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3731 Fillmore – all 6 TIC’s 100% sold

by sfishome on February 4, 2010

Almost a year ago 3731 Fillmore St, San Francisco, tried to sell some of it’s 6 TIC units via auction. That debacle is chronicled here in some fun videos.

The highest bid price for unit #2 (first floor facing the back of the building) was for $410,000. The auctioneers refused to sell it for that price because it didn’t meet the reserve bid. Then a few months later #2 closed escrow with a “private sale asterisk” and we may never know what it ultimately sold for. HOWEVER, unit #4, the unit directly above it, just closed escrow a couple of weeks ago for $469,000.

Watch as the market speaks with these transactions:
#1 went into contract on Sept 19, 2009 just as people started hearing about the banking crisis. It sold for a LOFTY $710,000
#5 – the most desirable (IMHO) top floor east facing unit sold in March 2009 for $635,000
#2 – June 2009 sale – undisclosed price, but last asking was $499,000 and you can bet it was below that.
#3 and #6 close on the same day in July 2009 for $530k and $560k respectively.

A badly run action produces $410,000, but arguably for the least desirable unit in the worst possible market. It’s “sister” unit (because it faces the same way, with the exact same floor plan) sells for $469,000 nearly a year later. Frankly, that looks to me like the market is flat year over year, but clearly down in a big way since before Sept ’09 before the financial crisis became national news.

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