Do You Plan On Buying a House in San Francisco? Buy a Street Instead!
Husband and wife investors Tina Lam and Michael Cheng bought Presidio Terrace - a private street in a wealthy neighborhood of San Franciso - for $90,000 in a city-run auction.
Sounds too good to be true? Well, not really!
The street's homeowner association lost its rights to the area - which employs a guard by a stone gate entrance to keep curious commoners at bay - when it repeatedly failed to pay annual property taxes of less than $14 a year. Once that happened, Lam and Cheng snapped it up. The couple is now intending to monetize this investment, probably by renting it out as parking spots.
Parking is ridiculously expensive in San Francisco, and home prices are even worse, mostly spurred by the booming tech industry. The city's current median home value is $1.2 million and the median rent is a staggering $4,350 a month.
Doesn't it feel better to own a street than a house in San Fran now?
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