1.1-acre underwater property listing makes splash in San Francisco real estate market – WABC

SAN FRANCISCO — Some of society’s most unusual ideas have turned out to be money-makers. It’s a truism that one San Francisco real estate agent is banking on this summer, as he tries to sell a 1.1-acre lot underneath the San Francisco Bay.

In a city where real estate prices often seem irrational, the listing certainly offers an affordable alternative for bargain hunters.

To see the vacant lot, you have to cross some natural barriers.

The space is clearly off the beaten path, but offers you a chance to do some recreational fishing.

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And for the weather? Sunny and mild with some amazing views.

The only caveat is that the 1.1-acre lot is underwater, located three city blocks east of Candlestick Park.

The property was purchased several years ago by Trent Zhu.

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We asked the owner what he planned to do with it when he originally bought the land.

A real estate agent by day, Zhu recalls he had no plans for the lot at that time; it was a good deal.

“I haven’t seen the property myself,” Zhu says.

He bought his land from San Francisco County at an auction about six years ago, for less than $5,000. The asking price today is $75,000.

So far Zhu has no takers, but people are certainly curious.

Resident Mary Gutekanst had no response when asked if she would consider purchasing the property, except for a roaring laugh.

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“Maybe build above sea level and put it on stilts or something you know,” says Mark Corsetti, who knows the area well.

Zhu hopes that another pier could be added to San Francisco’s waterfront.

“Like a pier, a stadium,” the owner suggested.

A stadium, did he say? That may be a good investment, since a certain baseball team is now threatening to build a ballpark outside of Oakland.

Here’s another disclosure; Zhu owns several other lots underwater.

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“It’s just one at a time, if someone wants to buy more, I can sell more, this is only one,” the property agent clarified.

For now, Zhu says he’s just testing the waters.

“It’s owning a piece of San Francisco, and buy into the future,” he added.

Nothing like a good sales pitch.

Article source: https://abc7ny.com/underwater-property-sale-sf-candlestick-water-lot-real-estate-news-housing-market/10621611/

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