Property isn’t cheap, so when you can strike it lucky with a deal of a lifetime, then why not? A fresh-on-the-market San Francisco listing has people raving because of the low price tag. But is there a catch?
Massive Property Deal In Russian Hill, SF
Image Credit: Shutterstock / Tupungato
In the quaint suburb of San Francisco lies Russian Hill. A wonderful neighbourhood suitable to a variety of lifestyles and communities, young and old.
Not Cheap Property
Image Credit: Shutterstock / Inside Creative House
San Francisco isn’t the most affordable city in the U.S. and property prices range between $850,000 to $3 million or more. The median price for property in San Francisco according to Realtor.com is about $1.2 million as of May 2024.
What is the Median Listing for SF?
Image Credit: Shutterstock / Andrey_Popov
Realtor.com reported that the median per square foot listing was $962, but the property has sold for just over $1 million.
The House With the Bargain
Image Credit: Shutterstock / Monkey Business Images
The house listed at the low price of $488,000 is one-of-a-kind in many ways. In May 2024 homes in San Francisco sold for 5.4% below the asking price, according to Realtor.com
What Makes the Listing Unique?
Image Credit: Shutterstock / goodluz
The property is listed at Realtor.com and marketed by North Park Real Estate. The home is over 1,000 sqft with a lot of 3,200 sqft. The house has 1.5 bathrooms and three bedrooms.
It’s an Old Gem
Image Credit: Shutterstock / Prathankarnpap
The property was built in 1924 and is at least 100 years old.
What Else Does the Home Have?
Image Credit: Shutterstock / PeopleImages.com – Yuri A
The home boasts a discrete laundry facility in the garage, gas heating features, a fireplace, a backyard, and attractive curb appeal. The home also has a fenced backyard, paved driveway, garage, and outside parking.
The Terms and Conditions
Image Credit: Shutterstock / A9 STUDIO
Reports from ABC 13 said the home is said to sell with all terms and conditions met at the low price of $488,000.
Ironclad Lease
Image Credit: Shutterstock / fizkes
The property has an ironclad, long-term lease in place for the person occupying the home, which protects the tenant against rental increases in the upcoming 29 years.
How Much Is the Rent?
Image Credit: Shutterstock / Andrey_Popov
The tenant occupying the home has a rental agreement in place at $417 a month. The individual’s rent will never increase, and they are responsible for paying their garbage, electricity, and water bills.
Home Sold With Tenant
Image Credit: Shutterstock / Pormezz
The property is sold as is with the tenant living there.
Why is The Home Being Sold?
Image Credit: Shutterstock / Inside Creative House
The home is said to have been occupied by the owner, who has recently passed away by natural causes. The owner was over 100 years old.
New Owner Can’t Move In
Image Credit: Shutterstock / Stock-Asso
According to the purchase terms of the home agreement, the new owner is not allowed to move into the home. The new owner can only take up residency once the 29 years have lapsed and the occupying tenant’s lease expires.
What the Neighbors Are Saying
Image Credit: Shutterstock / New Africa
Ilia Smith, a neighbor of the tenant, said that her husband called her one day and told her to look at the long line of people to see the house.
30 Years Is a Long Time
Image Credit: Pexels / Mikhail Nilov
“30 years. I don’t think I’ll be around for that,” Ilia replied in an interview.
It’s Not Everyone’s Ideal Purchase
Image Credit: Shutterstock / Antonio Guillem
While the home boasts great potential and has over enough space to live and entertain friends, it is not everyone’s “cup of tea.”
Architectural Style
Image Credit: Shutterstock / Gorodenkoff
The house is in the Edwardian style and features many unique elements. According to the listing on Realtor.com, it is still in its original condition.
More Experts Weigh In
Image Credit: Shutterstock / Jirapong Manustrong
Steven MacDonald, an attorney expert in landlord-tenant law, told ABC 13 that the 30-year right of possession was a “sloppy way of estate planning.”
It Could’ve Been Done a Different Way
Image Credit: Shutterstock / Jirapong Manustrong
MacDonald further mentioned that even if the owner did it this way because they wanted to secure the person living there so that they never have to worry about where they would live, it is still not the best way. “…I think they should’ve done it a different way,” he said.
To Purchase or Not to Purchase
Image Credit: Shutterstock / Dean Drobot
“It’s for a very, very unique buyer who is willing to get a big discount,” MacDonald told ABC 13. If you could purchase a huge property in a prominent U.S. state, would you purchase it under these conditions?
Oil Dumping Scandal Rocks Ships Heading to New Orleans
Image Credit: Shutterstock / Aerial-motion
Two shipping companies have been fined after knowingly hiding a large oil spill in the Atlantic Ocean. Oil Dumping Scandal Rocks Ships Heading to New Orleans
20 Eye-Opening Realities Facing Retiring Baby Boomers
Image Credit: Shutterstock / Jack Frog
As Baby Boomers approach retirement, the promise of leisure and security often seems unattainable. This generation faces unique challenges that could redefine retirement. Here’s a stark look at the realities shaping their outlook. 20 Eye-Opening Realities Facing Retiring Baby Boomers
Retail Apocalypse: Massive Closures Sweep Across U.S. Brands
Image Credit: Shutterstock / Tada Images
Stores across the U.S. are closing at unprecedented levels, according to new research from advisory firm Coresight Research. Read on for more information about the impact this could have on you and your communities. Retail Apocalypse: Massive Closures Sweep Across U.S. Brands
The post San Francisco’s Unbelievable Deal: A House for Less Than Half a Million! first appeared on EcoHugo.
Featured Image Credit: Shutterstock / Bertl123.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
