For buyers who are seeking more for their money in San Francisco, partial interest ownership in a building might be a viable path to a successful purchase. Over the past 10 years in San Francisco, tenancies-in-common (TICs) have evolved from odd, misunderstood entities to common-place offerings.
Most buyers are initially attracted to TICs because they can be priced at a 20-30% discount to similar condominiums. However, as is usually the case, there’s more than meets the eye when contemplating the purchase of a tenancy-in-common. Amongst a myriad of other issues, the two most significant considerations in the purchase of a TIC are 1) understanding the limited financing products/options, and 2) evaluating the condo conversion process.
I have personally undergone the conversion of my own building, and I have extensive experience representing both sellers and buyers of San Francisco TICs. It would be a pleasure to provide you with specific guidance when you’re ready to roll up your sleeves. Meanwhile, here are some initial resources you might find helpful as you contemplate the purchase of a tenancy-in-common:
Sirkin and Associates and g3mh are the two leading law firms that handle the lion’s share of TIC agreements and condo conversions in San Francisco, and their sites a chock full of information to get your started on the right path.
SF Dept of Public Works is chartered with approving TIC condo conversions and is an excellent resource as well.
You might also want to visit Plan C, a TIC-owner group that has recently been formed.