The move may take a while.
A home in an upscale San Francisco neighborhood where properties typically sell for millions of dollars is on the market at a mind-blowing price, but potential buyers won’t be able to move in for nearly 30 years.
The property, located two blocks from the city’s north shore, was listed for sale June 6 for $488,000, making it “an excellent investment opportunity for the right buyer.” According to Zillow.
The three-bedroom, two-bathroom Edwardian home sits on a cul-de-sac in the trendy Russian Hills neighborhood.
Potential homeowners interested in the property should be warned that the home is occupied by renters and that the people living there claim “City of San Francisco – Renters Protected Class – Status,” the listing says.
Current residents will also have the opportunity to retain their rights for the next 29 years, meaning buyers could officially move into their homes in 2053.
“The tenant’s current lease appears to provide the tenant with strict long-term rent limitations, non-traditional rent payment arrangements, and occupancy rights through 2053,” the listing states.
It has not been disclosed what the unusual payment arrangement was, but the tenant claims he is currently paying $416.67 in monthly rent.
“I don’t know what to do,” neighbor Ilia Smith said. He told ABC30“Thirty years. I don’t think I’ll live that long.”
According to the listing, residents will also pay their own trash disposal fees, monthly water bills and monthly gas and electricity bills.
Neither the seller nor the agent can guarantee that the new owner will be able to access the home.
The previous owner had died of natural causes in the home at the age of 100, the ad added.
The 1,100-square-foot single-family home was built in 1924 and sits on a 3,262-square-foot lot with a driveway, garage and fenced backyard.
The property, which is currently pending a transaction, has been viewed nearly 43,000 times in just two weeks since it was listed on Zillow.
The real estate market site lists the home’s current estimated value as $526,500 as of June 2024, a significant drop from last month when it was valued at $1.5 million.
“This is for a very unique buyer who is willing to take a significant discount, maybe two-thirds off the price,” attorney Stephen MacDonald told the outlet. “They might be willing to pay $1 million for a $3 million home and wait 20 to 30 years before they can move in.”
The other homes on the cul-de-sac are currently assessed at $1.44 million, $2.93 million and $1.92 million, respectively.
Just down the road from Tenant Shelter, a luxury row house sold last year for $10 million, a bargain in itself, as it was purchased for half the asking price.
Leslie Stretch, CEO of customer experience software company Medallia, bought the four-bedroom, eight-bathroom home at 2626 Larkin St. in the Russian Hill neighborhood for $20 million in January 2020 and received a 50% price reduction last month. Genuine report.
Stretch lowered the price multiple times, but an unidentified buyer snapped it up in early November 2023 for the discounted price of $9.9 million.
