San Francisco home selling for $488,000 but you can't move in until 2053

BySuzanne Phan KGO logo
Friday, June 21, 2024
SF home selling for $488K but you can't move in until 2053
A San Francisco Russian Hill home is listed for sale for $488,000, but there's a catch - you can't move in until 2053.

SAN FRANCISCO -- A three-bedroom home in San Francisco's Russian Hill neighborhood is up for sale for a steal -- just half-a-million dollars.

But there's a catch. You may not be able to move in for 30 years.

It's a one-of-a-kind listing that a drew long line of prospective buyers last week.

"My husband came in and said, 'You've got to look out the window. There's a line from the house all the way to the middle of the block right here,"' said Ilia Smith, a neighbor.

The 1,100-square-foot home at 30 North View Court in San Francisco has three bedrooms and two baths. The price tag is definitely raising eyebrows among neighbors.

"I don't know what to make of it," said Ilia Smith.

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"This all came as a big surprise to all of us on this street," said her husband Tim Smith.

The listing posted on Zillow says the home is tenant-occupied and to be sold as-is.

The buyer won't be able to move in until 2053. That's another 30 years.

"Thirty years. I don't think I'll be around for that," said Ilia Smith.

"The new owner would have to buy the house subject to a very long rental lease that is currently being offered to an individual," said Tim Smith.

According to the listing, the current tenant will continue to live there and pay the same amount of rent every month. The current tenant pays $417 a month for rent.

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ABC7 News went to the offices of Park North Real Estate hoping to talk to the two agents listing the property. No one was available to comment.

We then talked to an attorney specializing in landlord tenant law.

"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," said attorney Steven MacDonald.

MacDonald says the home will be sold as is -- take it or leave it.

"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."

It's a bargain for someone if they're willing to wait.

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