Several large parcels of land in San Francisco have been sold for just $250 each, but there is a catch: the lots are completely underwater. The 5,000-square-foot plots near Candlestick Point were auctioned on Tuesday, attracting hopeful investors despite being submerged.
The low price reflects the challenges of developing the land. Legal and environmental hurdles mean that filling in the plots or building floating homes may be difficult. Historian Chris Carlsson noted that while similar areas were once filled in, such approvals would be nearly impossible today.
Some residents expressed scepticism. Former San Francisco resident Sam Mitchell called the purchase 'a really stupid idea' due to rising sea levels. However, Dr. Koen Olthuis, CEO of Waterstudio, suggested that floating homes could be feasible if regulatory issues are resolved.
The underwater parcels were advertised as 'an intriguing speculative investment,' potentially suitable for future waterfront positioning, boat docking, environmental use, or land banking. Bidders are betting on future value appreciation, similar to rare past opportunities.
