Listen Now: Street for Sale
San Francisco might have some of the highest real estate prices in the country, but you can still buy an entire street for less than a hundred grand.
Presidio Terrace is a well-kept street sealed off by a gate in San Francisco’s Presidio Heights neighborhood. With palm trees and multi-million dollar mansions, homeowners over the years have included Senator Dianne Feinstein and Nancy Pelosi. Unfortunately for the high end residents their homeowners association has been failing to pay the $14 a year tax for the private street because the check had been going to the wrong address.
So to get its money back the city put the street up for auction and a couple from San Jose bought it for just $90,000. The people who live there were only notified about the situation when the new owners asked if they would be interested in buying back the street. The couple says selling it off is just one idea to make the investment pay out. Another option is charging residents to park on their own street. Talk about a high cost of living.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.