See San Francisco home listed way under median price at $488K. Here’s the catch.
The good news is a home in San Francisco where the median selling price is around $1.4 million has hit the market for $488,000.
The bad news is the residence in a trendy neighborhood comes with some warnings for potential buyers.
“IMPORTANT to note,” the property listing says, “there is a recorded easement protecting the uphill neighboring home that prohibits any upward expansion by 30 North View Court.”
But that’s not the biggest caution.
The listing goes on to say the owner won’t be allowed to move into the house for nearly 30 years.
Specifically, the listing says:
“Also, the home is tenant occupied, to be sold AS IS and subject to all applicable Federal, State of California, City and County of San Francisco tenant’s rights laws. Current tenant claims SF City- tenant protection class- status.”
The tenant claims a $416.67 current monthly rent, plus garbage, water, gas and electricity costs.
“Tenant’s current lease appears to grant tenants strong long-term rent rate amount restrictions, unconventional method of rental payment, and possible occupancy rights until 2053,” according to the listing.
That’s right: 2053 move-in date.
Still, the three-bedroom, two-bathroom Edwardian-style home in the desirable Russian Hills neighborhood “is an excellent investment opportunity for just the right buyer.”
The home spans 1,100 square feet.
Neighbors say there’s been plenty of interest in the property. An offer is pending after only 17 days on the market, according to realtor.com.
“I don’t know what to make of it,” neighbor Ilia Smith said in an interview with ABC30. “Thirty years. I don’t think I’ll be around for that.”
She told Fox LA that there was a line of people waiting to see the home that stretched halfway down the block
This story was originally published June 25, 2024 at 9:18 AM.
