Just over an acre of San Francisco land has hit the market, but there’s a catch: it’s several feet underwater.
The vacant lot, technically three city blocks east of Candlestick Point, was purchased by real estate agent Trent Zhu at auction from the City of San Francisco for $5,000 around six years ago, reports ABC7.
While extremely speculative, Zhu saw the possibility of a pier or sports stadium going up on the water. The average depth of the Bay is only 14 feet, and the eastern shore has moved several times over the city’s history, so construction on the land is not entirely out of the question.
“Own a piece of San Francisco. 50,000 square-feet tide land off Candlestick Park and Hunters Point,” the listing reads, “Land is underwater.”
The lot’s address is given as 250 Fitzgerald Ave., though 901 Fitzgerald is the first actual address on that street in Hunter’s Point.
“Seller is not sure if this land can be developed into a pier or anything at all,” the listing concludes. The city zoning for the lot is RH1D, meaning a single-family dwelling can technically be built there.
With a median home price of $1.4 million, San Francisco is the most expensive city in the U.S., and loopholes and speculation are not unheard of.
In 2015, Silicon Valley engineer Tina Lam and her husband, real estate investor Michael Cheng, bought one of the most expensive streets in the city at auction after Presidio Terrace’s homeowners neglected to pay back property taxes. The couple gained ownership of the actual street itself, sidewalks and all other “common ground,” including garden islands and palm trees, for $90,000.
However, the San Francisco Board of Supervisors voted 7-4 to reverse the sale in 2017, reverting ownership to the homeowners.
While Zhu is now attempting to sell this part of the San Francisco Bay, he did reveal to ABC7 that he owns other lots in the water.
“It’s owning a piece of San Francisco, and buy into the future,” he said.
The land water is available for $75,000, but so far, Zhu has had no takers.
Read More:Bizarre SF real estate lot lists for $75k
2021-05-14 18:46:58
