Residents baffled after couple buys street in San Francisco neighborhood

San Francisco (CNN) Bay area is already known for its sky-high real-estate, but the Presidio Terrace neighborhood should get to be in a category of its own. Latest real estate listings show home costs ranging from more than $5 million in order to $15 million.

Which is why the news that a San Jose couple purchased a private road here, first reported with the San Francisco Chronicle, came as such a bg surpise this week.
Reporters and photographers flooded the area on Tuesday, snapping pictures from the multimillion-dollar mansions and trying to get response from neighbors. Most said these people wished to remain silent or unknown over the brewing controversy.

One homeowner joked that there has been such a big media presence within the neighborhood, Donald Trump must not be producing enough news. Others expressed bewilderment that someone might try to revenue off what they see as an unlucky bureaucratic snafu.

The controversy stems constitute the failure of the Presidio Terrace homeowner’s association to pay property taxes for the “common area, ” which includes the sidewalks, palm trees and circular generate. In a lawsuit filed against the associated with San Francisco, the association says the particular bills were mailed to an accountant who hadn’t worked for the organization since the 1980s.

By all balances, it was a paltry sum — $14 a year — that the organization says it would have paid acquired it received the bills. Overtime, the unpaid debt grew in order to $994.
Three decades of delinquency prompted the town to auction the parcel associated with land to the highest bidder. However the association says it was never informed of the action, another reason it states the sale should be invalidated.
“This isn’t very about choosing not to pay real estate taxes; residents of Presidio Patio pay their individual property fees each year, ” the homeowners organization said. “Tax bills for the typical area were sent to the wrong deal with and no notice of delinquency or maybe the sale was made to any occupants of Presidio Terrace. This is solely an oversight that needs to be corrected and are working with the city to correct this particular unfortunate situation. ”
For the moment, the city appears to be holding firm.
“State law is very strict. In case people don’t pay their property fees for five years, we must provide it up for auction, ” Amanda Fried, a spokeswoman for the city’s treasurer and tax collector, informed CNN affiliate KGO-TV .
Michael Cheng and his spouse, Tina Lam, put in the successful bid of $90, 000 within April 2015.
Pressed to explain their motives, the particular couple is now taking a defiant placement, as neighbors worry the few could seek to profit by getting homeowners to park in front of their very own homes.
“If you don’t pay your property taxes for 30 years, you should call the town and find out what happened, ” Cheng stated in a phone conversation on Wednesday.

Even so, he said he has produced no demands of the residents which the couple is trying to figure out how to proceed with their purchase.
“We haven’t demanded anything from these super wealthy residents. The goal is just to hold onto it. Jooxie is hoping to be good neighbors with them, inch he said.
In its lawsuit, the homeowners organization claims it only learned from the sale in May — nearly 2 yrs after the auction took place — once the couple contacted the association in order to ask whether it would want to buy back again the property.
Recognizing there is no precedent for such a situation, the San Francisco Board of Administrators will discuss the controversy in a meeting next month. It could decide to keep a hearing and revoke the particular sale.
For now, it appears the neighbors and exactly what you might call their “street landlord” won’t be sitting down for coffee in the near future.