House hunting in California’s competitive real estate market can be a daunting and expensive endeavor. However, a remarkable property in Alameda, across the bay from San Francisco, has hit the market for just $400,000. This unique waterfront location offers a rare chance for a visionary buyer to transform it into a stunning and valuable home.
The current owner purchased this intriguing piece of land for $100,000 at an auction in March 2023, sight unseen. Despite the price increasing fourfold, realtors still consider it a potential bargain given its prime location. Situated on a beautiful lagoon in Alameda, this property provides ample space for development and the potential for substantial future appreciation.
The primary catch with this property is that it is entirely underwater, a detail the current owner discovered only after the purchase. While this might initially seem like a significant drawback, it opens up unique opportunities for creative and innovative construction solutions. The idea is to build a home on stilts, keeping it elevated above the waterline and safe from rising sea levels.
Transforming this underwater land into a livable and luxurious home will require considerable investment and meticulous planning. Potential buyers will need to secure various special approvals and permits, and conduct comprehensive surveys, including assessing the lagoon floor’s foundation. Despite these challenges, realtors remain optimistic about the property’s potential.
Apri.
