What’s A Better Value in San Francisco, A Condo or a Home? (Part 2)

In my last post, I included a chart that showed both single family homes and condos stuck in relatively narrow price ranges over the last 18 months or so.  At the end of 2010 the median price of a single family home ($744,000) was about $80,000 more than that for a condo/TIC.

But that doesn’t tell us anything about “value.”  Now, let me count the ways we could argue about what “value” means, but I think we’d agree that how each property type has weathered the market battering over the last few years has to be relevant.   Take a look at this table: ...  Additional Details

Noe Valley: The Condo/TIC market

At long last, here’s the promised data on Noe Valley condos and TIC’s.

First, a look back (in anger?) at the make-up of Noe Valley sales in 2009.

Note that there were more than twice as many condos sold as TICs, and more homes sold than condos and TICs put together. (What’s a TIC?  — Check out my series of posts on Tenancy-In-Common Interests, starting here.)

Also, that absurdly long DOM for TICs was distorted by 3 TICs at 201 Hoffman that took 410 days to sell.  Still, without those sales, DOM for TICs (tired of the acronyms yet?) was still 99 days.  And I’d be somewhat skeptical of the whopping difference in price between TICs and condos as well:  TICs sales often don’t have a price per square foot listed, so there are very few data points — and there are very few sales to begin with. ...  Additional Details

Looking Back at 2009: Condos/TICs

Pretty much everything I said about how single family homes fared in 2009 also applies to the condo/TIC market.   (TIC’s, aka Tenancy In Commons are similar to condos.  For more information on TICs, see my three-part series starting here.)

Condo/TICs hit their all-time highs about a year later than homes did — in July 2008.  But they’ve fallen from their highs almost exactly as much as homes have.  Condos/TICs were down 17%, just one percent better than single family homes.

 ...  Additional Details

TICs, San Francisco’s Involuntary Reflex — Part 3: The Condo Premium Per Square Foot? Or not…

Last post, we determined that the current difference between the average (annual) price of a condo and that of a TIC is  $86,000, down from a high of $124,364 in 2006.  (That’s a 30%+ drop, by the way.)  Here’s the chart again (sorry for the funky transparency on the sales volume bars).

Condos vs. Tics Annual Average Sales Prices

That’s useful if you’re looking at an average-priced TIC and you’re curious about how much of a premium you’d have to pay for an average-priced condo.  But how about reducing that to a per square foot premium? ...  Additional Details

TICs, San Francisco’s Involuntary Reflex: Part 2 — The Data

There are weeks when I look through the new listings on the MLS (Multiple Listing Service) and it seems like there are more TICs for sale than condominiums.  Turns out, this just isn’t true.  Here’s a chart showing relative sales volumes since 2003 (click to enlarge).

Units Sold By Month
Look at that!  Excluding those wonderfully regular dips every Xmas, condo sales are generally at around 200 units per month.  TICs rarely break 40.

Here’s how TIC and condo median prices stack up against each other on a monthly basis. ...  Additional Details