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larrywww

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Reply with quote  #1 
It's rather astonishing.  The investor paid $90,000 at an auction because the taxes had been delinquent for decades.  (The original tax bill was only $994---I'm guessing they bid the property up over 90 thousand).

These are some of the problems you get when you rely on an HOA----the tax bill had been routed to a former accountant that worked for the HOA decades ago.

Sounds to me like someone (hopefully the HOA) is going to get sued.

The HOA tried to pin the blame on the City, but let's face it if the HOA can't figure out how to even pay the taxes on the properties it is seeking to manage---that's really a pretty lame excuse.

The investor is looking to rent out the 120 parking spaces that come with the street.

FYI, I am not a huge fan of HOAs.

Consider this reason # 1003.

And counting.


http://www.sfchronicle.com/bayarea/matier-ross/article/Rich-SF-residents-get-a-shock-Someone-bought-11738236.php
rickencin

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Reply with quote  #2 
The word of the day is "easement".  If you think they can put up a toll booth, you are wrong.  Is this street worth something?  Quite probably.  This is pretty much a BAR exam question.  Who doesn't like dreams of easy money?
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Rick
larrywww

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Reply with quote  #3 
I think the bidder is just looking to make some quick money----but I disagree with you if you don't think this is NOT going to be headache for the remaining property owners.

So, for example, can you finance and/or refinance a mansion on this street if the access is privately owned?  And that might be a problem, irrespective of the easement situation.

That will be up to the lender, right?

Also, if I had bought a mansion on this street and was forced to pay dues and/or other fees to the HOA I would NOT be happy.  So, the HOA is liable to be sued.

Actually however, I think a more likely scenario is----the city sells the street back to the HOA by acquiring it via eminent domain---assuming the homeowners and/or hoa gets to the local municipality first.

Even assuming this happens, the HOA board and/or manager should resign or be fired, IMHO.




Paul

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Reply with quote  #4 
It will be interesting to see which side the San Francisco media sides with – the politically connected, elite homeowners or the minority (OK, it's San Francisco, maybe not) couple who followed the rules and law to the T and took on risk to capitalize on the foolish errors of the HOA.

I'm sure calls have already been made to Pelosi and Feinstein by old neighbors to see what sleazy influence those old pols can exert.

Note to city: You might consider raising that $14-a-year property tax.
Suzanne

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Reply with quote  #5 
A nice coup d'état for this couple and their people that were so discriminated against during a painful time in history.
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