Tuesday, August 26, 2008
Would You Like a Smart Car--and a TIC?
I saw the three, newly renovated tenancy-in-common (TIC) units at 1278-1280 Church when they came on the market several weeks ago. I liked the style, finishes and overall quality of this largely "green" building. The lower, two-level unit is in contract, but the other two units are still available--one with a Smart Car as a purchase bonus. For the square footage and location (if you don't mind the J Church rambling past your building, day and night), the $1,245,000-$1,395,000 list price ranges are not outrageous. And the individual TIC loans mitigate the risk. (Traditional TIC loans involve all owners sharing one mortgage.) In this case, buyers need about 30% down. But Smart Car or not, you are dealing with a TIC, and at the rate condo conversions are taking place for 3+ unit buildings, you will probably be reselling a TIC down the line. Something to keep in mind when you're wondering what else and where you can buy for $1,245,000.