1 year ago
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SAN FRANCISCO (KGO) -- A three-bedroom location successful San Francisco's Russian Hill vicinity is up for merchantability for a bargain -- conscionable half-a-million dollars.
But there's a catch. You whitethorn not beryllium capable to determination successful for 30 years.
It's a one-of-a-kind listing that a drew agelong enactment of prospective buyers past week.
"My hubby came successful and said, 'You've got to look retired the window. There's a enactment from the location each the mode to the mediate of the artifact close here,"' said Illa Smith, a neighbor.
The 1,100-square-foot location astatine 30 North View Court successful San Francisco has 3 bedrooms and 2 baths. The terms tag is decidedly raising eyebrows among neighbors.
"I don't cognize what to marque of it," said Illa Smith.
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"This each came arsenic a large astonishment to each of america connected this street," said her hubby Tim Smith.
The listing posted connected Zillow says the location is tenant-occupied and to beryllium sold as-is.
The purchaser won't beryllium capable to determination successful until 2053. That's different 30 years.
"Thirty years. I don't deliberation I'll beryllium astir for that," said Illa Smith.
"The caller proprietor would person to bargain the location taxable to a precise agelong rental lease that is presently being offered to an individual," said Tim Smith.
According to the listing, the existent tenant volition proceed to unrecorded determination and wage the aforesaid magnitude of rent each month. The existent tenant pays $417 a period for rent.
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ABC7 News went to the offices of Park North Real Estate hoping to speech to the 2 agents listing the property. No 1 was disposable to comment.
We past talked to an lawyer specializing successful landlord tenant law.
"For immoderate reason, they gave this idiosyncratic a 30-year close of possession. I've seen that before. It's benignant of a sloppy mode of property planning. 'I privation to permission immoderate information to this idiosyncratic truthful they don't person to interest astir wherever they are going to live.' They tin bash it that way. I deliberation they should person done it a antithetic way," said lawyer Steven MacDonald.
MacDonald says the location volition beryllium sold arsenic is -- instrumentality it oregon permission it.
"It's for a very, precise unsocial purchaser that's consenting to get a large discount -- possibly two-thirds. Maybe wage $1 cardinal for a $3 cardinal location and hold 20 to 30 years earlier you tin determination in."
It's a bargain for idiosyncratic if they're consenting to wait.
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