These SF parcels sold for under $1,000 each - there's a catch

"All of them are submerged in the bay. The underwater parcels - 151 Fitzgerald Ave., 0 Bancroft Ave. and 215 Tevis St. - were billed as "an intriguing speculative investment" with a world of promise, including "potential alternative uses such as future waterfront positioning, possible boat docking considerations, environmental or recreational applications, or strategic land banking.""

"Marie Bradley, an executive administrator for Vantage Auctions - the company selling the lots - noted even more options, including "oil drilling" and "expanding the land mass out into the bay" when the property isn't covered with the chilly waters. This is all part of the gamble, explained Don Cruz Datanagan, the managing director for Serhant's Northern California office."

""Some buyers may view parcels like this as inexpensive long term bets on future San Francisco waterfront value," Datanagan wrote in an email to SFGATE. But scoring this kind of deal comes with many caveats. According to Datanagan, these types of parcels offer "very limited practical use today" and can still be subject to regulatory constraints and annual property taxes."

"There's more. "From the mapping, the lot appears well offshore with additional submerged parcels between it and the shoreline, raising significant questions around access, use rights, and long term viabili""

Several San Francisco lots near the shoreline close to Candlestick Park sold at auction for less than $1,000 each, despite each lot offering about 5,000 square feet. The parcels were submerged in the bay, including addresses 151 Fitzgerald Ave., 0 Bancroft Ave., and 215 Tevis St. The lots were marketed as an intriguing speculative investment with potential alternative uses such as future waterfront positioning, possible boat docking considerations, environmental or recreational applications, and strategic land banking. Additional possibilities mentioned included oil drilling and expanding land mass into the bay. Buyers faced limited practical use today, regulatory constraints, annual property taxes, and questions about access, use rights, and long-term viability due to nearby submerged parcels.

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