Rich SF residents get a shock: Someone bought their street

NorthStar

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http://www.msn.com/en-ca/news/other...ght-their-street/ar-AApDDSC?OCID=ansmsnnews11

Wow, I missed on the investment opportunity of this century. It pays off to know stuff like that, to google around and check what's for sale on ePay.
That young couple sure did their research, great for them, and not so good for the people living across the street, on both sides of it, lol


She said that she doesn't want to make money of it...right! We'll hear more from this in the future...I bet.
I don't think they want to play with their Tonka toy trucks on that street they just bought for ninety grands.
They have a plan, you betcha, a financial strategy, a highly profitable financial investment. They might also make few enemies in the process, you betcha.
Stay tuned, only in North America. :b
 

RogerD

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I lived on a private street on the Peninsula,I don't think it is that uncommon in parts of the Bay Area. Both us and the neighbor a cross the street contemplated charging a toll because a famous ball player who lived up the street was such a ass****. We never followed through with it. Life is too short to make your neighbors enemies. The only benefit that I can recall was the police could not issue any parking tickets.:D
 

NorthStar

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Roger, this is all new to me. After reading the article I was surprised that the city wouldn't own the streets, so that they can collect more money/taxes from people.
But I'm sure there are laws attached to it. Whoever owns the streets they just can't dictate others on how to use them to their own financial advantage; that wouldn't be fair.

I guess each city, each state has their own ways of operating. Private streets should perhaps be owned by private citizens living across both sides?
Or the city's emergency fire trucks should own them and collect? Or the patrol cars and hospital emergency vans?

Anyway, here it is a young couple now who owns one of the most prestigious private streets in San Francisco. ...And for a bag of monkey peanuts.
Hey, it was legit, on sale on eBay. We'll see what they'll do with it next ....
 

RogerD

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Roger, this is all new to me. After reading the article I was surprised that the city wouldn't own the streets, so that they can collect more money/taxes from people.
But I'm sure there are laws attached to it. Whoever owns the streets they just can't dictate others on how to use them to their own financial advantage; that wouldn't be fair.

I guess each city, each state has their own ways of operating. Private streets should perhaps be owned by private citizens living across both sides?
Or the city's emergency fire trucks should own them and collect? Or the patrol cars and hospital emergency vans?

Anyway, here it is a young couple now who owns one of the most prestigious private streets in San Francisco. ...And for a bag of monkey peanuts.
Hey, it was legit, on sale on eBay. We'll see what they'll do with it next ....

Bob do you have HOA's in Canada? Not much different really where the streets are common area and rules and restrictions are set by the governing documents of the BOD of the association which is a corporation.

It's hard to believe that each property on the street was not deeded a part of the street. You would think that the property owners would be aware of the situation and had legal counsel involved long ago. A big mistake by those affected. A injunction would be filed I'm sure as the owners could claim a right to access because of the time involved.
 

GaryProtein

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When you buy a house, if there needs to be access to various points, lets say a water tower, recharge basin or electrical facility, you must grant an easement to those who need access. I don't see how this is any different when the homeowners need access to their homes.

Big deal, they own the street, they need to pay for its upkeep and grant an easement to those who need passage.

In reality, this sale was made in error and should be rescinded.
 

Folsom

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Meh, who cares. I am sure there is an easement too. If they charge for parking its no big deal really. Prior to that everyone could park there for free, so in a sense they could keep the street more exclusive.

Do I think it should be reversed? No, actually. Yes it sucks but, meh, that is life. It is no worse than a house with no driveway where sometimes you cannot park on your own street; it sucks but it is what it is, don't like it then move. I have lived on such street before, could be bad at times, but I lived through it. The other day a home owner prick tried to box me in, pushed my side view mirror out of alignment, the whole thing pushed towards the hood, and put a sticker thing on the mirror... I don't move their illegal cones they place, or park near them and I get that treatment? I gurantee they would prefer a private owned street since they're clearly sick of people parking in front of their place because at least it would create options.
 

NorthStar

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Bob do you have HOA's in Canada? Not much different really where the streets are common area and rules and restrictions are set by the governing documents of the BOD of the association which is a corporation.

It's hard to believe that each property on the street was not deeded a part of the street. You would think that the property owners would be aware of the situation and had legal counsel involved long ago. A big mistake by those affected. A injunction would be filed I'm sure as the owners could claim a right to access because of the time involved.

Roger I would think that we might have something similar, but I just don't know for sure; I would need to search on that.

In this case here we're talking about a wealthy neighborhood: http://www.cnn.com/2017/08/08/us/couple-buys-san-francisco-street/
And that neighborhood is asking questions now. They don't seem to be too happy that they were kept in the dark and that their private street was put on the block (auction) on eBay, lol | And they sure don't feel to have a cup of tea with the new owners of their street, lol

This is all just too funny. You can have a mansion valued @ say $15 million in a rich US neighborhood and yet someone from Mexico or Canada or India or Nepal or Iceland or Russia or China owns your private street and they have the right to charge you for parking your car in front of your mansion, big lol
They probably can charge you for even driving on it, they can install a gate that activates only after you pay say $1,000 each time you go through it, lol
The couple buyers, I think, should have remain anonymous. Everyone have seen them now in the news, and we have heard the comments of the woman owner, very strange. What was their intention to do something like that publicly? I bet it's not them who came forward, but the city to announce the done deal, or some' like that.

Beachfront properties (ocean) are public (15 feet I believe), and there are trails, driveways, pathways leading to lakes and oceans that are for everyone, the public. But some people act as if they have the right to stop you, as if they own public access.

Anyway, good for people who look @ the maps and check what's public and what's private. Privacy is very important; we have to respect that. And public access is also very important. I think we haven't heard the last of this story yet...and true, the residents of that neighborhood are looking @ all the legal recourse they have. They will hire some top lawyers you can bet on it.
_____

Gary, I agree with you, with what you just said above. I think that there's going to be some adjustment here, in this particular situation.
And yet it's funny because according to everything I've read about it so far, it's all legit. Lol

This is funny news; there are other news going on right now that are less funny. ...News that we all read about but cannot talk about.

On another note; the smoke covering the sky above my head right now is from two fires nearby, and man-made (deliberate) by some sick young punks. One was catched on video, the other was seen by a witness. This is extremely dangerous during this hot and dry summer across many parts of North America right now. It affects me, it affects many of us. ...No lives lost around here, and no homes burned out, on the Island.
 

Folsom

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I'm pretty sure it would be completely illegal to charge the home owners anything to use the road, and they all have private drives. The charging would only be for street parking which isn't needed except for guests, for the home owners.
 

NorthStar

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I'm pretty sure it would be completely illegal to charge the home owners anything to use the road, and they all have private drives. The charging would only be for street parking which isn't needed except for guests, for the home owners.

You are probably right, maybe. And, the new owners own more than just the oval street:
https://www.washingtonpost.com/news...e-bought-their-street/?utm_term=.7dd3a1f777e2

In that link above you have a better view of what that young couple bought for just $90,000 (because the rich residents didn't pay their taxes, lol):





"In an expensive city, the homes on Presidio Terrace are in a league of their own. One had an asking price of $16.9 million last year, which dropped by $2 million. It’s a steep price to be neighbors with the likes of Sen. Dianne Feinstein (D) and House Democratic leader Nancy Pelosi, who have called the street home.

Lam and Cheng are now the owners of the common space of Presidio Terrace, which includes its sidewalks, garden islands, leafy palm trees and other lush greenery beautifying the homes of 35 mega-mansions after the association that manages the common areas failed to pay property taxes going back decades, the San Francisco Chronicle reported.

Lam and Cheng could rent out the 120 parking spaces to residents to start making their investment back, an idea suggested by others, the Mercury News reported.

“As legal owners of this property, we have a lot of options,” Cheng said, adding that nothing has been decided yet.

If the association stopped paying taxes earlier in the 20th century, the Taiwan-born Cheng would have been shut out of the sale until after World War II. That’s when a 1948 Supreme Court ruling banned segregated neighborhoods. Until then, Presidio Terrace was whites only.

In a story with more twists than Lombard Street, it was a surprise to learn that, Cheng told the Chronicle.

“The more we dug into this, the more interesting it got,” he said."


 

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