4 ms·

> Given SF property prices and that it was bought at an auction, selling for $300k-$400k would net them a nice profit, and is well within the means of 35 wealth

> Given SF property prices and that it was bought at an auction, selling for $300k-$400k would net them a nice profit, and is well within the means of 35 wealthy residents pooling their means. Indeed, a righteous outcome would be for this couple to triple or quadruple their investment and make several hundred thousands of dollars, for the effort of going to an auction and then hiring lawyers. Hard work!

kyleblarson 9y ago
This rings of the classic 'that billion dollar startup's idea is so easy I could have done it' with the classic response of 'fuck you, you didn't'
- khazhoux 9y ago
  It may ring of it but it's not the same. The "easy" billon $ startup is adding value. This couple isn't. They just exploited the clerical (mailing-address) and accounting errors of the homeowners.
  - pm24601 9y ago
    They didn't exploit anything. The couple was not privy to the circumstances. The fault arguable lies with the accountant who failed to transfer this to the successor accountant. Either way there have been homeowners who have lost home in the same manner - who couldn't afford to correct the problem. Each and everyone of the residents of this private street: * could have notice the auction. * could come up with money to buy out the couple Also notice that the couple is now responsible for the maintenance on the street. Charging for parking seems reasonable way to make the street self supporting. Why do the homeowners have a private street in the first place? Oh... because they wanted a gated community. Tears that no one paid the property taxes on their little enclave.
    - sitkack 9y ago
      Think of the rich! Barbarians!
kbenson 9y ago
They tied up $90k for a couple years by owning this property when they could have use it otherwise. They hired a title company to look into the property. They've put at least some time and effort into the property as an investment. They bought at auction, which means the price paid doesn't necessarily reflect market price, just what those present were able to determine from the information at hand and were capably of paying. All those combine to something. I'm not sure what it is, but I don't think it's nothing.

kyleblarson 9y ago

This rings of the classic 'that billion dollar startup's idea is so easy I could have done it' with the classic response of 'fuck you, you didn't'

khazhoux 9y ago
It may ring of it but it's not the same. The "easy" billon $ startup is adding value. This couple isn't. They just exploited the clerical (mailing-address) and accounting errors of the homeowners.
- pm24601 9y ago
  They didn't exploit anything. The couple was not privy to the circumstances. The fault arguable lies with the accountant who failed to transfer this to the successor accountant. Either way there have been homeowners who have lost home in the same manner - who couldn't afford to correct the problem. Each and everyone of the residents of this private street: * could have notice the auction. * could come up with money to buy out the couple Also notice that the couple is now responsible for the maintenance on the street. Charging for parking seems reasonable way to make the street self supporting. Why do the homeowners have a private street in the first place? Oh... because they wanted a gated community. Tears that no one paid the property taxes on their little enclave.
  - sitkack 9y ago
    Think of the rich! Barbarians!

kbenson 9y ago

They tied up $90k for a couple years by owning this property when they could have use it otherwise. They hired a title company to look into the property. They've put at least some time and effort into the property as an investment. They bought at auction, which means the price paid doesn't necessarily reflect market price, just what those present were able to determine from the information at hand and were capably of paying. All those combine to something. I'm not sure what it is, but I don't think it's nothing.