Presidio is not only a very old street in S.F., but it is also private, and lined with mega mansions, a guard post, the expected palm trees, and has been home to a number of high profile residents over the last 100 years.
Now the private street is owned by the couple, Tina Lam and Eric Cheng, who work in the IT and real estate industries. They snagged the street in an online auction. Many San Francisco Bay Area media houses have covered the story, and have not neglected to point out the comedic, or some would say karmic, element of the purchase. Up until 1948, no one but Caucasians could own property on the exclusive street. It was advertised to would-be residents as an exclusively all white community, which honored a racial covenant. The Lam and Cheng duo told the San Francisco Chronicle that the more they learned about the street's history, the more interesting the purchase became.
In recent years, houses on the glamorous terrace have been occupied by the likes of Nancy Pelosi, house minority leader, and Senator Diane Feinstein. Now two first generation Asian Americans own the actual street: all the pavements, its 120 parking spots, and the sidewalks.
Cue the music: "Not bad, huh, for some immigrants...Can't you see we getting money up under you." Jay - Z and Kanye's "Otis" seems a fitting ode for the occasion.
The couple bought the street for just $90,000 in an online auction two years ago, and are now fixing to see how they will make a profit. The San Francisco Chronicle reported that Presidio home owners are not happy that their street is owned by private citizens, and are seeking legal action. However, the Treasurer-Tax Collection office told the media there was nothing they could do about the sale, as property owners in the city know their responsibilities, and should keep posting addresses up to date to ensure all notices get to them.
The mailing address being used for property tax correspondence for the Presidio Terrace Homeowners Association (HOA) allegedly belonged to an accountant who had not worked with the association for at least two decades.
The auction for the street took place two years ago, given that the housing association at Presidio had failed to pay their $14 property tax for several years. The city was trying to recoup $994 in unpaid taxes and interest, according to media reports. The couple got Presidio in an online auction in April 2015. Now the association is starting legal proceedings against the couple and the tax office hoping to get the sale undone. But given that the purchase happened two years ago, city officials said they don't see the likelihood of the association winning.
While the couple, who both migrated here from Asia a handful of years ago, have not stated how they plan to rake in the cash to recoup the costs of their purchase, they have hinted at parking space rent .
Even at the cost of a dollar a day, the street would pay for itself in approximately two years, because the parking space rent would be $120 a day, over $40,000 a year, if all the spaces were filled.
Anyone who has been to S.F. knows it is quite likely all the spaces will be filled, even if the residents of Presidio Terrace don't rent them, as finding parking in S.F is a nightmare. People pay good money for parking spots in the city, so it seems the new owners of Presidio will be sitting pretty.
P.S. - The S.F. Chronicle said there are about 180 more private streets in the city. If you can snag you one somehow... it might be a come up. Get on that.
