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Committee approves auction of 117 tax‑defaulted properties, authorizes below‑minimum sales for timeshares
Summary
The Budget and Finance Committee authorized the Tax Collector to auction 117 tax‑defaulted parcels (96 timeshares among them) and accepted an amendment permitting the department to sell some timeshare units below the statutory minimum bid to facilitate sales.
The Budget and Finance Committee voted to send forward a resolution authorizing the Tax Collector to sell 117 tax‑defaulted properties at public auction, including 96 timeshare units, and amended the resolution to allow the tax collector to sell certain timeshare units below the minimum bid when necessary to achieve a sale.
Francis Nguyen of the Treasurer–Tax Collector’s office told the committee the online auction is scheduled for April 23–26, 2011, on BidForAssets.com and described the parcel mix: 96 timeshares, five condominiums, one vacant lot, eight single‑family homes, two duplexes, three apartments and one hotel. Nguyen cautioned that some timeshare units — notably the Nob Hill Inn at 1000 Pine Street — may be difficult to sell at minimum bid because of maintenance, insurance and property‑tax obligations linked to timeshare ownership.
Budget analyst Mr. Rose said sales at minimum bids would yield roughly $1.1 million for the city, with about $781,928 accruing to the general fund, and highlighted a policy question: the Treasurer is requesting authority to sell timeshares below the minimum bid in cases where units otherwise do not attract buyers. Under current California law the minimum bid is set to recover delinquent property taxes and related fees; Mr. Rose explained anything bid in excess of that minimum would be returned to the property owner.
Supervisors pressed staff on outreach and redemption practices. Nguyen said owners are notified by certified mail, in person when possible, door postings and through research contractors; historically most real properties are redeemed before the sale date. The Treasurer estimated a roughly 60% redemption rate in prior auctions and said San Francisco contains about 9,800 timeshare units across 5–6 buildings, making the 96 tax‑defaulted units a small share of the local market.
The committee accepted the budget analyst’s recommended amendment to authorize below‑minimum sales for timeshares as a narrowly tailored tool to reduce interest and facilitate sales when otherwise unsaleable. Supervisor Murphy Remi moved to accept the resolution as amended; Chair Carmen Chu confirmed the amendment would be added to the resolution and the committee approved the item without objection. The resolution now proceeds to the Board of Supervisors for final action.
