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Presidio Terrace Street's $90K Sale Irks Rich Residents

Image: Presidio Terrace Street's $90K Sale Irks Rich Residents

A sidewalk leads into luxury homes in the Presidio Terrace neighborhood, Monday, Aug. 7, 2017, in San Francisco. (AP Photo/Marcio Jose Sanchez)

By    |   Tuesday, 08 Aug 2017 02:38 PM

Presidio Terrace is one of the most distinguished streets in all of San Francisco, and it was purchased by a couple for a mere $90,000.

Tina Lam and Michael Cheng purchased Presidio Terrace, home to 35 megamillion-dollar mansions, at a city-run auction in 2015 after the neighborhood failed to pay its annual $14 tax bill for 30 years, the San Francisco Chronicle reported. Now, the couple is looking to make their investment pay off, including possibly charging the street's rich residents to park there.

Unsurprisingly, homeowners on Presidio Terrace who didn't know their street was for sale and sold aren't happy about it.

“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,” a Presidio Terrace homeowner told the Chronicle.

"I thought they would reach out to us and invite us in as new neighbors," Cheng said, the Chronicle reported. "This has certainly blown up a lot more than we expected."

Lam and Cheng have been sued by the street's homeowners association to keep them from selling it while the HOA appeals the sale to the city. A hearing is scheduled for October.

Home prices in San Francisco have skyrocketed, making it second only to New York City in the country's most expensive places to live. The median home price in San Francisco is $1.5 million, and on the prestigious Presidio Terrace street, the last home listed there was priced at $16.9 million, according to Curbed.

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Presidio Terrace is one of the most distinguished streets in all of San Francisco, and it was purchased by a couple for a mere $90,000.
presidio terrace, street, sale, rich, residents
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2017-38-08
Tuesday, 08 Aug 2017 02:38 PM
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