24 Jul Underwater neighborhood in San Francisco… can someone please explain to me what is going on here?
So I was looking through the tax defaulted property list in San Francisco and noticed a bunch of properties that were listed as "Underwater Lot". I looked them up and found an entire neighborhood that is completely underwater. The craziest thing is that a good portion of the lots are owned by private parties, and are actively bought and sold?
Anyone have any idea what is going on here and why people would be buying and selling these lots for minimal amounts (Like $1,500 each)?
See photos below