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Couple that paid $90k for a private street in SF is forced to give it back

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11–20 of 92 posts

Re: Couple that paid $90k for a private street in SF is forced to give it back

#11
The transaction was fully legal and similar to hundreds of others in the area where investors buy properties with delinquent taxes. I would have more sympathy for SF and the families on the street if they were actually working to change the screwed-up bureaucracy that allowed this sale to happen. However, this seems to be a case where money talks. There's nothing to prevent it from happening again or to protect San Franciscans who don't have an in with the board of supes.

(Disclaimer: I work with Tina and can vouch for her character. The character assassination and racist comments leveled against her and her husband in other forums are dismaying.)

Re: Couple that paid $90k for a private street in SF is forced to give it back

#13

This is the biggest takeaway for me: The couple didn't know what Presidio Terrace was when they bought it

They are, as the article explains, real-estate investors who do not always examine properties before purchasing them. The couple knew that Presidio Terrace was in a nice neighborhood and seemed to be very well-priced, and they also were bidding in many auctions, so that they probably would not have cared about precisely which properties they acquired.

Re: Couple that paid $90k for a private street in SF is forced to give it back

#14
I don't have much personal sympathy for anyone involved in this story.

From a principled standpoint however, this appears to be a violation of property rights. It is highly unlikely that 'normal' people would've been able to reverse the transaction the way these residents did which makes me root for the clearly predatory real estate schemers.

There's no moral party here it's just a question of what type of society you want to live in. I'd rather have the laws apply uniformly regardless of wealth and political influence which led me to my decision.

Re: Couple that paid $90k for a private street in SF is forced to give it back

#15

Boo-hoo. That couple deserves the social karma coming to them.

I don't understand this perspective.

There was a process and the city followed it. Just because a group with wealth and power don't like that outcome doesn't mean it should be changed. They bought it fair and square and, to believe them because I have no reason not to, they didn't do ti with any sort of malice.

The suit against them by the homeowners seems entirely punitive and particularly harassing. Their issue is whether the city followed the process. If they are that concerned with fixing what is very obviously the screw up of an organization they fully own and run then they can pay to do so.

Re: Couple that paid $90k for a private street in SF is forced to give it back

#17
I see this like I see a bug bounty. The bug is the fact that they were able to buy the property at all under those circumstances. Their bounty "reward" should be that they can keep the property that they rightfully bought. And now the public is aware of this problem ("bug") and can move to prevent it from happening in the future.

Re: Couple that paid $90k for a private street in SF is forced to give it back

#18
post #2

What's really shocking is that the tax bill for a private street in one of the hottest property markets in the world is $14/year.

It might be that being a private street, the residents are responsible for maintaining it. Like paving the road, sidewalks, sewer repair. Those things can be a substantial expense for an individual.

Re: Couple that paid $90k for a private street in SF is forced to give it back

#19
post #6

Earlier quoted context omitted.

What's really shocking is that a "private street" is a thing.

I mean, if you own land, and a street is on it. It's private, yes?

A private street is not necessarily something glamorous. I live in a small townhouse community and our HOA owns a small street.

Why I say it's not glamorous is because we have to come up with ~$100,000 in the next 10-15 years to do major pavement replacement (not resurfacing or sealcoating), because this street is not maintained by the county. For a small townhouse community that has not been properly saving for major capital expenses like this, this is not fun.

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