Presidio Terrace is home to a lot of well-to-do folk, including Sen. Dianne Feinstein and House Democratic leader Nancy Pelosi.
According to the Sacramento Bee, the gated block of 35 multi-million-dollar mansions and always has a guard on duty. So the fact that Tina Lam and Michael Cheng, a couple from South Bay, just purchased the street for less thank $100k (and the sidewalks, trees and garden islands is pretty amazing.
Homeowners of all private streets in San Francisco must pay a $14 tax every year, and the owners in Presidio Terrace apparently failed to do so, so the street went up for auction and no one really seemed to notice.
The attorney for the street’s HOA said that the payments weren’t made because the tax bill was sent to an accountant who hadn’t been employed for over three decades. But, ummmm, pretty sure the actual accountant should have figured that one out.
And now the lucky couple stands to make some moolah from the 120 parking spots on the street. Homeowners are petitioning for a repeal which is scheduled for October. One resident said:
“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” said one unnamed homeowner.
Tina works in Silicon Valley and said she purchased the street because she “just wanted to own something in San Francisco,” she added, “because of my affinity for the city.”
I am torn. I don’t know that they should charge the homeowners because of something many of them might not have been aware of, but also they have millions of dollars and should have had a better accountant.
What do you think?