Tenancies in Common as comps - San Francisco

[John Hassler]

Trudy
If I read your post correctly, you want to value a duplex using a duplex comp which has gone TIC, adding together the individual unit sales prices. Taking a building TIC does incur costs (legal, marketing, etc) and effort, and is a "valued added" component. If you took the time to calculate this component you might consider using a TIC as a comparable. But based on my experience appraising 2-4s in SF, many moons ago btw, there is usually an abundance of comparables from which to choose. It would take a very unusual circumstance for me to even consider using a TIC for a comp and even then I don't know that I would. But that's just me and I don't have to deal with that possibility in Marin.

 

[hastalavista]

I agree with John.

I've asked real estate agents their opinion on TIC properties, and the feedback I have received is that it increases their market appeal. How much is the question: Attempting to do paired sales analysis on income properties in SF for the TIC influence is not easy (at least, not for me!).
My best advice is to echo John's, which is try to stick with "like for like".

 

[Fred]

I agree with John.

Really? I didn't know you were in Marin.

 

[V. Nightshade]

I think things have changed in SF and it's not true that:

<<Quote from John: "But based on my experience appraising 2-4s in SF, many moons ago btw, there is usually an abundance of comparables from which to choose." >>

Abundance would not be the word I'd choose. Duplexes in desirable neighborhoods are being marketed and sold as TIC's, potential condo conversions, (see Cynthia's remarks above) and one has to to wade through a lot data. They are not always listed as TIC's because they are being sold as whatever anyone wants to buy them for.

P.S. I'm in Marin too!

 

[John Hassler]

Sorry Trudy, I didn't mean to imply you weren't doing a thorough search. I only wanted to express that although Austin may have a preference for oranges , it would be best to compare apples to apples thus eliminating a difficult to calculate variable. I run into similar problems with duplexes in Sausalito since many seem to be purchased for owner occupancy with an income component when located in the better neighborhoods and/or when one units is large and one small. This reduces the already small pool of duplexes into the "income duplexes" and the "owner occ. duplexes" which appeal to different buyers. I charge accordingly for the complexity and hope you do likewise.

 

[hastalavista]

I agree with John.

Really? I didn't know you were in Marin.

John's about an hour or so NW of me.
If I have the bad luck of being out there late on a Friday, I can usually see John sailing the bay as I'm crossing one of the bridges; he's the one with the four bikini-clad girls sunning themselves on the bow.:icon_cool:

 

[Smokey Bear]

John's about an hour or so NW of me.
If I have the bad luck of being out there late on a Friday, I can usually see John sailing the bay as I'm crossing one of the bridges; he's the one with the four bikini-clad girls sunning themselves on the bow.:icon_cool:

Late on Friday, wouldn't that mean PARKED on one of the bridges? I refuse to drive anywhere in the Bay Area past 2pm on a Friday. Total gridlock.

 

[John Hassler]

I agree with John.

John's about an hour or so NW of me.
If I have the bad luck of being out there late on a Friday, I can usually see John sailing the bay as I'm crossing one of the bridges; he's the one with the four bikini-clad girls sunning themselves on the bow.:icon_cool:

Denis, with a comment like that we make have to make you an honorary member of The Scallywags (that's the dba you get when five single guys own a boat!). Bridges were meant to be sailed under, especially during rush hour! BTW the building of the new Bay Bridge has been a marvel of engineering to watch at 5' above sea level.

 

[Smokey Bear]

Hey John - do the Scallywags need crew members? I know the difference between a jib and a spinaker.

 

[John Hassler]

Hey John - do the Scallywags need crew members? I know the difference between a jib and a spinaker.

There's always room for another able bodied seaman with a good attitude! PM me.