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Condo lottery winners 2013 style

by Rob Regan on February 7, 2013

Congratulations to the 82 buildings totaling 200 TIC units that just won the 2013 San Francisco Condo lottery.

In general this means a 20% appreciation in price for each of the winners.  However, among the winners were ten 2-unit buildings.  This is unfortunate for the larger buildings that lost because 2-unit buildings have a condo-lottery bypass option if both units are owner-occupied for at least a year by separate owners.  Because 2-unit buildings have this option there is often no price difference between a TIC in a 2-unit building and a comparable condo.  Or at most the price difference tends to be about 5%.

Also of note is that only one building with 5 units, and one building with 6 units won the lottery.  While I don’t have the stats to confirm my opinion, this is likely due to the far more challenging lottery qualification process.  A building with only 2, 3, or 4 units needs to only have one owner occupier living in the building for 3 consecutive years to qualify for the lottery.  A building with 5 or 6 units needs 3 owners all living in the building for 3 consecutive years.   Here’s a “quick primer” on the condo lottery rules.

For more on how the condo lottery system works, and your building’s chances of winning, visit Andy Sirkin’s website.

For more on the proposed legislation to allow a one-time bypass of the condo lottery for 2 to 6 unit buildings click here.

{ 1 comment… read it below or add one }

Ciara Piron February 8, 2013 at 10:33 pm

Very informative. Great article!

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