Would you buy this house? Half Moon Bay with water views for $239,000

That’s right $239,000 – 3 bedroom, 2 bathroom, 1400 sf with water views

Okay…What about if it was priced at $175,000?

Here is the actual description from the multiple listing service –

Incredible beach house with views from nearly every room. Home has been totally rebuilt from the foundation on up. Bright and comfortable with decks on both floors. Wonderful Martins Beach with white sandy beach. Home is on leased land but priced so well. Enjoy the sounds and smells of the ocean. Fish, relax, enjoy. Storage Shed included but not warranted. Home was finaled in 2005.

Did you catch the point that it was on leased land?  The home was built on leased land so at some point the home would probably revert back to the owner of the land.  The home was on the market for 425 days and it just closed for $175,000. 

So I ask you – would you buy this house?