They paid $90K for a street lined with multimillion-dollar homes. Now, they’re looking to cash in

Homeowners want city to rescind tax sale

New York /
Aug.August 07, 2017 05:10 PM

You can think of It As Street justice.

A couple who bought a private San Francisco street lined by multimillion-dollar mansions for $90,000 is looking to cash in on that investment.

Tina Lam and Michael Cheng bought Presidio Terrace two years ago in a city-run auction after the neighborhood’s homeowners association failed to pay a $14-a-year property tax bills for some 30 years, the San Francisco Chronicle reported.

Now, the husband and wife are looking to either sell the road or charge homeowners to park on it.

“We could charge a reasonable rent on it,” said Cheng, a real estate investor, who added that the couple has been talking to land-use experts to see what their options are for the property. “We were looking to get title insurance so it could be marketable.”

The tony neighborhood has been home to residents such as Sen. Dianne Feinstein and her Wall Street husband, Richard Blum, as well as House Democratic Leader Nancy Pelosi and late Mayor Joseph Alioto.

The homeowners association, however, said it failed to pay its bill because tax information was being sent to the address for an accountant who hadn’t worked for the owners since the 1980s, and is asking the Board of Supervisors to rescind the sale.

But the office of the treasurer-tax collector said the city followed the law.

“Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time — and they keep their mailing address up to date,” a spokesperson said.

In other San Francisco news, developers have turned to a former radioactive-waste site on an island off the coast of the Bay Area city as the next possible real estate destination as demand for housing continues to climb. [SF Chronicle] Rich Bockmann


Related Articles

arrow_forward_ios
(Illustration by The Real Deal with Getty Images)
Home prices cooled at historic rate in July
Home prices cooled at historic rate in July
(Photo Illustration by The Real Deal with Getty Images)
Cooling Sun Belt markets lead canceled home contracts
Cooling Sun Belt markets lead canceled home contracts
30 Front Street & 294 Park Place (Streeteasy, Getty)
Brooklyn luxury market can’t shake slump
Brooklyn luxury market can’t shake slump
From left: 182 East 64th Street and 520 West 28th Street (Getty Images, Brown Harris Stevens, Godsfriendchuck, CC BY-SA 4.0 - via Wikimedia Commons)
Manhattan luxury contracts hold steady in September
Manhattan luxury contracts hold steady in September
Ryan Serhant
Ryan Serhant talks Compass, reality TV and more on TRD podcast
Ryan Serhant talks Compass, reality TV and more on TRD podcast
From left: Boston Mayor Michelle Wu and South Boston Senator Nick Collins with Boston City Hall
Controversial transfer tax bill advances in Boston
Controversial transfer tax bill advances in Boston
Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
Unique Frank Lloyd Wright home available … for now
Unique Frank Lloyd Wright home available … for now
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...