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Many people want waterfront lots, and they’ll pay good money for them.
But what about an underwater lot?
A roughly quarter-acre water lot is available in the San Francisco Bay Area city of Alameda, CA, for $400,000.
The listing is quite upfront about the splashy property: “This is a water lot,” it states, adding that the parcel is “an investor’s/developer’s opportunity where location, location is everything.”
However, building in a water lot has its own special set of challenges.
The perfect buyer “is someone who is not afraid of the challenge of being creative,” says listing agent April Jones, with April Jones, Broker.
She suggests there could be “some type of houseboat” here, noting, “There are homes that are currently built in that lagoon already.”
The property assessor’s office in the county lists it as vacant residential land with zoning for a single-family home or a structure with up to four units. The water part wasn’t obvious.
“I was asked to list a vacant lot and went out to take pictures of it and come to find out, it was underwater,” Jones says, adding her GPS took her to a different address. She had no idea that the listing was a water lot.
“I really know how to read street signs to find addresses and kept going when I got there,” she says. “I stopped and said, ‘This is where it should be, this should be the 600 block of Grand.’”
Her next task was to use the county system to view the lot.
“It came up as the water where I was over the bridge, or under the bridge actually, so I was surprised,” she recalls. “I was sure my seller was not aware. He thought he was getting vacant land.”
Jones says the county sold the land because of a tax lien. Currently, there is nothing on the lot, which is near a roadway bridge.
“I’m not sure how deep it is, but it is deep enough that currently where the lot is located, it acts as a waterway or an easement that maintenance workers can go from one side of the lagoon under the street bridge to the other side of the lagoon,” Jones explains, adding that the seller “bought it as an investment for his family. He had been trying to buy land or property since 2014 and said he thought this was a good deal. I’m just hoping to find buyer, so at least my seller can recoup what he put into it.”
Homes nearby are selling in at least the $1 million range.
“It’s a very desirable location,” Jones notes. “It’s near the beach, near shopping, and good schools. There are some nice parks. The lagoon area is peaceful. If you live on the lagoon, you could walk out and have a cup of coffee. It’s just relaxing.”
Jones notes that the buyer will need approval from various agencies before building, but it has potential—for someone who has the money, creativity, and patience for the project—to build something as unique as its locale.
“It’s a lot that is really underwater,” Jones muses. “You don’t come across those very often, so it’s one-of-a-kind.”
Source: realtor.com