This step may take some time.
A home in an upscale San Francisco neighborhood that typically sees properties sell for millions is hitting the market for a jaw-dropping price — but potential owners won’t be allowed to move in for nearly 30 years.
The property, located two blocks from the city’s North Shore, was listed on June 6 for $488,000 and is an “excellent investment opportunity for the right buyer.” According to Zillow.
This 3-bedroom, 2-bathroom Edwardian-style home is located on a cul-de-sac in the trendy Russian Hills neighborhood.
Prospective homeowners interested in the property should be warned that the home is renter-occupied, with those living inside claiming “SF City Tenant Protection Class Status,” the listing says.
Existing tenants may also have occupancy rights for the next 29 years, meaning buyers could officially move into the home in 2053.
“The tenant’s current lease appears to give tenants strong limits on the long-term rent amount, an unconventional method of paying rent, and potential occupancy rights through 2053,” the listing said.
The unconventional payment method was not disclosed, but the tenant claims to be paying a current monthly rent of $416.67.
“I don’t know what to do with this,” said neighbor Elijah Smith ABC30 said. “Thirty years. I don’t think I’ll be around for that.”
They also pay for their own trash, monthly water, and monthly gas and electricity, according to the listing.
Both the seller and the agent cannot guarantee that the new owner will have access to the home.
The list added that the previous owner of the house died of natural causes in the house at the age of 100.
The 1,100-square-foot detached house was built in 1924 and includes a driveway, garage and fenced backyard on a 3,262-square-foot lot.
The listing, which currently has a pending deal, was viewed nearly 43,000 times just two weeks after it was posted on Zillow.
The real estate market website gives the home a current estimate of $526,500 as of June 2024, a sharp decline from when it was valued at $1.5 million last month.
“It’s for a very, very unique buyer who wants a significant discount — maybe two-thirds,” attorney Stephen MacDonald told the outlet. “Maybe you pay $1 million for a $3 million home and wait 20 to 30 years before you can move in.”
The other homes in the cul-de-sac are currently valued at $1.44 million, $2.93 million, and $1.92 million.
Just down the road from the renter’s shelter, a luxury home sold for $10 million last year, a bargain of its own as it was purchased for half the asking price.
Leslie Stritch, CEO of customer experience software company Medallia, took a 50% haircut last month after paying $20 million for a four-bedroom, eight-bathroom home at 2626 Larkin Street in the Russian Hill neighborhood in January 2020. The real deal mentioned.
Stretch lowered the price several times before an anonymous buyer snapped it up at the discounted price of $9.9 million in early November 2023.