Four acres of beautiful waterfront land in Boca Raton, Florida is on the market for $43 million.
There’s only one issue – it’s largely underwater.
Image credit: William Swain via The Real Deal
Giving new meaning to the term “underwater mortgage,” William Swim, real estate manager at Waterfront ICW Properties, is offering submerged land to develop single-family homes.
Swim calls the property a “unicorn” because of its location and relatively affordable price. The parcel sits along a series of Intracoastal waterways, inlets and canals that wealthy residents use to dock their boats and yachts. Home prices in the area have increased by more than 10 percent monthly in the past 18 months. A mansion can cost up to $18 million a pop.
Swim, who specializes in buying and reselling flooded land, said the area is “the last and largest undeveloped Boca Raton Intracoastal property for sale in 30 years.”
But he has also warned that his work will be cut short for anyone who buys the property.
“Sunken parcels are a headache,” Swim told The Palm Beach Post. “It takes years to clean them, and most people don’t want to spend years cleaning them.”
His company will build a sea wall and fill in the dirt for an additional $3.5 million.
Why is the property under water?
The Land of Swim was not always under the sea. The property was above ground until 1957, but a greedy neighbor stole the dirt to create a nearby subdivision, Swim told The Post.
Some local activists are concerned that such undeveloped properties could harm wildlife.
“Manatees are dying at record rates because of the impact on their habitat, and increasing development on submerged lands is only going to compound that problem,” said Lisa Interlandi, executive director of the Everglades Law Center.
But a 2018 Army Corps review concluded that developing the land would not adversely affect endangered and threatened sea turtles, smalltooth sawfish, or manatees.