SAN FRANCISCO — The street might as well be paved with gold, and now a couple from San Jose owns it.
Tina Lam and Michael Cheng are the proud owners of super-tony Presidio Terrace — the street itself, the parking spaces and sidewalks, the palm trees and garden islands, all of this just down the hill from the Presidio and near the city’s so-called Gold Coast. They purchased the block-long private street — everything but the 35 mansions that line it — for $90,100 two years ago in an under-the-radar auction after the Presidio Homeowners Association failed to to pay $994 in back taxes, penalties and interest.
It is “the most unique property I’ve come across, by far,” said Cheng, a real estate agent who focuses on investment properties. “I’m talking to my other investors and they’ve never seen anything like this — and they own some weird stuff.”
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5 comments:
$14 per year in property tax for the street seems to be a very low number, considering its use and place.
Upkeep might be outrageous.
It's for certain that the property taxes on each house are in the several thousands per month, and the HOA fees probably a thousand or more per month for street maintenance and other amenities.
Funny how they didn't catch this over this many years. Weren't the payments sent back to them if they were sent to the wrong address?
Private turnpike if he wishes! Ka-Ching!
Got to love it. He trumped the wealthy folks at their own game. If it was me, I would offer it for sale to the 35 mansion owners at one million dollars from each owner, and call it a day. Better return than the mansion owners can ever hope for in their deals! $35 million for a $90,000 investment!
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