In the recent times, the San Francisco realty industry is displaying remarkable surge. The price of a home in San Francisco is topping a million dollars nowadays. However, one smart and savvy real estate investor, Michael Cheng, purchased an entire street in a posh neighborhood of the city, named Presidio Terrace, for just US$90,000. The oval shaped street has housed many famous people, including Sen. Dianne Feinstein over the years. Nancy Pelosi, a Democratic leader, currently reside there. Now the issue is, the residents of Presidio Terrace, who are mostly high net worth individuals, were kept in dark before the sale and now, when they got to know this, they are furious.
All thanks to an auction that stemmed from an unpaid tax bill, Chang and his wife Tina were able to purchase the street. Currently, they are the owner of the street, the sidewalks, and the other parts of common ground that has, hitherto, been managed by the residents association since 1905. Cheng also affirmed that the reaction to this deal has been less than sociable. “I thought the residents would reach to us and welcome us as their new neighbors,” Cheng stated to The Associated Press. “This has undoubtedly blown up much more than we expected,” he added further. As reported by the San Francisco Chronicle, the residents association for Presidio Terrace did not pay a US$14 per annum property tax, which triggered this auction.