- A one acre lot in San Francisco for just over A$100,000? Sounds cheap
- It is, but that's because the lot is totally underwater, off the shore
- Real estate agent Trent Zhu reportedly bought it for US$5,000
A 1.1-acre lot of land is for sale in San Francisco for just US$75,000 – quite the deal at the equivalent of A$102,170.
“Own a piece of San Francisco”, the listing says.
In the notoriously expensive city, where Silicon Valley tech upstarts go to have a shot at becoming the next billionaire, and where property has been priced out of the market for the average person, the price looks attractive.
But, of course, there’s a catch. The land is underwater.
As the advertisement rather optimistically puts it: “San Francisco has a rich history of waterfront development. Much of the Marina District started off as water plots before 1915. For your reference, there are a few dozen piers along the eastern waterfront of San Francisco.”
The listing then (rather helpfully) provides a link to a list of such piers.
Admittedly, the seller is “not sure if this tide land can be developed into a yacht harbour, houseboat park, a pier or anything at all.”
So, buyer beware. It’s a parcel of land that’s currently underwater, and may not have any value (much) at all, if ever. But it might. Maybe. One day.
250 Fitzgerald Avenue, San Francisco, CA 94124 is being offered for sale by its owner Trent Zhu, who works for Better Homes and Gardens Real Estate. It’s been on the market for 146 days so far.
“I haven’t seen the property myself,” Mr Zhu told ABC7 in San Francisco. He reportedly bought the land a few years ago by auction, for less than US$5,000.
With no offers yet, he is – if you forgive the pun – just testing the waters.