I bought a cheap $100,000 house in an exclusive location, completely invisible – but I had no idea the place was underwater

A PLOT of land in one of the most expensive areas in America sold for $100,000, but buyers didn’t realize it was completely underwater.

The owners of this house, across from San Francisco, California, have now put the submerged lot up for sale at four times the price.

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The land is located in the city of Alameda, which is on the San Francisco Bay.

This underwater property was originally sold at auction in March 2023 and the buyers, who purchased sight unseen, said they were unaware of the land’s unique status.

The land is located in a lagoon but is not isolated, as it is surrounded by other properties.

This land has already been put up for sale for $400,000.

April Jones, the property’s broker, explained that some neighbors were also surprised by the sale.

“One of the neighbors contacted me and said, ‘Oh, is this a joke?’ And I said, no, it’s not a joke. Someone bought it and now owns it,” she told the ABC affiliate. KABC-TV.

The realtor expressed how unusual this property listing was.

“This is unique to me,” she said.

“This is the first time I have come across something like this.

“I’ve had some unusual properties in my career, but this is a first.”

The desirable location of the land opened up at this unexpected price.

A local resident, Chris Womack, explained why he believed this listing could be obtained quickly.

“It’s funny because this is probably the cheapest property in town,” he said.

“Alameda has a good reputation and people will certainly spend the money,” Womack added.

“You just need to find the right technician and he will come in here and certainly make the most expensive property in the neighborhood.”

It’s funny because this is probably the cheapest property in town.”

Chris WomackNeighbor

Despite the low price for the area, a new owner could end up spending millions to put this underwater land to use.

A project at this unique location would require special permits.

The Bay Area has suffered some extreme real estate prices in recent years.

One of the two main reasons for this crisis has been the economy and the housing stock, according to Diving into Smart Cities.

This area of ​​Northern California has seen a huge economic boom with its thriving tech industry, which has meant people with bigger budgets have moved in.

The failure to build enough homes meant the area also had a shortage of homes for people.

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