Property investor bought Bay Area ‘bargain’ for $100,000 sight unseen – then got horrible surprise. Can you see what it is?

  • House hunting can be expensive, but a property sells for as little as $400,000
  • The current owner of the property bought it sight unseen at auction
  • The quiet, beautiful location could ultimately become the perfect home

A unique property has hit the market in California, and at $400,000, it could be a bargain for the Bay Area.

Located in the city of Alameda, across the bay from San Francisco, the site enjoys a unique waterfront location with ample room for development.

The current owner bought it for $100,000, sight unseen, at auction in March 2023, but even at four times the price it’s still a bargain.

Real estate agents are convinced the site could one day be worth millions and all it will take is a buyer with vision to make it a reality.

A California property in the Bay Area is selling for a bargain at $400,000

Real estate agent April Jones is convinced the site could one day be worth millions and all it takes is a buyer with vision to see it through

Real estate agent April Jones is convinced the site could one day be worth millions and all it takes is a buyer with vision to see it through

The upside, of course, is that the land itself is completely underwater – something that provided a terrible surprise for the current buyer who bought it without realizing it.

But that doesn’t mean something livable and even luxurious can’t be built on the site – even if millions more are needed to carry out the work, subject to various special approvals and permits.

The house would be built on an idyllic lagoon and raised on stilts to keep it well above the waterline.

‘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 he owns it now,” said the property’s listing agent, April Jones ABC7.

‘This is unique to me. This is the first time I’ve come across something like this. “I have had some unusual traits in my career, but this is a first,” Jones added.

The future house would be located on an idyllic lagoon with a beautiful view of the water

The future house would be located on an idyllic lagoon with a beautiful view of the water

The plot is bordered by a road bridge and the builders would have to take future sea level rise into account to prevent the site from being flooded again.

The plot is bordered by a road bridge and the builders would have to take future sea level rise into account to prevent the site from being flooded again.

Even after the land is sold, it would still be quite a process before anything would be built.

Several investigations should be carried out, including checking the type of foundation on the bottom of the lagoon.

The plot is bordered by a road bridge and the builders would have to take future sea level rise into account to prevent the site from being flooded again.

But Jones believes the place has potential and could one day be someone’s ideal home.

‘The lagoon area is beautiful. It’s peaceful. It is very quiet. It’s like having your own little oasis,” she said.

The house is about an hour's drive from Silicon Valley, which could be an attractive proposition for someone from the affluent crowd

The house is about an hour’s drive from Silicon Valley, which could be an attractive proposition for someone from the affluent crowd

One resident, Chris Womack, believes someone from the Silicon Valley crowd will have the money to fix it up.

“It’s funny because that’s probably the cheapest property in town,” Womack said.

“Alameda has a good reputation and people will absolutely spend the money. You just have to find the right technical person and they will come here and make it the most expensive building in the area.”