In a densely populated city like San Francisco, where the land area is limited but the demand for housing is high, condominiums offer a great alternative to fulfilling a city life.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
As you browse the internet for your future home or talk to a realtor for practical real estate options, you may have come across a Tenancy-In-Common property. It is a unique and unconventional way of real estate ownership in San Francisco.
TIC units have become a popular option as it provides a lower price point for first-time home buyers. With TIC units, you pay 10–20% less per square foot than a condo. Moreover, property tax is also reduced by 10–20%. So not only did you save on the cost of your unit, but you also saved a significant amount in your annual property tax.
Because Tenancy-In-Common is unique only to San Francisco, it is easy to get lost in the legal complexities concerning your property. And with several people involved, disputes and conflicts may arise. That is why TIC agreements are critical. It functions as a contract among co-owners establishing their respective obligations and regulations.
Tenancy-in-common, or tenants-in-common, is a form of shared ownership where tenants own part of the property but not all of it. In other words, if you and your friend have a property as tenants-in-common, you are both owners of the said property, and each has ownership rights.
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.
Diamond Heights is one of the smaller neighborhoods occupying an area of only 0.3 square miles. As a result, it is one of the least dense neighborhoods.
