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San Francisco home hits market for $488K but buyers have to wait 30 years to move in

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The move may take a while.

A home in a ritzy San Francisco neighborhood, which usually sees property sell for millions, hit the market for a head-scratching price — but prospective owners won’t be allowed to move in for nearly 30 years.

The property, which is located two blocks from the city’s northern shore, was listed on June 6 for $488,000 and is an “excellent investment opportunity for just the right buyer,” according to Zillow.

The 3-bed, 2-bath, Edwardian-styled home is nestled in a cul-de-sac in the trendy Russian Hills neighborhood.

Potential homeowners interested in the property should be warned that the home is tenant occupied, with those living inside claiming “SF City- tenant protection class- status,” the listing reads.

A home in a ritzy San Francisco neighborhood, which usually sees property sell for millions, hit the market for a head-scratching price — but prospective owners won’t be allowed to move in for nearly 30 years. Google Maps

The current tenants may also have occupancy rights for the next 29 years, which means buyers can formally move into the home in 2053.

“Tenant’s current lease appears to grant tenants strong long-term rent rate amount restrictions and unconventional method of rental payment and possible occupancy rights until 2053,” the listing said.

It was not revealed what the unconventional payment method was, but the tenant claims to pay a current monthly rent of $416.67.

“I don’t know what to make of it,” neighbor Ilia Smith told ABC30. “Thirty years. I don’t think I’ll be around for that.”

The other homes in the cul-de-sac are currently valued at $1.44 million, $2.93 million and $1.92 million. Google Maps

They also pay for their own garbage, monthly water, and monthly gas and electric, according to the listing.

Both the seller and the agent do not guarantee the new owner will have access to the home.

The previous homeowner had died of natural causes in the house at the age of 100, the listing added.

The 1,100-square-foot, single-family, detached home was built in 1924 and includes a driveway, garage and fenced-in backyard on the 3,262-square-foot lot.

The listing, which currently has a pending deal, has been viewed nearly 43,000 times after just two weeks of being put on Zillow.

The real estate market site gives the home a current estimate of $526,500 as of June 2024, a steep decline from when it was valued at $1.5 million last month.

“It’s for a very, very unique buyer that’s willing to get a big discount — maybe two-thirds,” attorney Steven MacDonald told the outlet. “Maybe pay $1 million for a $3 million house and wait 20 to 30 years before you can move in.”

The other homes in the cul-de-sac are currently valued at $1.44 million, $2.93 million and $1.92 million.

Up the road from the tenant-protected home, a luxury row house was sold for $10 million last year, a bargain of its own as it was purchased for half its asking price.

The 3 bed, 2 bath, Edwardian-styled home is nestled in a cul-de-sac in the trendy Russian Hills neighborhood. Google Maps

Leslie Stretch, CEO of customer experience software company Medallia, took the 50% haircut last month after paying $20 million for the four-bedroom, eight-bathroom house at 2626 Larkin St. in the Russian Hill neighborhood in January 2020, The Real Deal reported.

Stretch slashed the price multiple times before an unidentified buyer scooped it up at the discounted price of $9.9 million in early November 2023.



Read More: San Francisco home hits market for $488K but buyers have to wait 30 years to move in

2024-06-22 07:49:00

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