ALAMEDA, Calif. (KGO) – There’s a spot on the real estate market in the San Francisco area that’s listed at about half of California’s median housing price of about $900,000, but it comes with a catch.
The property is entirely underwater!
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.
“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,’” real estate agent April Jones said.
Jones is the agent for the property. She said the current owner bought it sight unseen in March 2023 at an auction for just over $100,000 and was unaware it was actually in the lagoon.
The asking price is $400,000, which is not too bad for the Bay Area. However, experts expect it could cost millions to build on the property.
Jones said whoever buys it will have to get special approvals and permits before they can actually build something.
The potential buyer would have to check for things like the type of foundation on the lagoon floor, will have to account for sea level rise and consider the fact that it’s backed up against a bridge.
“This is unique to me,” Jones noted. “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.”
Despite the potential challenges, Jones thinks the property could one day become the perfect home.
“The lagoon area is beautiful. It’s peaceful. It’s very quiet. It’s like having your own little oasis,” Jones described.
It’s a tough sell for people like Chris Womack.
“It’s funny because that’s probably the cheapest property in town,” Womack said.
Womack said even though he can’t afford to buy it himself, he wonders if all of the extra work required to actually get something built on the site would be worth it in the end.
However, given that it’s the Bay Area, Womack predicted someone will eventually scoop it up.
“Alameda’s got a good reputation and people will absolutely spend the money,” Womack said. “You just got to find the right tech person and they’ll get in here and be sure to make it the most expensive property on the block.”
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