SAN FRANCISCO (KGO) – A three-bedroom house in San Francisco’s Russian Hill neighborhood is currently on sale, but there’s a catch.
It’s a one-of-a-kind listing that drew a long line of prospective buyers last week.
“My husband came in and said, ‘You’ve got to look out the window,’ and there was a line from the house all the way to the middle of the block right here,” neighbor Illa Smith said.
The 1,100-square-foot house at 30 North View Court has three bedrooms and two baths. It’s for sale for about a half-million dollars.
That price tag is definitely raising eyebrows among neighbors like Illa Smith.
“Selling for $488,000, I don’t know what to make of it,” Illa Smith said.
The listing posted on Zillow says the house is tenant occupied and is to be sold “as is.”
The buyer won’t be able to move in until 2053.
Tim Smith said the listing came as a big surprise to him and the other neighbors on the street.
“The new owner would have to buy the house subject to a very long rental lease that is currently being offered to an individual,” Tim Smith described.
According to the listing, the current tenant will continue to live there and pay the same amount of rent, which is $417 per month.
“For some reason, they gave this person a 30-year right of possession,” attorney Steven MacDonald, who specializes in landlord-tenant law, said. “I’ve seen that before. It’s kind of a sloppy way of estate planning, like, ‘I want to leave some security to this person so they don’t have to worry about where they are going to live,’ and they can do it that way. I think they should have done it a different way.”
MacDonald said the house is a bargain for someone if they are willing to wait.
“It’s for a very, very unique buyer that’s willing to get a big, big discount,” MacDonald added.
The property’s listing agents at Park North Real Estate were not available for comment.
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