You can own prime property in this Bay Area city for $400,000 but there's a catch...
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- Опубліковано 22 тра 2024
- In the never-ending saga of wildly priced Bay Area real estate, this one might be the most shocking of all. For $400,000, you can own prime property in Alameda... but it's all underwater. abc7ne.ws/452wHmz
#realestate #home #housing #housingmarket #realestatemarket #california #abc7news
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It was bought a year ago for 100k. No work done and now wants 400k. This is why everyone is homeless.
The lot has about 800sf above water with 38' of street frontage from the neighbor's wall to the bridge. Someone could probably get about 4000 sf above water without blocking the channel IF the Army Corps of Engineers and the city allowed the infill. Otherwise, the entire house would need to be on stilts.
Even then, I would probably price the lot at no more than $180k as it is. I think his best option is to try to sell it to the neighbor.
I'm sure the city and state will do everything possible to tax the sh*t out of that property too.
$400k for more headache. Difficult to fix and repair, will flood during big storm, HOA & insurance are not cheap.
I wish they had touched on the history of how this plot came about. After studying old maps I learned that where Grand St. meets the lagoon was the original shore line of Alameda. Everything on the other side of the lagoon was build on landfill and the houses on either side are clearly from two different eras of America. Good job at the previous owner finding a sucker to buy
That lot was originally intended on the 1957 development plan to have a house built on it, but the Army Corps of Engineers decided that the developers needed to keep a 60' wide channel open for the Western portion of the inner estuary as it was not going to connected to the bay across Westline Drive. They logically should have split the lot to make a 40' wide buildable lot and have the HOA lot absorb the channel portion. But laziness. Then the original buyer sold it to someone in 1969, right before the state ban on filling in tidelands took effect. It has been undeveloped, except for a fence and the planting of a palm tree and landscaping on the 800 sf above water along the street.
In Republican free states, this is called a scam, selling swamp land. You get aressted for it.
In the Democrat occupied zones, it is just business.
Have you seen some of the crawl spaces in CA they call apartments? You can clearly see where it was not designed as a living space. You have to step over structural support members. Democrats allow it because they make money renting the places to people they hate, minorities and Jews.
This seller thinks we’re all that shtupid! 😂
There is a sucker every day
Barnum said that....
The owner now is subject to annual property taxes. If he gets tired of paying it, the City will auction it off for tax default.
Btw, there's many underwater plots in SF at the SF tax lien auction.
County, but yeah.
Alameda's a darling little town, but it's just too close to sea level. Everyone I've ever known who's lived there has had problems with mold, if not floody cellars.
Mold is a big issue in the Bay Area in general. It’s annoying.
Rather than building a permanent structure, I would just moor a houseboat there, presuming landside access could be secured
I heard they were underwater on their mortgage
Too bad theres not a cool underwater house
well i guess you could say the guy is underwater his mortgage
Put a House boat there
who's going to be stupid enough to buy that property
if i was a fish i still wouldn’t buy it
Houseboat!!
Put house boat in it
That's what I was thinking too. Might be kind of shallow for that, though.
@@nancymcmonarch Yeah, about 900sf is above the high tide mark, over 4500sf is inter-tidal and about 4000sf is below the low tide mark. See the Google imagery from 5/2015. The only realistic way to build would be on pilings. $150k is a reasonable price for the property.
@@946towguy2 And doofus who bought it sight unseen is seriously hoping to flip it for $400K. Just, what?!?
@@nancymcmonarch Buying it sight unseen was pretty stupid, but people do that often enough. Then they try to protect their egos by telling themselves that they are going to make a huge profit.
I've bought vacant land and resold it for profit, but I've also lost money when I paid too much or didn't consider highest and best use (HABU) and do a CMA before purchase.
I personally looked at the lot when it was up for auction and like many others, decided it was not a sound investment. The family who gave it up for unpaid property taxes didn't think it was worth redeeming.
The subdivision was created in 1957 on what was previously tidal flats and that lot was supposed to have a house on it. However, the channel ended up on a part of it. It was purchased in 1969, right before the state ban on filling went into effect, so the oly way to build a house would be on stilts.
Stupid insanity. Just mocking us all.
😂400k is cheap?
In CA and especially the major cities, it sure is!
Is the lot had 4500sf of dry land instead of 800, it would be worth about that.
Good by world
correction! Asking price is $400k. After bidding war, it’s gonna be $1.9M. How much $$$ do you have in your war chest?