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[titiklabingapat]

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

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 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.

The homeowners, however, are crying foul and want the Board of Supervisors to negate the 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.

There's a bit of irony in the couple's purchase. Until a 1948 U.S. Supreme Court ruling banning the enforcement of racial covenants, homes in Presidio Terrace could be purchased only by whites.

Can't hate the hustle. The new owners are alot more generous that I would be. I'd start charging the residents every time they use my street either by walking or using their car. It will be charged by feet of my street used. Rates will be reasonable and be based on income levels. Dogs and children under 5 will be free though and I'll run half-off Sunday promotions!

 

[smurfx]

put up a toll booth and charge them to get out or in.

 

[LiK]

Bargain.

 

[PSqueak]

You can own a street?!

 

[shandy706]

..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.

Tax evasion....time to pay up. Haha, I'm on the side of the people that bought the street.

I hate HOAs too, so this is entertaining.

 

[HeartlessNobody213]

If they really find a way to monetize that then good for them. Bison laughing gif all day.

 

[GulAtiCa]

Lol, this is too funny.

 

[NewFresh]

Time for a toll booth.

 

[TangoAlphaLima]

You can own a street?!

It's a private street. The HOA owned it, was supposed to pay property tax to the city for owning it yearly, but didn't. Then the city essentially "foreclosed" on the street and put it up for public auction, selling to the highest bidder.

 

[GK86]

Lol fantastic.

 

[Gorilla Shark]

I'd offer to sell it back at $25k/house or block it off. LOL

 

[Socivol]

Don't really seem like these owners have a case. Good on the couple that bought the land. I would offer the owners the parking spots and sell any of the ones that weren't purchased by the owners.

 

[Mammoth Jones]

Must suck to be exploited like that....

 

[NoblesseOblige]

You can own a street?!

When it is private, yes.

 

[sangreal]

You can own a street?!

Sure, why not? Think of it more as a driveway or the streets in a gated community

 

[BronsonLee]

ASIA STRIKES AGAIN

 

[Glass Rebel]

Would collect tolls until I had money to build a very long homeless shelter on it.

 

[Socivol]

It's a private street. The HOA owned it, was supposed to pay property tax to the city for owning it yearly, but didn't. Then the city essentially "foreclosed" on the street and put it up for public auction, selling to the highest bidder.

The funny thing is if this had been an owner that didn't pay the fee to the HOA, the HOA would've done the same thing to their property. They don't like it when their own rules are applied to them though.

 

[Vicetrailia]

What an incredible bargain, they'll make so much money just turning around and selling it again.

 

[Viewt]

Must suck to be exploited like that....

Mmhm, that's good schadenfreude.

 

[CrocMother]

That is an amazing investment.

 

[Kyuur]

If the street was already privately owned before I don't really see the problem. I'm sure the HOA was already charging the homeowners fees.

 

[old manatee]

Some good news finally.

 

[Somnid]

They should dump an old car on cinder-blocks into the middle of it.

 

[sixteen-bit]

wow, owned

 

[Lebron]

Unleash the tow trucks

 

[GitarooMan]

This is basically a shakedown move to get them to buy it back, but, hey, pay your taxes like everyone else.

 

[LiK]

Read the end of the article and it makes this story so much sweeter.

 

[SyNapSe]

Do the residents sue the HOA now? How does that work, lol

 

[ahoyhoy]

Rich people exploiting each other.

Meh.

 

[Kaako]

Haha this is pretty rich, indeed.

 

[Gordon Shumway]

LMAO! I'd set up a fucking troll both..

 

[cdyhybrid]

Boy, it must suck to have rich people move into the neighborhood and make it harder to keep your place there 🙄

 

[PersonAndStuff]

Why won't anyone think of the rich people?

 

[Fuchsdh]

$90K for the street? With 35 residents and presumably at least that many cars, you'd have to charge them more than $850 yearly on everyone for three years to get back your investment.

 

[Savitar]

Thousand bucks a year sounds right.

Two if they piss about the price.

 

[Zoe]

Tax evasion....time to pay up. Haha, I'm on the side of the people that bought the street.

I hate HOAs too, so this is entertaining.

Doesn't sound intentional:

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.

Just incompetent.

 

[studyguy]

90k for the street sounds like a steal.

 

[Trace]

Time to exploit the shit out of some rich Presidio assholes.

 

[Easy_D]

Bless these people. That's fucking hilarious

 

[Zoe]

$90K for the street? With 35 residents and presumably at least that many cars, you'd have to charge them more than $850 yearly on everyone for three years to get back your investment.

Well, despite claiming they're in no rush to sell, that seems to be exactly what they want to do:

They didn’t learn that their street and sidewalks had been sold until they were contacted May 30 by a title search company working on behalf of Cheng and Lam, said Emblidge. The title search outfit wanted to know if the residents had any interest in buying back the property from the couple, the lawyer said.

 

[Guevara]

lol I know exactly where that is. Pretty ritzy

 

[NYCmetsfan]

I mean yeah, its funny but this dude is also a real estate developer.

"We work with individual and institutional investors looking for the highest quality investment opportunities with between $5 to $250 million in equity. Our clients hail from California and around the world."

more like let them fight.gif rather than any nobl, poor eating the rich story

 

[jooey]

LMAO! I'd set up a fucking troll both..

go big, make it three trolls

 

[LumpOfCole]

Unleash the tow trucks

The tow truck companies are going to be the winners here. I wonder if tow truck companies ever buy these private streets directly just to take advantage of the situation.

 

[m_shortpants]

Hahahahahahahaha

I love it.

 

[NYCmetsfan]

Well, despite claiming they're in no rush to sell, that seems to be exactly what they want to do:

Of course that's what they want they want a return on their investment

from the couples company

http://archerscapital.com/

Our mission is to increase the net worth of our clients and the value of our client network.

They're greedy people just the same

 

[ClosingADoor]

Haha, charge them some nice parking fees. Should be good income.

I mean yeah, its funny but this dude is also a real estate developer.


more like let them fight.gif rather than any nobl, poor eating the rich story

OK, this got less funny. Just some other real estate developer grabbing cash. Was hoping it would just be some regular people.

 

[TAJ]

They should build houses in the street if at all legally possible. Walk-in neigborhoods are extra-annoying.

Haha, charge them some nice parking fees. Should be good income.


OK, this got less funny. Just some other real estate developer grabbing cash. Was hoping it would just be some regular people.

That was disappointing, but letthemfight.gif.

 

[SgtCobra]

Yup, can't really knock the hustle here.