Bay Area Underwater Property Listed for $400K

A property in Alameda, California, listed for $400,000 is entirely underwater, presenting a unique investment opportunity. The 10,130-square-foot lot, located near good schools and amenities, requires extensive approvals and development to be usable. The current owner, who bought it at auction without realizing its condition, is now selling to recoup losses. The property has been on the market for 303 days, highlighting the importance of due diligence in real estate purchases.