A home in San Francisco’s upscale Russian Hill neighborhood has been listed for sale at a surprisingly low price of $488,000, a figure that seems remarkably modest in one of the most expensive housing markets in the country. The property, located at 30 North View Court, features three bedrooms and two bathrooms, making it an attractive prospect on paper. However, a unique stipulation accompanies this sale: the new owner may not have the option to move in until 2053.
San Francisco home selling for $488,000, but you can’t move in until 2053. pic.twitter.com/Ahme6Dbrv0
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This residence, occupying 1,100 square feet and constructed in 1924, sits quaintly on a cul-de-sac, complete with a driveway, garage, and a fenced-in backyard. Despite its charm and potential, the home comes with conditions that might give prospective buyers pause. Currently, it is tenant-occupied and is being marketed as an “investment opportunity for just the right buyer.”
The complications stem primarily from the existing tenant’s lease, which extends their right to occupy the property possibly until 2053. This lease includes terms that ensure the tenant pays a significantly controlled rent of just under $417 per month, a rate far below typical market values in the city. Furthermore, the tenant is responsible for their own utility bills, including garbage, water, and electricity.
🏠📉 San Francisco home price plunges 60% due to tenant’s long lease until 2053, paying $416.67/month. Originally valued at $1.5M, now sold for $488,000, illustrating SF’s real estate challenges.
[Source: New York Post] pic.twitter.com/6E3Y26HZvR
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The listing, posted on Zillow on June 6 by Park North Real Estate, has attracted considerable attention. In just over two weeks, it has amassed nearly 30,000 views, underscoring the intrigue and potential complexity of this real estate offering.
Another notable detail provided in the listing is the history of the property’s previous owner. The seller has disclosed that the former owner, a male who lived past the age of 100, died naturally in the home. This fact is highlighted perhaps as a point of interest or consideration for those with superstitions or specific preferences regarding their living spaces.
Potential buyers are also cautioned with a disclaimer at the end of the listing, which states that the seller reserves the right to reject, counter, or accept any offer. This adds another layer of uncertainty to the already complex buying process, reflecting the unique challenges of acquiring such a property in San Francisco’s competitive and high-stakes real estate market.
Major Points
- A house in San Francisco’s Russian Hill is listed for $488,000, a low price for the area.
- The 3-bedroom, 2-bath property at 30 North View Court is currently tenant-occupied with a lease possibly extending until 2053.
- The tenant pays a controlled rent of under $417 per month and covers their own utility bills.
- The home, built in 1924, includes amenities like a driveway, garage, and a fenced-in backyard.
- The listing notes the former owner passed away in the home at over 100 years old and reserves the seller’s right to manage offers flexibly.
Anthony Houston – Reprinted with permission of Whatfinger News
