Tuesday, August 8, 2017

PROPERTY NEWS: There Goes The Neighborhood (Street)

920x1240
(Photo Credit: Nicole Boliaux, SFC)

The San Francisco Chronicle published a fascinating story yesterday about a group of Bay Area homeowners getting a big surprise when the city, in a tax foreclosure, sold their street! Here's some excerpts from the article:

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 — and they’re looking for ways to make their purchase pay.

Tina Lam and Michael Cheng have bought Presidio Terrace, a private street lined with expensive homes. Residents apparently had no idea the common spaces were up for sale.

The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.

In a letter to the city last month, Scott Emblidge, the attorney for the Presidio Homeowners Association, said the group had failed to pay up because its tax bill was being mailed to the Kearny Street address used by an accountant who hadn’t worked for the homeowners since the 1980s.

Two years ago, the city’s tax office put the property up for sale in an online auction, seeking to recover $994 in unpaid back taxes, penalties and interest. Cheng and Lam, trawling for real estate opportunities in the city, pounced on the offer — snatching up the parcel with a $90,100 bid, sight unseen. . . .

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

http://lawprofessors.typepad.com/property/2017/08/property-news-there-goes-the-neighborhood-street.html

| Permalink

Comments

Post a comment