Ultra Wealthy SF Problems

[mototireguy]

http://www.sfchronicle.com/bayarea/...dents-get-a-shock-Someone-bought-11738236.php



Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.

Now they’re looking to cash in — maybe by charging the residents of those mansions to park on their own private street.

 

[afm199]

Love it!

 

[augustiron]

They gonna get paid.

 

[HappyHighwayman]

Honestly seems like a legal mistake that they should be allowed to screw over their neighbors. They seem like greedy opportunists. In no reasonable place can people own the street where others have been parking for free for years due a $15 bill not being paid.

I'd tell them to pee up a rope.

I'd sue the city for allowing such a thing to happen.

 

[Kim]

I dont know the street that they are referring to. but they said there are 35 mega million mansions. do these mega million mansions not have driveways or garages?

 

[easter bunny]

I dont know the street that they are referring to. but they said there are 35 mega million mansions. do these mega million mansions not have driveways or garages?

It says there's a guard at the entrance to keep the riff raff out. I don't think it's about the rich people parking there, it's about keeping anyone else from doing it to prevent access.

 

[bpw]

I know some people from SF who had a minor panic when they found out that a small piece of their yard and living room was actually an old cable car right of way that was going up for auction a few years ago.

 

[HappyHighwayman]

Someone bought some land in the Mission they literally cannot ever use in any way what-so-ever.

http://abc7news.com/realestate/photos-driveway-in-sf-selling-for-$35000/1843020/

It's a 7,200-square-foot property and is shared with adjacent homes.

If you buy this space you can't build on it, and future owners will owe taxes, insurance, and maintenance fees.

But you do get "air rights," so at least you'll own the air above.

Whoever bought it originally was obviously scammed and whoever sold it should not have "Owned" it.

 

[Kurosaki]

So what's the over/under on when the vast majority of SF residents, owners and renters, say fuck it I'm out?

 

[HappyHighwayman]

Owning is the only thing that keeps the city affordable for me, so...not for a while.

 

[Mike95060]

So what's the over/under on when the vast majority of SF residents, owners and renters, say fuck it I'm out?

When a cheaper part of the country has the climate, money making opportunities, and liberal views the bay area does.

 

[bpw]

Someone bought some land in the Mission they literally cannot ever use in any way what-so-ever.

http://abc7news.com/realestate/photos-driveway-in-sf-selling-for-$35000/1843020/


Whoever bought it originally was obviously scammed and whoever sold it should not have "Owned" it.

They also said most of the property at Muir Beach couldn't be built on. The local newspaper actually gave away plots with subscriptions back in the day a novelty.

Guess how much those houses are worth now?

Air rights could be worth serious money at some point in the future.

 

[HappyHighwayman]

They legally need to give their neighbors the right of way to their garages so no, you won't ever build on this particular driveway

 

[bpw]

I'm not saying it was a good investment, (I actually looked into that street at one point) but it could pay off. If someone buys up all the surrounding houses to build a skyscraper 20 years from now that little piece of land could be worth just about anything.

Or flying cars...

 

[HappyHighwayman]

True I guess if you buy literally all the homes.

Might be a loooooong time till you get paid. I seem to recall reading the current owner basically bought it accidentally or it was given to them or something.

 

[Erbuck]

Seems like the home owners on the street could gang up on the couple in the article and force them out. 35 high net worth families against a SJ couple in a legal battle. I wonder how that ends up.


And an anecdote: I know of a person who lived on Hyde street who bought an inaccessible adjacent property using a surrogate to keep the sellers in the dark and keep the asking price down. After the purchase, they tore down their house to provide access to the inner lot, built on it and made a huge profit. So those weird seemingly worthless lots coming up for sale can be very valuable to the right person.

 

[HappyHighwayman]

This one lady wouldn't sell her house so they needed to build a mall around it lol

 

[AbsolutEnduser]

I dont know the street that they are referring to. but they said there are 35 mega million mansions. do these mega million mansions not have driveways or garages?

it's a nice place. ever since a kid I've bicycled over there, on Arguello Blvd.. and you visibly *cannot* go into the court to the left right before the short uphill; because there is a security car stationed there.

didn't spend too much time trying to look around the corners though

.. They seem like greedy opportunists. In no reasonable place can people own the street where others have been parking for free for years due a $15 bill not being paid.

Basically I agree to a certain degree. THIRTY YEARS OF MAILING THE TAX BILL to the wrong address and the City does not care? Seems like someone somewhere should have heeded a "person not found", different address, "posted a notice", HOA looked over the tax records, -- those kinds of things from both sides!

So what's the over/under on when the vast majority of SF residents, owners and renters, say fuck it I'm out?

What does this mean??

 

[HappyHighwayman]

It's simple. They took advantage of the city screw up. WHile I have no issue with someone benefitting from a city mistake, others should not suffer legally or financially due to a clerical error.

 

[Kurosaki]

What does this mean??

Seems like a lot of Bay Area/SF residents do a lot more complaining about their cities than praise about the reasons they stay. Just from an outside perspective.