San Francisco home selling for $488,000 but you can't move in until 2053

Summary

A 1100 square foot home in Russian Hill, San Francisco, listed on Zillow for half a million dollars, has piqued interest with a long line of prospective buyers. The catch? The buyer won't be able to move in until 2053 due to a 30-year lease held by the current tenant. The tenant pays $417 a month and will continue to do so. The unique sale, likely an estate planning oversight, has neighbors and experts baffled, attracting a very specific type of buyer willing to wait for a significant discount.

Takeaways

• 🏠 A unique 1100 square foot home in Russian Hill, San Francisco, is listed for sale at a significantly low price of about half a million dollars.
• 👥 The listing attracted a long queue of prospective buyers, indicating high interest in the property despite its unusual conditions.
• 🛌 The property is located at 30 North View Court and features three bedrooms and two bathrooms.
• 🤔 Neighbors, including Isla Smith, are surprised by the sale, with one neighbor having sold their home for $488,000, showing a stark contrast in valuation.
• 📄 The listing on Zillow specifies that the home is tenant-occupied and is to be sold 'as is', with the buyer unable to move in until 2053.
• 🔒 The buyer would be subject to a very long rental lease, which is currently being offered to an individual, making this a highly unusual sale.
• 💼 The current tenant pays $417 a month in rent and will continue to do so, unaffected by the sale of the property.
• 🤝 The real estate agents from Park North Real Estate, who are listing the property, were not available for comment.
• 👨‍⚖️ An attorney specializing in landlord-tenant law suggests that the long-term lease is a form of estate planning, albeit a 'sloppy' one, to provide security for the tenant.
• 🏡 The property is being sold with the stated conditions, appealing to a very unique buyer willing to wait for a significant period before occupying the home.

Q & A

What is the unique feature of the property at 30 North View Court in San Francisco?

The unique feature of the property is that it is tenant-occupied and is being sold with a very long rental lease, which means the new owner won't be able to move in until 2053.

How many bedrooms and bathrooms does the 1100 square foot home have?

The home has three bedrooms and two bathrooms.

What is the listed price for the property at 30 North View Court?

The property is listed for sale for about half a million dollars.

What is the reaction of the neighbors, including Isla Smith, to the sale price of the property?

The neighbors, including Isla Smith, are surprised and raising eyebrows at the sale price, which is significantly lower than the usual price for a property in the area.

What is the monthly rent paid by the current tenant?

The current tenant pays $417 a month for rent.

Why is the new owner unable to move in immediately after purchasing the property?

The new owner cannot move in immediately because the property is sold subject to a long-term rental lease that extends for another 30 years.

What does the listing on Zillow indicate about the property's condition?

The listing on Zillow indicates that the home is tenant-occupied and is to be sold 'as is'.

What does the attorney specializing in landlord-tenant law suggest about the 30-year right of possession?

The attorney suggests that the 30-year right of possession is a 'sloppy' way of estate planning, likely intended to provide security to the tenant.

What is the opinion of Attorney Stephen McDonald regarding the sale of the property?

Attorney Stephen McDonald believes the home will be sold 'as is' with the stated conditions, indicating a 'take it or leave it' situation.

Who is the ideal buyer for this property according to the script?

The ideal buyer for this property is someone who is willing to accept a significant discount on the property's value and is willing to wait 10 or 20 years before moving in.

What is the potential discount the buyer might get by purchasing this property?

The buyer might get a significant discount, potentially paying around one million dollars for a property that could be worth three million dollars.