Imagine waking up to your first morning in your new house in San Francisco’s Russian Hill neighborhood.
An artificial intelligence robot will come and deliver breakfast to you in bed. You feel good. The time is 2053.
You made the right decision.
Nearly 30 years ago, you purchased this three-bedroom, one-bathroom home on North View Court for well below market value, at just $488,000. But there’s a catch – you can’t move in for 29 years because the tenants signed a long-term lease agreement that lasts until the second half of the 21st century.
This is a possible future for anyone seriously interested in Park North Real Estate’s new listings.
People lined up to tour the occupied homes, KFSN-TV reported. While it’s unclear who the tenants are or how exactly they negotiated the 30-year lease, Park North did say the owner of the home recently passed away at the age of over 100 years old.
Tenants also pay well below market rent—just over $400 a month for a spacious home.
“The tenant’s current lease appears to give the tenant strict long-term rent amount restrictions, unconventional rent payment options, and possible occupancy rights until 2053,” the brokerage wrote in the listing. “The seller and listing agent make no guarantees that this will be possible.” Upon entering the home, buyers are strongly encouraged to review the seller disclosure packet/addendum and consult with a San Francisco landlord/tenant attorney before making an offer.”
Douglas Lee, a real estate agent with Compass, said San Francisco homes are ideal locations for “land banking,” or those who plan to use or develop the property years later.
“You sit and wait until that tenant dies, moves out or the lease ends,” Lee said. “Once that happens, you realize your huge potential. It’s a very good purchase for a trust fund person. If you’re buying it for a child aged 0 or 1, then in 18 years You’ll know it’s about to happen.
This Edwardian-style home on a hill isn’t the agency’s only weird and cheap listing. The company also conducted a so-called “fire sale” on an apartment valued at $188,000. What’s the gain?
“Due to fire, property was destroyed down to the studs. Great opportunity for a contractor, investor or homeowner willing to pay cash. Please use caution when viewing due to exposed building materials. Sliders due to fire While damaged, there is no access to the private deck.
