Second Underwater Housing Lot Hits the San Francisco Market
The Bay Area certainly has unique real estate stories, including selling plots of land in San Francisco that are found beneath the Bay. That may not be surprising to local residents, but what may be surprising is that one underwater plot is listed for just $8,500.
As reported in the SFGate, the underwater housing lot off the Candlestick Point Recreation Area at 610 Egbert Avenue is 5,001 square feet.
The land is listed by real estate agent Trent Zhu, who about six year ago purchased 40 of these underwater lots at auction from the City of San Francisco for $5,000.
Zhu said he first heard about the auction back when they were just too inexpensive not to get them. That’s when he set up a computer program to do the bidding for him and then found out he won the lots.
Today, he said that since the housing market is doing well, he wants to see if he could make his money back. He also said he sees potential in the site, though he realizes there are no guarantees.
“San Francisco has a rich history of waterfront development. Much of the Marina District started off as water plots before 1915,” the listing says. “...Seller is not sure if this tide land can be developed into a yacht harbor, houseboat park, a pier or anything at all. Buyer is encouraged to check with State, County and City agencies for the highest and best use of the lot.”
Zhu prefers to sell his 40 lots to a developer all at one time, but he said he’s also now open to selling them off parcel by parcel. With all the residential and commercial development expected in the Hunter’s Point area in the next 10 years, he says the space could be important to the neighborhood.
Just recently, Zhu said he spoke with a developer who was planning to check with the city to better gauge development opportunities.
The total list price for the 40 lots is $375,000, which is a bargain as the median single-family home price in San Francisco is $1.5 million.
Zhu said he’s had several bids on the parcels individually, so he’s not worried about selling them one by one if it comes to that.
“It’s a plan B,” Zhu said.
Call Window Replacement Center Today At 415-926-2427