- House hunting can be expensive, but one property sells for just $400,000
- The current owner of the property bought it sight unseen at auction.
- This peaceful and beautiful location could eventually become the perfect home.
A unique property has hit the market in California and, at $400,000, it could be a bargain for the Bay Area.
Located in the city of Alameda, facing San Francisco Bay, the location occupies a unique waterfront location with plenty of room for development.
The current owner bought it for $100,000, sight unseen, at auction in March 2023, but even at four times the price, the place is still a bargain.
Real estate agents are confident that the location could one day be worth millions and that it will only take one buyer with vision to pull it off.
California property in Bay Area sells for bargain price at $400,000
Real estate agent April Jones is confident that the location could one day be worth millions and that it will only take one buyer with vision to pull it off.
Of course, the problem is that the land itself is completely underwater, something that came as a horrible surprise to the current buyer who inadvertently purchased it.
But that doesn’t mean something livable and even luxurious can’t be built on the site, even if millions more are needed to carry out the work, subject to various special approvals and permits.
The house would be located on an idyllic lagoon and built on stilts to keep it well above the waterline.
‘One of the neighbors contacted me and said, “Oh, is this a joke?” And I said, “No, it’s not a joke.” “Someone bought it and now owns it,” said the property’s real estate agent, April Jones. ABC7.
‘This is unique for me. This is the first time I have come across something like this. “I’ve had some unusual properties in my career, but this is the first time,” Jones added.
The future house would be located on an idyllic lagoon with stunning views of the sea.
The plot is bounded by a road bridge and builders would have to consider future sea level rise to prevent the site from ending up under water again.
Even after selling the land, it would still be a big process before any buildings are built.
Several studies would need to be carried out, including verification of the type of foundation at the bottom of the lagoon.
The plot is bounded by a road bridge and builders would have to consider future sea level rise to prevent the site from ending up under water again.
But Jones believes the place has potential and could one day be someone’s dream home.
‘The lagoon area is beautiful. It’s peaceful. It’s very quiet. It’s like having your own little oasis,’ he said.
The house is about an hour from Silicon Valley, which could be an attractive proposition for someone in the wealthy set.
One local, Chris Womack, believes someone in the Silicon Valley crowd will have the money to acquire it.
“It’s funny because it’s probably the cheapest property in town,” Womack said.
‘Alameda has a good reputation and people are sure to spend the money. You just have to find the right technician and he will come in here and make sure to make it the most expensive property on the block.