A three-bedroom home in San Francisco’s Russian Hill neighborhood is on sale for under $500,000. The catch? You won’t be able to move into it for at least three decades.
Residents in the neighborhood said the list came as a shock.
“My husband came in and said, ‘You’ve got to look out the window,’ and there was a line from the house to the middle of the block right here,” neighbor Illa Smith said.
“It all came as a big surprise to all of us on the street,” Tim Smith said.
The listing for 1,100 square-foot house has the home valued at $488,000, adding the home has a tenant already and is being sold “as-is.”
That price tag is raising eyebrows among neighbors like Illa Smith.
“Selling for $488,000, I don’t know what to make of it,” Illa Smith said.
While the home is listed for sale, the listing says any prospective buyer wouldn’t be able to move in until 2053.
“The new owner would have to buy the house subject to a very long rental lease currently being offered to an individual,” Tim Smith said.
According to the listing, the current tenant will continue to live in the home and pay the same amount of rent: $417 per month.
Steven McDonald, an attorney specializing in landlord-tenant law, said the listing is strange.
MacDonald said the house is a bargain for someone if they are willing to wait.
“It’s for a very, very unique buyer that’s willing to get a big, big discount,” MacDonald added.
The property’s listing agents at Park North Real Estate were not available for comment.
