A plugged-in reader spent the night outside the Department of Building Inspection in order to be the very first person in line to apply for San Francisco’s Condo Lottery Bypass program when it went into effect back in 2013.
Having paid his fee, skipped the lottery, and since converted from a TICs, the reader’s unit at 150 Pixley, which was 33 percent of the whole, is now on the market as a condominium and listed for $1,198,000, with two bedrooms, one bath, and leased parking down the street.
The two-bedroom unit above, which was 36 percent of the whole, sold for $849,000 in 2006 when the building first hit the market as three remodeled TICs, each with marble baths, granite counters, and Viking stoves.
The condo conversion lottery is currently slated to resume in 2024, at the earliest.
Another fine example of limiting supply = Chaa-chinggg!!!
Dear Mr. campos: building moratorium in the Mission? Yes please!
Mmmm, artificial scarcity.
Well, artificial scarcity benefits both homeowners and rent controlled tenants. Everyone else belongs to a politically unimportant minority.
It will certainly be interesting to see what, if any, effects the condo conversion moratorium will have on the market. How many units are actually making it through the process? From what I saw on the applications they posted to the DPW site it seems like quite a lot less than the projected numbers. So given the now about to get much bigger pool of TIC groups out there, how does that change the market for fractional financing? How big will the backlog be come 2024?
The doomsday scenario here for the radical left is that the moratorium causes the TIC market to mature so thoroughly that the financing penalty and value gap between condos and TICs dwindle even further. Which, in turn, could place greater than ever Ellis pressure on existing rentals and especially on larger buildings that couldn’t ever convert anyway. That kind of scenario certainly starts to explain why the supes are trying harder than ever to legislate massive payouts as a counter-balance.
Congratulations to this owner. I hope you sell quickly and over asking.
How is SF TIC different from NYC co-op? I heard that NYC co-op is selling well. Is it possible for TIC to become a mainstream ownership and makes condo conversion a non-issue?