Rich SF residents get a shock: Someone bought their street


#21

They bought it over 2 years ago, April 2015
I doubt that it will be rescinded.

I think the old owner had a 90 day redemption period where they would have bought it back for auction price plus 10% APR interest… maybe 93k after 3 months. That’s why the new owner sat quietly.

Great story.

And I agree. These is not some to be evicted borrower in East San Jose. These people will give them headaches. But I think in the end, the investor couple will prevail. The city or the accounting firm may suck up some though.


#22

Sorry didn’t notice story was posted on another thread

http://sanfrancisco.cbslocal.com/video/category/spoken-word-kpixtv/3710887-couple-buys-private-street-in-ritzy-sf-neighborhood-for-only-90000/


#23

OK. I merged 3 related threads into this one. Why this one? The name is more descriptive. :slight_smile:


#24

There is a reason why you are our Fearless Leader! Thanks!


#25

I have a friend who lives on that street…He is a lawyer and a real estate investor…This couple has opened a legal can of worms that will eat them alive…The lawyers are the only winners in litigation. .


#26

Well, I can understand the power, clout and money of the residents but the law is the law. They didn’t cheat anybody or shirt the law. They won out fair and square. Now, I suppose they will just make s tidy profit for their time and move on. Why expend any money for lawyers?

Now, what would be a fair deal? You paid what, $90K for the street? I say $250K ought to do it…


#27

Homeowners Association failed to to pay $994 in back taxes, penalties and interest.

Not even a condo in a sea of swank mansions there, yet it is another HOA that is the reason for the misery…


#28

Uh, you guys are on your own…

Love,

Diane


#29

It pays to have rich grandmas!!! Apparently she is housing all her children and grandchildren all under one roof!!! What??? I thought only Chinese people of couple generations ago liked to do that. She really is a dinosaur. But good for her children and grandkids living off of old people… :smile:


#30

“We’ve never had a view, and this was an opportunity to get one,” Feinstein said Friday. "We also have an expanding family – five grandchildren and soon to be a sixth – and we needed some more space."

Hint: NOT SELF-STORAGE SPACE!!!


#31

My friend bought Feinsteins old place…maybe he will sue her too for non disclosure of the private street fiasco…


#32

I bet there are 2 or 3 lawyers living on that street. They can file some random lawsuit and bankrupt the couple. They don’t have to win in court. Just to create enough nuisance to force them out.

They don’t know what they are getting into.


#33

Oh, just wait one minute…I like a good old fight (legal) as anyone. They didn’t do anything wrong. They applied capitalistic principles that some of these rich people applied quite well to get where they are (in homes without a public street). They got beat at their own game…

Uh, please pay your toll when you move your nice Benz onto my street…thank you


#34

When you play real estate poker make sure you have the biggest pile of chips…this naive couple have no idea how ruthless my buddy is…They are headed towards a big can of whoop ass


#35

Ok, let’s go for it. Everything as far as has been reported, the couple did legally and properly. I don’t know how rich people can even twist that…


#36

The couple probably asked the residents to buy back the street for some exorbitant price (like a cool million). If they had only asked for double their purchase price which is a very reasonable number, the residents would’ve taken the deal I suppose.

I don’t think the residents can reverse the sale, but making the wrong type of people your enemy is not a good thing, unless you have the resources. The residents can dig into the dark secrets of the couple (everybody’s got them) and turn the table around if they find interesting evidence. It may not be that hard. I doubt the couple is living a pristine life outside this purchase.

The couple should have set the price high but not that high for the residents so that it’s not worth their time and efforts to fight back. After all it’s just money.


#37

Exactly how would this couple extract parking fees? I am sure there is a non exclusive easement…So it really doesn’t matter who owns the street…as far as legal issues…The American system of justice is based on the golden rule…He has the gold makes the rules. .Ask Nicole Simpson about the fairness of the legal system. …

The street owners will be buried in a legal quagmire


#38

HOA is a bad, bad thing…


#39

Yeah I saw a similar thing for regular sale (not auction) in sf. Not a billion dollar neighborhood, but still pricey. They were selling the alleyway used for garage access. Entire thing covered in easement.

Again, I considered this. Get creative right? Install a gate (that still opens for rightful easement holders). Have block parties all day until the neighbors decide to buy it back for 10x the price.

Not worth the trouble. But how cheap are these people that they won’t buy their own access land? I see this a lot- someone with a $5 million house is selling the land behind heir house for only $100k because t has access issues. I’d just keep the land, cause some asshole like me might start landing his helicopter behind my house every day until he gets an access easement


#40

It is amazing that HOA didn’t realize they need to pay tax for the internal roads inside the gated community. In Singapore, almost all condos are gated so the condo managers know. So far all my rentals in Austin are not gated, some do have HOA.