The price and value of 2-4 Unit buildings has increased dramatically due primarily to TIC speculation/ development. There is an increasingly high demand for 2 unit buildings as they provide an entry for Tenant in Common buyers to split buildings while securing a price per square foot that is, on average, lower than the condominium market. However, the value of TIC’s in 2-4 Unit buildings has never been closer to the value of condominiums and I see that gap continuing to close. Owners contemplating a sale are leaving units empty to facilitate higher sales prices. The prices in this sub-market have remained steady while the volume of sales is down significantly. 2-4 UNIT SALES DATA | 2nd Quarter (2008) - 8 Units | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 630-632 Cole St | 05/30/08 | $1,200,000 | $1,395,000 | -9% | 2 | 1 | 87 | 3,000 | $400 | $529 | | 142-144 Delmar | 05/22/08 | $2,198,000 | $2,298,000 | -1% | 2 | 3 | 113 | 2,950 | $745 | | | 25-27 Delmar | 05/14/08 | $1,234,000 | $1,224,000 | 1% | 4 | 0 | 22 | 2,500 | $494 | | | 23-25 Clifford | 05/12/08 | $1,120,000 | $1,095,000 | 1% | 2 | 3 | 21 | 1,489 | $752 | | | 4622-26 17th St | 05/09/08 | $1,665,000 | $1,695,000 | -1% | 3 | 0 | 71 | 4,350 | $383 | | | 1859 Page St | 05/06/08 | $1,372,000 | $1,129,000 | 1% | 4 | 3 | 33 | 4,000 | $343 | | | 1649-1651 Page St | 04/29/08 | $1,900,000 | $1,795,000 | 1% | 2 | 4 | 10 | 3,384 | $561 | | | 1673-1675 Page St | 04/15/08 | $1,155,000 | $1,150,000 | 1% | 2 | 1 | 46 | 2,084 | $554 |
1st Quarter2008 |
| Address |
Sale Date |
Sale Price |
Asking Price |
% Over Asking |
Units |
PK |
DOM |
Sq. Ft. |
$/ Sq.Ft. |
Avg. $/ Sq.Ft. |
| Page St |
03/14/08 |
$1,600,000 |
$1,549,000 |
1% |
2 |
|
51 |
3,450 |
$464 |
$515 |
| 844-854 Shrader |
03/07/08 |
$1,380,000 |
$1,199,000 |
1% |
2 |
|
61 |
3,160 |
$437 |
|
| 337-339 Carl> |
02/05/08 |
$1,100,000 |
$1,100,000 |
0% |
2 |
|
50 |
2,800 |
$393 |
|
| 137 Delmar |
01/23/08 |
$1,150,000 |
$967,000 |
1% |
2 |
|
16 |
1,500 |
$767 |
|
| 4th Quarter (2007) - 6 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 1496-98 Willard St | 12/28/07 | $1,804,000 | $1,699,000 | 6.0% | 2 | 1 | 40 | 2,400 | $752 | $543 | | 595-599 Belvedere St | 12/07/07 | $1,665,000 | $2,650,000 | 1.0% | 2 | 3 | 55 | 2,780 | $599 | | | 100-102 Carmel St | 11/21/07 | $1,200,000 | $1,349,000 | -12% | 2 | 2 | 57 | 2,244 | $535 | | | 1105-07 Stanyan | 11/15/07 | $1,075,000 | $995,000 | 7.0% | 4 | 1 | 12 | 3,450 | $312 | | | 1059-61 Page St | 10/31/07 | $1,595,000 | $1,595,000 | 0.0% | 4 | 3 | 38 | 4,500 | $354 | | | 66-68 Carmel St | 10/25/07 | $1,550,000 | $1,428,500 | 8.0% | 2 | 2 | 32 | 2,200 | $705 | |
| 3rd Quarter (2007) - 3 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 1704-08 Waller St. | 08/15/07 | $1,350,000 | $1,250,000 | 8% | 3 | 2 | 30 | 4,275 | $316 | $487 | 286-290 Parnassus | 07/03/07 | $1,500,000 | $1,575,000 | -5% | 3 | 2 | 14 | 3,740 | $401 | | 60-62 Delmar St. | 07/03/07 | $1,775,000 | $1,698,000 | 5% | 2 | 3 | 17 | 2,386 | $744 | |
| 2nd Quarter (2007) - 2 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 555 Ashbury St | 5/11/07 | $1,300,000 | $1,354,500 | -4% | 4 | 1 | 0 | 3,050 | $426 | $402 | | 1626-30 Waller St | 4/19/07 | $1,700,000 | $1,599,000 | 6% | 3 | 3 | 8 | 4,500 | $378 | |
| 1st Quarter (2007) - 2 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 847-851 Cole St | 3/21/07 | $2,050,000 | $2,085,000 | -2% | 3 | 0 | 62 | 3,807 | $538 | $522 | | 240-242 Alma St | 1/22/07 | $1,387,500 | $1,495,000 | -7% | 3 | 2 | 86 | 2,745 | $505 | |
| 4th Quarter (2006) - 7 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 764-66 Clayton St | 12/28/06 | $1,080,000 | $985,000 | 9.6% | 2 | 2 | 13 | 3,350 | $322 | $435 | | 939-41 Stanyan St | 11/02/06 | $1,100,000 | $1,300,000 | -15.4% | 2 | 2 | 15 | 3,162 | $348 | | | 159 Carl St | 10/27/06 | $1,455,000 | $1,498,000 | -2.9% | 3 | 3 | 66 | 2,516 | $578 | | | 1318-1320 Masonic | 10/24/06 | $1,925,000 | $1,975,000 | -2.5% | 2 | 2 | 21 | 4,700 | $410 | | | 862-68 Shrader St | 12/08/06 | $2,150,000 | $2,200,000 | -2.3% | 4 | 4 | 74 | 6,015 | $357 | | | 1200 Page St | 10/17/06 | $2,246,000 | $2,345,000 | -4.2% | 2 | 2 | 121 | 4,555 | $493 | | | 486-88 Belvedere St | 10/26/06 | $1,600,000 | $1,380,000 | 15.9% | 2 | 2 | 19 | 3,000 | $533 | |
| 3rd Quarter (2006) - 7 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 1380 Masonic Ave | 9/29/06 | $1,570,000 | $1,600,000 | -1.9% | 2 | 2 | 79 | 2,590 | $606 | $460 | | 565-567 Belvedere St | 9/27/06 | $1,450,000 | $1,295,000 | 12.0% | 3 | 2 | 23 | 3,000 | $483 | | | 1329-33 Masonic Ave | 8/31/06 | $1,665,000 | $1,495,000 | 11.4% | 4 | 1 | 20 | 4,950 | $336 | | | 1330-1332 Shrader St | 8/18/06 | $1,450,000 | $1,350,000 | 7.4% | 2 | 2 | 6 | 3,400 | $426 | | | 245-247 Carl St | 7/28/06 | $1,400,000 | $1,195,000 | 17.2% | 3 | 1 | 28 | 3,800 | $368 | | | 1621-23 Page St | 7/28/06 | $1,517,500 | $1,635,000 | -7.2% | 2 | 3 | 24 | 2,880 | $527 | | | 649-653 Ashbury St | 7/12/06 | $1,900,000 | $1,750,000 | 8.6% | 3 | 3 | 12 | 4,050 | $469 | |
| 2nd Quarter (2006) - 4 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 745-47 Shrader St | 6/16/06 | $2,040,000 | $1,944,000 | 4.9% | 2 | 2 | 30 | 3,400 | $600 | $452 | | 648-652 Ashbury St | 5/3/06 | $1,575,000 | $1,539,000 | 2.3% | 3 | 0 | 60 | 4,650 | $339 | | | 1372-1376 Haight St | 4/25/06 | $1,350,000 | $1,550,000 | -12.9% | 4 | 0 | 88 | 4,050 | $333 | | | 1822 Page St | 4/6/06 | $1,850,000 | $1,649,000 | 12.2% | 2 | 3 | 14 | 3,440 | $538 | |
| 1st Quarter (2006) - 6 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 4930-32 17th St | 3/14/06 | $2,460,000 | $2,495,000 | -1.4% | 2 | 2 | 57 | 3,437 | $716 | $509 | | 920-924 Haight St | 3/9/06 | $1,800,000 | $2,006,000 | -10.3% | 4 | 0 | 68 | 6,075 | $296 | | | 34-36 Farnsworth Ln | 2/27/06 | $1,850,000 | $1,899,000 | -2.6% | 2 | 0 | 132 | 2,769 | $668 | | | 417-419 Clayton St | 2/8/06 | $1,150,000 | $1,095,000 | 5.0% | 2 | 3 | 52 | 2,450 | $469 | | | 624-626 Belvedere St | 2/2/06 | $1,410,000 | $1,298,000 | 8.6% | 2 | 2 | 64 | 2,250 | $627 | | | 1312-1312 1/2 Page St | 1/20/06 | $960,000 | $1,008,500 | -4.8% | 2 | 2 | 117 | 3,450 | $278 | |
| 4th Quarter (2005) - 5 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 4732 17th St | 12/20/05 | $1,405,000 | $995,000 | 41.2% | 2 | 1 | 14 | 1,650 | $852 | $583 | | 379 Frederick St | 11/22/05 | $1,595,000 | $1,649,000 | -3.3% | 3 | 1 | 75 | 3,050 | $523 | | | 510-512 Shrader | 11/8/05 | $1,300,000 | $1,150,000 | 13.0% | 2 | 2 | 8 | 2,350 | $553 | | | 142-144 Delmar | 10/31/05 | $1,236,000 | $1,206,950 | 2.4% | 2 | 2 | 65 | 2,950 | $419 | | | 1409 Masonic | 9/6/05 | $2,050,000 | $1,946,000 | 5.3% | 4 | 2 | 90 | 3,600 | $569 | |
| 3rd Quarter (2005) - 7 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 1409 Masonic | 9/6/05 | $2,050,000 | $1,946,000 | 5.3% | 4 | 2 | 90 | 3,600 | $569 | $504 | | 1140-1142 Stanyan | 8/26/05 | $1,522,500 | $1,295,000 | 17.6% | 2 | 2 | 58 | 2,975 | $512 | | | 1225-27 Clayton | 8/26/05 | $1,790,000 | $1,800,000 | -0.6% | 2 | 2 | 27 | 3,050 | $587 | | | 1701-03 Oak St | 8/25/05 | $1,425,000 | $1,375,000 | 3.6% | 4 | 0 | 70 | 3,300 | $432 | | | 449-451 Ashbury St | 8/12/05 | $1,550,000 | $1,395,000 | 11.1% | 2 | 3 | 38 | 3,300 | $470 | | | 1380 Masonic | 7/25/05 | $1,425,000 | $1,395,000 | 2.2% | 2 | 2 | 72 | 2,590 | $550 | | | 764 Stanyan St | 7/22/05 | $1,400,000 | $1,099,000 | 27.4% | 2 | 3 | 9 | 3,420 | $409 | |
| 2nd Quarter (2005) - 11 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 940 Clayton St. | 06/24/05 | $1,535,000 | $1,150,000 | 33% | 2 | 2 | 14 | 2,320 | $662 | $531 | | 862 Shrader St. | 06/24/05 | $2,025,000 | $1,985,000 | 2% | 4 | 2 | 14 | 6,000 | $338 | | | 27-29 Lyon St. | 06/09/05 | $1,855,000 | $1,650,000 | 12% | 2 | 2 | 26 | 3,740 | $496 | | | 929-931 Clayton St. | 06/07/05 | $1,428,000 | $1,218,000 | 17% | 2 | 1 | 48 | 2,610 | $547 | | | 65-69 Clifford Ter. | 05/27/05 | $1,700,000 | $1,695,000 | 0% | 3 | 2 | 17 | 3,550 | $479 | | | 80-84 Parnassus | 05/26/05 | $2,011,000 | $1,995,000 | 1% | 3 | 0 | 40 | 5,130 | $392 | | | 1549-51 Cole St. | 05/20/05 | $1,220,000 | $1,149,000 | 6% | 2 | 1 | 6 | 1,798 | $679 | | | 4-6 Downey St. | 05/05/05 | $1,505,000 | $1,147,000 | 31% | 4 | 0 | 23 | 3,506 | $429 | | | 1376-78 Masonic | 05/05/05 | $2,275,000 | $1,895,000 | 20% | 3 | 1 | 14 | 3,000 | $758 | | | 1470-1474 Willard | 04/07/05 | $1,700,000 | $1,695,000 | 0% | 3 | 0 | 47 | 2,656 | $640 | | | 948-950 Stanyan | 04/01/05 | $1,475,000 | $1,098,000 | 34% | 2 | 3 | 12 | 3,500 | $421 | |
| 1st Quarter (2005) - 4 Units | | Address | Sale Date | Sale Price | Asking Price | % Over Asking | Units | PK | DOM | Sq. Ft. | $/ Sq.Ft. | Avg. $/ Sq.Ft. | | 708 Ashbury St. | 03/03/05 | $1,600,000 | $1,385,000 | 16% | 2 | 3 | 36 | 2,620 | $611 | $471 | | 1126-28 Masonic | 02/28/05 | $1,600,000 | $1,495,000 | 7% | 3 | 2 | 7 | 3,380 | $473 | | | 4909-11 17th St. | 01/24/05 | $1,229,500 | $1,295,000 | -5% | 2 | 2 | 151 | 2,432 | $506 | | | 643-47 Cole St. | 01/11/05 | $1,500,000 | $1,425,000 | 5% | 3 | 1 | 33 | 5,100 | $294 | |
|
