ALAMEDA, Calif. (KGO) -- It's one of the most stressful and expensive things you can do in the Bay Area. For many, house hunting can be a nightmare.
But in the city of Alameda, one property is hitting the market for only a couple hundred thousand dollars. RELATED: For the first time, median price for a home in California surpasses $900,000 The catch..
. it's entirely underwater. "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 they own it now," said April Jones. Jones is the realtor for the property She says its owner bought it sight unseen at an auction and was unaware it was actually in the lagoon. If you want to buy the property, the asking price is $400,000.
Not too bad for the Bay Area. VIDEO: Looking to buy a home in Bay Area? Here's what $1.7M will get you in Silicon Valley However, if you actually want to build on the site, experts say that could cost millions.
Jones says whoever buys it will have to get special approvals and permits before they actually build something. Checking for things like what type of foundation there is at the lagoon floor, accounting for sea level rise and the fact that it's backed up against a bridge. "This is unique to me.
This is the first time I've come across something like this. I've had some unusual properties in my career, but this is a first," Jones said. Despite the potential challenges, Jones thinks the property could one day become the perfect home.
"The lagoon .
