Cirios Verdict: NO DEAL (Click here for the original Deal or No Deal post)

The subject is a recently renovated TIC in a desirable part of Nob Hill. This unit has everything that adds value to a property including 2 bathrooms, parking, washer/dryer and outdoor space. The common area is on the small side as it does not look like it has room for a table to eat at. Parking is available for an additional $40,000. The list price was dropped back on June 19th, and with no buyers in more than a month, this property looks overlisted.

Nob Hill is centrally located neighborhood in San Francisco. There are numerous amenities available to residents in this neighborhood including restaurants, grocery stores and shopping. Many residents walk to work from this location which only increases the desirability of this neighborhood.

Positives: Updated, desirable neighborhood

Negatives: Busy street, numerous units still for sale in building

Verdict: NO DEAL

The subject is one of the lowest listed homes in all of Nob Hill. In addition, it has been completely remodeled which only adds to its desirability. The two biggest negative influences on the value is (1) the collapse of rents in San Francisco which will convince numerous buyers that renting is still a better financial decision and (2) the fact that the building still has 4 units left to sell and people are often afraid to buy without knowing when the other units will be occupied. As long as rents continue to fall, we can’t justify this home as a deal.

Address: 1446 Sacramento St., San Francisco, CA 94109
List Date: 5/26/2009
Current List Price: $669,000
Cirios Value: $599,000
List Price vs. Cirios Value: 4% over-listed

For a complete Cirios Valuation, click here for our CLEAR report, or on the image to the right.

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