Condo sales up, TICs down
Recent research by Paragon Real Estate reveals that condo sales in the city now outnumber house sales. This trend will only get stronger as new condo developments are built – and most striking among those projects are the series of mid-rise buildings lining Market between Gough and Noe. With very few houses built new in San Francisco, they generally simply replace older homes.
Paragon has found that there has been a decline in sales for TICs and 2-to-4-unit buildings. This is happening for a variety of reasons, including financing issues and complex tenants’ rights and eviction issues.
Thus, existing TICs are still a hot item, but fewer buildings are converting to TIC units. Two-to-four-unit buildings, when available, are still a desirable commodity for the investor market.
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