A pair of real estate investors in San Francisco may have hit a proverbial goldmine when they spotted an exclusive private neighborhood’s entire street, sidewalks and common areas listed on the city’s online auction site. According to the San Francisco Chronicle, the couple paid $90k for the “block-long, private oval street lined by 35 megamillion-dollar mansions,” near the Presidio that its HOA reportedly owed just over $994 in back taxes & penalties going back at least 30 years! Apparently all private streets in San Francisco are required to pay the $14 per year fee. Not surprisingly, they’re now looking for ways to profit off of their newfound investment and with parking spots at a premium in the Bay Area, it might just be a street that’s paved in gold.
“Two years ago, the city’s tax office put the property up for sale in an online auction, seeking to recover $994 in unpaid back taxes, penalties and interest. Cheng and Lam, trawling for real estate opportunities in the city, pounced on the offer — snatching up the parcel with a $90,100 bid, sight unseen.”
“We just got lucky,”said Cheng, a real estate investor.”
Click here to read the full story on the San Francisco Chronicle’s site.