Underwater San Francisco lot raises eyebrows over cheap listing price
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A piece of San Francisco real estate is making waves due to its just $8,500 price tag.
The plot – which is several feet underwater, beneath the city's frigid bay – was listed by Better Homes and Garden Real Estate Thrive agent Trent Zhu on Monday.
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Located at 610 Egbert Avenue, the 5,000-square-foot tideland is just "off Candlestick Point State Recreation Area and Hunters Point Expressway."
The "water lot" is presented as a chance for interested parties to "own a piece" of city history with a "magnificent view" of the San Francisco Bay.
The listing for the "commercial vacant land and zoning" property presents the purchases as a chance to be a part of history.
"San Francisco has 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 reads.
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However, it notes that the seller is not sure if the land "can be developed into a yacht harbor, houseboat park, a pier or anything at all" and encourages the buyer to contact state, county and city agencies "for the highest and best use of the lot."
Zhu's listing notes that the seller prefers for the land to be purchased as a package with neighboring lots extending to a total of 250,000 square feet.
Property for sale located off Candlestick Point State Recreation Area and Hunters Point Expressway. (Trent Zhu)
Property for sale located off Candlestick Point State Recreation Area and Hunters Point Expressway. (Trent Zhu)
Property for sale located off Candlestick Point State Recreation Area and Hunters Point Expressway. (Trent Zhu)
Property for sale located off Candlestick Point State Recreation Area and Hunters Point Expressway. (Trent Zhu)
Speaking with SFGate, Zhu said he had purchased 40 lots for $5,000 six years ago when they were up for auction.
Hoping to make money from the investment, the agent said he had spoken with a developer about potential "development opportunities" and has had bids on individual parcels.
All 40 lots are listed on the site for $375,000 with a similar pitch to interested parties.
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The pricier listing said that the average size is 6,230 square feet per lot, with most fully or partially underwater and with one lot that appears to be "adjacent or next to a fishing pier, between Harney Way and 49ers old stadium Gate #1."
San Francisco is one of the country's most expensive real estate markets and while reports show homebuyers moved to more affordable regions in 2020, a Pacific Heights property sold for $43.5 million in June – the most expensive home ever sold there, according to SFGate.