How One Couple Bought a San Francisco Street for $90,000
It's in a pretty exclusive neighborhood, too.
It’s hard to find a house for sale under $100,000 nowadays, but one couple was able to snag a whole street for less than that amount. Tina Lam and Michael Cheng purchased Presidio Terrace in San Francisco for $90,100 in an auction two years ago, according to the San Francisco Chronicle. (Though the couple owns the sidewalk and the street, each home is still independently owned.)
The street isn’t your average block—it’s an exclusive and private street with 35 mansions and a gated entrance complete with a guard. Former residents include Senator Dianne Feinstein and House Democratic Leader Nancy Pelosi.
The couple can make some money off the purchase—especially when it comes to the 120 in-demand parking spots on the street. “We could charge a reasonable rent on it,” Cheng told the Chronicle.
So how did this prime street land on the auction block? It seems that the street’s homeowners association failed to pay a $14-per-year property tax bill for three decades. According to the association’s lawyer, the bill had been going to the address of an accountant who hasn’t worked with the group since the 1980s. The city put the street on the auction block in 2015.
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The homeowners were unaware that their street was up for grabs and only found out about the purchase in May. Now, the homeowners have petitioned to rescind the sale and have also sued the couple and the city to ensure the street isn’t sold to anyone else.