Wednesday, June 12, 2024

Top 5 This Week

Related Posts

Man Buys House Sight-Unseen that is Literally Under Water (video)

In Alameda, California, a property listed for sale has captured attention due to its unusual nature—it’s entirely underwater.

Alameda's Unusual Real Estate Dilemma

Located at 610 Grand Street, this lot is situated in a lagoon and was auctioned by Alameda County last year.

The Auction and Initial Purchase

The property was originally purchased for just over $100,000 by a buyer who was thrilled by the prospect of owning what appeared to be a lucrative piece of land amid multi-million dollar homes.

The excitement was short-lived when it became clear that the property was submerged.

The Reality of the Underwater Lot

This 10,000 square feet property is not only submerged but also lies adjacent to the Grand Street Bridge, a pathway for boats.

The realization of its actual condition came as a shock to both the buyer and his real estate agent, who had not physically visited the site before the purchase.

Challenges Faced by the Buyer

The buyer, residing in San Lorenzo, faced a significant setback when he discovered the true nature of the lot.

Despite being listed as a residential parcel, the lot’s underwater status renders it impractical without substantial development and approvals from city authorities.

Current Status and Listing Price

In an effort to recoup some losses, the owner has relisted the property for $400,000, clearly marking it as an open water lot.

This new price reflects the unique challenges and potential of the property, hoping to attract buyers with specific interests or capabilities in developing such a lot.

Legal and Zoning Issues

The buyer’s ordeal highlights the importance of due diligence in real estate transactions.

The Alameda County tax collector emphasized that while environmental issues are disclosed, zoning or development complications are not necessarily the responsibility of the seller.

Market Interest and Future Prospects

Interest in the property has been limited, but the realtor handling the sale noted some inquiries.

Any potential development would require approval from not only the City of Alameda but also the Army Corps of Engineers, adding layers of complexity to the sale.

Conclusion: A Cautionary Tale in Real Estate

This unique property in Alameda serves as a cautionary tale about the importance of thorough research and site visits when purchasing real estate, especially in auctions.

The underwater lot at 610 Grand Street continues to be a topic of interest and caution among real estate watchers in the area.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular Articles