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Purchased Private Street - In San Francisco

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NachoPerito

Senior Member
Joined
Jul 25, 2012
Professional Status
Certified General Appraiser
State
Washington
Interesting case. I have to think they will work out a deal for the homeowners to buy it back. I can't imagine he would charge for parking and how he would enforce that. Rescinding a sale after a sale seems unlikely, massive attorney fees. Homeowners should pay him double what he paid for it to end it.
 
D

Deleted member 134708

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Link wouldn't open so I'll go off headline.

I would absolutely love this. I'd turn it into a parking lot. But 1st I'd go to the home owners and say "I'll give you 1st choice, $500 a month per house and I'll leave you alone" if not, I'm turning into a parking lot.
 

Michigan CG

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Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Homeowners are in a pickle. **** him off and he could just close the street.
 
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Deleted member 134708

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Looked up article. 120 parking spaces. That's a few million bucks a year in potential revenue.

Parking is hot commodity. Going rate $10 an hour not including weekends or holidays/events.

I'd be showing tech companies gross margins they would kill for. 95%
 
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AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Good work, rich folks.

 

Mark K

Elite Member
Joined
Jan 27, 2004
Professional Status
Certified Residential Appraiser
State
Indiana
He can't just close the street and set up a toll booth or prevent access to the homes: the owners have a prescriptive easement over the street. Charging for parking would result in a commercial use, probably not allowed in the residential zoning. And now he also has the responsibility for maintenance and the liability if someone gets hurt.

In this state, the owner has a 1-year right to buy a tax sale property back from the purchaser. Pay the purchase price plus 10% and its yours again. Don't know about Kalifornia.

I'm sure the buyers and residents will reach some agreement. Otherwise, how deep are the pockets of the buyers and the residents? I'm thinking the residents have pretty deep pockets and the cost will be spread over multiple owners. Does the buyer really want to spend Hundreds of $1,000's in attorney fees over the next 5-10 years to sort this out?

If not settled out of court my bet is a judge will allow the sale to stand but prevent the buyer from closing the street and prevent him from restricting the use by the owners. He now has an asphalt elephant to maintain.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Since the ownership was acquired through an error, I would think a judge would correct the ownership. Since the supervisors can regulate the parking, I would imagine they could impose all kinds of rules on the "street" such as cleanliness, signage, pothole maintenance, and parking rates.

I saw a short clip of the owner, she was too smug for her own good. I see lots of expense for the owner that will probably not be worth the effort in the long run. I'm sure there will be lots of prescriptive easement claims by long time HO. Other "rich" people like to sue and have attorney's on retainer.

Twenty years ago, my family sold a property that had an easement across a "parking lot." One of the other adjacent owners made a claim of ownership and failed miserably on his adverse claim of ownership.
 
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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Maybe the new owners will get a survey and create a common area to sell to the neighborhood, maybe establish an organic, sustainable marijuana garden so they can all stroll down in beads and Roman sandals and smoke J's, bongs or Marlboros.....no wait, someone might get arrested for firing up a Marlboro in that town.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Owner has had the property for 2 years, beyond redemption. He can charge for parking although an easement may exist. No permanent use has been established by any individual owner. He can charge for maintenance, etc, and the homeowners will have to pay as he now owns the HOA.
 
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