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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