One other underwater housing lot hits the market in San Francisco
The Bay Area is never short of weird, often astounding, real estate stories, so San Francisco land sales that literally under the bay should come as no surprise.
What’s surprising is that an underwater property is listed for only $ 8,500.
The underwater residential lot in front of the Candlestick Point Recreation Area is 5,001 square feet at 610 Egbert Avenue.
The property is listed by real estate agent Trent Zhu, who auctioned 40 of these underwater lots from the city of San Francisco for $ 5,000 about six years ago. Zhu said the first time he heard about the auction that it was just too cheap to oppose.
Now, he said, the real estate market is so good that he’s trying to get his money back. He says he sees potential in the site, even though he knows there are no guarantees. “San Francisco has a rich history of waterfront development. Much of the Marina District began as a waterfront property prior to 1915, ”the listing says. “… Seller is not sure whether this Wadden Sea can be expanded into a marina, houseboat park, pier or anything else. Buyer is encouraged to check with state, county, and city authorities for the highest and best use of the property. “
An underwater lot is for sale in San Francisco for $ 8,500.
Trent Zhu
Zhu would prefer to sell his 40 lots to a developer at once, but he said he is more and more open to selling them in bulk. He said with all of the residential and commercial development coming to the Hunter’s Point area in the next 10 years, space could be important to the neighborhood.
Just this week, Zhu said he had spoken to a property developer who wanted to check with the city to better understand development opportunities.
The total list price for the 40 lots is $ 375,000, which is a relative bargain considering the average single-family home price in San Francisco is $ 1.5 million.
Zhu said he made many individual offers for the packages, so he doesn’t worry about selling them one by one when it comes to that. “It’s a plan B,” said Zhu.
