In Florida, they sell a plot in an elite area for $43 million, but there is one problem - it is under water

Four acres (1,6 hectares) of beautiful land in Boca Raton, Florida are up for sale for $43 million. But there is a problem - this site is mostly under water. What kind of land is this and why is it being sold? Entrepreneur.

Photo: IStock

Giving new meaning to the term “underwater mortgage,” real estate manager William Swaim of Waterfront ICW Properties is suggesting flooded land for single-family home development.

Swaim calls this place "the unicorn" because of its location and relatively low price. The site is located along the Intracoastal Waterway, a series of bays and canals that wealthy residents use to moor their boats and yachts.

Housing prices in the area have increased by more than 10% monthly over the past 18 months. One mansion can cost up to $18 million.

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Swaim, who specializes in the purchase and resale of flooded land, said the area is "Boca Raton's last and largest undeveloped coastal property for sale in 30 years."

But he warns that anyone who buys this property will have to work hard.

“Flooded areas are a headache,” Swaim said. “They take years to clean, and most people don’t want to waste their time.”

His company will build the dam and fill the earth for an additional $3,5 million.

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Why is the object under water?

This land was not always under water. Until 1957, it was land, but someone stole the land to build a house next to it.

Some local activists are concerned that over-development of such facilities could harm wildlife.

“Manatees are dying at a record rate due to the impact on their habitat, and increased development of flooded land will only exacerbate this problem,” said Lisa Interlandi, executive director of the Everglades Center.

But a 2018 review argues that land development will not have a detrimental impact on endangered sea turtles, small-toothed sawfish or manatees.

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