Lots of Love For a Victorian TIC
Wow, our morning stats show that you all went crazy looking at a newly listed TIC unit yesterday. The numbers were huge for 717 Webster Street, a top floor 1/1 unit. In fact, the closest competitor had about 10% of the hits as this little gem. Personally, I think it is the cute photo of the owner’s dog that the agent threw in the mix. I am sure it was a big hit (and no, the dog does not come with the house!).
So what is so special about this TIC? Built in 1900, the exterior has been well-maintained, with architectural details that seem to be true to the original design. There are 4 units in the building on two floors, but there appears to be additional space, most likely in the basement, as the listing claims the unit has a large storage/office space downstairs. Now that is a nice bonus, as the unit only has one bedroom. The pictures are not taken at the best angles to show off the whole space, but it is 985 square feet and the kitchen is definitely larger than a postage stamp. In fact, it is larger than my own suburban kitchen.
I think it must be the price and location. Listed 3 days ago at $412,000 ($445/sf), this is a good price point for the city. Anything coming in under $500,000 has automatic appeal. And this Victorian sits in the Alamo Square neighborhood, an area with lots of well-tended turn-of-the-century homes with a lot of character. Trying to find similar comps in the neighborhood is difficult. Hayes Valley has quite a few older (pre-1920) properties for sale, most of which are 2 bedrooms, but there is no square footage listed, so it makes measuring difficult. The price range for the two bedroom listings is $445,000 to $969,000. And from a curb appeal standpoint, this Webster TIC has them beat hands down. Given the number of days on the market, look for an open house coming soon.
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