Property investor bought Bay Area 'bargain' for $100,000 sight unseen - then got horrible surprise. Can you se
Bay Area 'Bargain' Land Underwater: Scam or Goldmine?
A property investor purchased a plot in the Bay Area for $100,000 at an auction without viewing it, only to discover later that the land is entirely underwater. Despite the initial shock, the property, located in Alameda, is now on the market for $400,000. Realtors believe it holds potential for significant value increase if developed appropriately, despite the challenges and additional costs of building on submerged land.
In which city is the underwater property located?
The underwater property is located in the city of Alameda, California, in the Bay Area.
What was the initial purchase price of the Bay Area property that was bought sight unseen?
The initial purchase price of the Bay Area property that was bought sight unseen was $100,000. The current owner bought it at an auction in March 2023 without realizing that the land was completely underwater. Despite the unexpected situation, realtors believe that the location could eventually become a luxurious home with the right development and that it will just take a buyer with vision to see it through.