Rich SF residents get a shock: Someone bought their street
Thanks to a little-noticed auction sale, a South Bay couple are the proud owners of one of the most exclusive streets in San Francisco â€” and theyâ€™re looking for ways to make their purchase pay.
Tina Lam and Michael Cheng snatched up Presidio Terrace â€” the block-long, private oval street lined by 35 megamillion-dollar mansions â€” for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.
Now theyâ€™re looking to cash in â€” maybe by charging the residents of those mansions to park on their own private street....
I love this kind of story--it shows you how little attention people pay to issues that affect their lives, especially when it comes to real estate. Of course, I think we all know that this will end up in the courts--we are talking about millionaires who can afford good legal help--and the judge will decide the city proceeded in error, so will have to give the money back and maintain the street.
The situation in SF isn't quite what most of us experience. The Presidio, once an important and beautiful U.S. Army post, was closed and sold. Property in SF is extremely expensive and The Presidio is very "high end." For the street itself, an important "common area"/government property necessary to communication through transportation, to be sold unbeknownest to those living there is a little troubling. The new owners will likely find a way to rent usage to the inhabitants in order to make a profit while providing for maintenance. It's a way of potentially gouging the rich residents of that section of SF who already pay a boatload of property taxes, which aren't likely to be reduced.