San Francisco home crashes more than 60% in value after listing says buyers must wait decades to move in
What year was the Russian Hill home built?
The Russian Hill home was built in 1924. It is a three-bedroom, two-bathroom house located in an upscale San Francisco neighborhood. The property was recently listed for $488,000, a significantly lower price than other homes in the area, due to a tenant currently living in the home with a long-term lease and rent control until 2053.
Why must a buyer wait decades before moving into the property?
A buyer must wait decades before moving into the property because there is a tenant currently living there who has strong long-term rent rate restrictions and possible occupancy rights until 2053. The seller and listing agent do not guarantee access to the home, making it an AS-IS sale.
What are the terms of the tenant's current lease according to the Zillow listing?
The tenant's current lease, according to the Zillow listing, grants strong long-term rent rate amount restrictions, unconventional method of rental payment, and possible occupancy rights until 2053. The listing does not clarify the unconventional method of payment.