knows where rates will be in a year, very nice but still pricey for TICs

  12. Posted by tipster

    ^No conversion if there were two or more evictions of anyone after Jan 2006 (check that date) or if a single elderly, disabled or ill person was evicted.

  13. Posted by anonee

    i’m just noting that people paid this kind of $/sq.ft for much lower quality finishes and in places like bernal. i’m certainly not a buyer of $2m tics but i think this pricing just speaks to the lack of finished inventory in good neighbourhoods.
    btw tipster, do you know the eviction history here or are you just throwing in your usual value?

  14. Posted by R

    Eviction rules are a little more complicated and slightly different than that tipster, but you got the gist of it.

  15. Posted by mikey woodz

    At tipster:
    Exactly w/o knowing the history I was assuming best case scenario, and its still a huge pain to have to owner occupy both and then refi down the road on this property price

  16. Posted by anonee

    mikey,
    i would not do it, but i can understand someone going thru that hassle for a few reasons: you get very nicely finished product in a good place at a significant discount (on the order of $200/sq.ft,
    or $500k per unit after paying the condo conversion,the higher interest and the re-fi fees.)

  17. Posted by mikeywoodz

    Anonee,
    Perhaps but obviously no one could get much of a loan on a TIC this high, (Im not sure what the bank would loan but Im sure not much on a 2m deal. So this would mean the purchaser needs to put down a significant amoutn of cash, so why not buy a SFR or even a condo and save the cash to remodel it to their individual specific taste, to me TICs are for buyers who want turn-key places, and dont have the $ for renovations. At this price for the top one its almost 800/sf so I really dont think they are saving 200/sq ft for being a TIC

  18. Posted by anonee

    @mikeywoodz,
    sorry, i did not read the listing correctly-i thought they were both ~3000sq.ft and priced the same. but your other points are contestable.
    for example, i assume anyone paying $2m for any property (be it sfr,condo or tic) will be putting alot down. the point i was making is that there are not many equivalent places available and some might find the $/sq.ft. (on the cheaper one anyway) to be worth the hassle.
    as i said, i do not think this is a good deal but given the current inventory i can see how the broker could try this with a straight face.

  19. Posted by SocketSite

    The listings for 56-58 Divisadero have been withdrawn from the market after 68 days on the market without a sale

  20. Posted by SocketSite

    The listings for 56 and 58 Divisadero have returned to the MLS but are now asking $1,799,950 for 56 Divisadero (down from $1,995,000) and $1,875,000 for 58 Divisadero (down from $1,995,000) or $3,674,950 for both (versus $3,990,000).

  21. Posted by NJ

    These properties were taken off the market. No sale?

  22. Posted by NJ

    It seems that 56 Divisadero returned to the market at $1,995,000 earlier this month, and is now pending sale. While we don’t know the contract price, given that the unit apparently failed to sell for $1,799,950 just a year and a half ago, and presumably has undergone wear and tear to its finishes since that time, I’d say this is a sign of a very strong high-end market in the City.

  23. Posted by n

    Redfin shows sales having been recorded for 58 Divisadero in the amounts of $2.15 and $2.2 million. Not sure which is right, or if 56 Divisadero was involved, but in any event this is evidence of a pretty big price jump from a year or so ago.

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