ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

A San Francisco home is listed for just $488,000 but there's a catch — you can't move in until 2053

The seller has strongly advised prospective buyers to thoroughly review his disclosure.
PUBLISHED OCT 24, 2024
Real estate agent showing a house for sale to a couple - stock photo | (Image source: Getty Images/ Andresr)
Real estate agent showing a house for sale to a couple - stock photo | (Image source: Getty Images/ Andresr)

At a time when real estate prices and rent in the U.S. continue to surge, finding spacious and affordable accommodation in an upscale neighborhood sounds like a dream. That's exactly what people feel about a three-bedroom apartment in San Francisco's Russian Hill neighborhood, which is up for sale for just $488,000. But the catch is that the buyer may not be able to move into the home for another 30 years. However, even with that caveat, the listing attracted a long list of prospective buyers back in June. 

The 1,100-square-foot home at 30 North View Court has three bedrooms and two baths. The price tag is raising eyebrows among neighbors and one of them, Ilia Smith told ABC 7 news, "I don't know what to make of it," before her husband Tim Smith added, "This all came as a big surprise to all of us on this street."



 

The listing posted on Zillow says the home is tenant-occupied and to be sold as-is. The listing also states that the tenant currently pays around $416.67 a month in rent, in addition to utilities. However Smith says, "Thirty years. I don't think I'll be around for that," while her husband explains, "The new owner would have to buy the house subject to a very long rental lease that is currently being offered to an individual,"

Attorney Steven MacDonald told ABC News, "For some reason, they gave this person a 30-year right of possession. I've seen that before. It's kind of a sloppy way of estate planning. 'I want to leave some security to this person so they don't have to worry about where they are going to live.' They can do it that way. I think they should have done it a different way."



 

He also clarified, "It's for a very, very unique buyer that's willing to get a big discount -- maybe two-thirds. Maybe pay $1 million for a $3 million house and wait 20 to 30 years before you can move in." 

The San Francisco metro area is one of the most expensive places to live in America and to be able to afford this locality Americans need to earn double the average. The average home value in Russian Hill is $1,468,100, after dropping by 5.1% over the past year, as per CNBC Make It

Houses at Alamo Square, San Francisco, California | Image Source: Getty Images | 	Alexander Spatari
Houses at Alamo Square, San Francisco, California | (Image Source: Getty Images | Alexander Spatari)

The tenants who are currently living in the home are Sandra Lee, 83, and her daughter, Cheryl Lee, 66, while it is Sandra’s son, Todd Lee, who is trying to sell the home against her wishes. Sandra told The San Francisco Standard that a lease that was written by her stepfather, who was the original owner of the house before he passed away, grants her long-term rent rate restrictions until 2053. "If it wasn’t for the lease that [my son] didn’t know about that was made in 2018, I don’t know where we’d be,” she said. “It’s unfathomable, the deception, the betrayal—this is my son doing this to me," she added.

Because of the unique conditions, the listing states that the seller cannot guarantee access to the home and strongly recommends that buyers review the seller disclosure.

MORE ON MARKET REALIST
The man's son even moved the money to a safe account to stop him from sending more funds to the scammer.
2 hours ago
While the good Samaritan could only see the cash, a piece of paper turned out to be more valuable
13 hours ago
The cards were collected by his father for an entire lifetime even as he moved from one city to another.
23 hours ago
"That's quite a lot for a little box, isn't it?!" one of the guests exclaimed.
1 day ago
Sajak is also set to hit the stage by starring in a play in Hawaii Theatre after his stint on TV.
1 day ago
He made a whopping $195,000, doubling his life savings in under a minute.
1 day ago
A representative of the California State Lottery cited the large number of claims that they process as a reason.
2 days ago
The model of the TV appeared to be a rear projection Samsung HCL552W, which was sold in the US market in 2002.
2 days ago
The man wasn't convinced that he had actually won until he personally turned up to claim the prize.
2 days ago
Walmart introduced the new policy and restrictions after another retailer, Target, did the same.
3 days ago
The collection remained hidden for decades in the vault of a Philadelphia bank, unknown to collectors.
3 days ago
The guest finally sought help from the Reddit community and found some support as well as suggestions.
4 days ago
The user also highlighted the need for better tech at Costco to ensure that people can leave quickly.
4 days ago
The rapper later joked that Taco Bell would have to change its slogan to 'We messed with the bull and got the horns."
4 days ago
The marine pilot from Stafford took less than a second to win the game.
5 days ago
The child ended up spending a lot more than the price of the toy that the mother refused to buy.
5 days ago
The musician made sure that the crew collected their details and reiterated that he was serious.
5 days ago
Several people on Reddit also suggested that some rare coins in the jar were worth more than the face value.
6 days ago
Collectors have long been looking for the 1894-S Barber dimes which are worth over 2 million each.
6 days ago
In the very first week of replacing the old host Pat Sajak, audiences are saying that Seacrest is having a rocky start.
6 days ago