News
And finally… the waiting game
A three-bedroom house in San Francisco’s affluent Russian Hill neighborhood has been listed for a surprisingly low price of $488,000 (around £385,000).
However, the property comes with a significant caveat – the buyer will not be able to live there for another 30 years. The 1,100 square foot house is currently occupied by tenants, and the existing tenant will continue to live there, paying a monthly rent of $417 (around £329) for the duration of the lease, which ends in 2053.
Steven MacDonalda lawyer specializing in tenant law, said ABC7 News: “For some reason, they gave this person a 30-year tenure. I’ve seen this before. It’s kind of a sloppy form of estate planning.”
The listing has generated significant interest, with a long line of potential buyers forming outside the property last week.
Neighbor Ilia Smith said, “My husband came in and said, ‘You need to look out the window. There’s a line from the house to the middle of the block right here.’”