$1mm Off-Market, Improved Beach-Front Land Deal Overlooking Puget Sound

[Adam Davis]

I have an interesting deal in Seattle city limits on the beach above Puget Sound: 1 acre with 100+ft of shoreline (city-maintained) that needs a visionary builder. This property won't comp (land is non-existent and houses are all inland, with prices at 2.3mm for old houses w/o the location), but the right builder should be able to get at least $2.7mm or greater (much greater from a new construction with legacy-quality construction). Looking for $1mm for the improved (utilities only) land, if we're doing this off-market. Current foundation needs help, so you're better off starting over.