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One other underwater housing lot hits the market in San Francisco

Posted by: | Posted on: July 8, 2021

The Bay Space is rarely missing in unusual, usually mind-boggling actual property tales, so promoting plots of San Francisco land which can be actually beneath the Bay shouldn’t be stunning.

What may be stunning is that one underwater plot is listed for less than $8,500.
 
The underwater housing lot off the Candlestick Level Recreation Space is 5,001 sq. toes at 610 Egbert Avenue.

The land is listed by actual property agent Trent Zhu, who bought 40 of those underwater tons at public sale from the Metropolis of San Francisco for $5,000 round six years in the past. Zhu mentioned when he first heard in regards to the public sale again then they have been simply too low cost to withstand, so he arrange a pc program to do the bidding for him and later discovered he had gained the tons.


Now, he mentioned the housing market is so good, he’s attempting to see if he might make his a refund. He mentioned he sees potential within the web site, although he is aware of there aren’t any ensures. “San Francisco has a wealthy historical past of waterfront improvement. A lot of the Marina District began off as water plots earlier than 1915,” the itemizing says. “…Vendor shouldn’t be certain if this tide land will be developed right into a yacht harbor, houseboat park, a pier or something in any respect. Purchaser is inspired to test with State, County and Metropolis businesses for the very best and finest use of the lot.”

An underwater dwelling lot is on the market in San Francisco for $8,500.

Trent Zhu

Zhu would like to promote his 40 tons abruptly to a developer, however he mentioned he’s turning into extra open to promoting them off parcel by parcel. He mentioned with all of the residential and industrial improvement coming to the Hunter’s Level space within the subsequent 10 years, the area might be essential to the neighborhood. 



Simply this week, Zhu mentioned he spoke with a developer who was planning to test with town to raised perceive improvement alternatives. 

The whole checklist value for the 40 tons is $375,000, which is a relative steal contemplating the median single-family dwelling value in San Francisco is $1.5 million. 

Zhu mentioned he’s had loads of bids on the parcels individually, so he’s not anxious about promoting them one after the other if it involves that. “It’s a plan B,” Zhu mentioned. 

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