When most of us think about having a piece of property that is underwater, we feel as if we are referencing the financial side of things. For a 19 acre lot situated on the Canadian side of Lake Erie, however, being underwater takes on an entirely new meaning.
The lot is situated on Brock St. in Shrewsberry, Ontario. If you were to drive there from Detroit, you would head east for about 65 miles but you might have difficulty locating the property.
After all, it doesn’t actually have an address. The neighborhood where the property is being sold for about $80,000 is known as being a quiet area, but the lot itself may not be what you expect.
According to the listing, the property is “presently underwater” but they try to look at the glass as being half full.
They speak about the endless possibilities that it may have in the future and encourage you to “be creative.”
Covid-19 may have been a struggle in Canada, but the housing market has thrived during the pandemic. In May 2021, compared to May 2020, the price of an average home was up 38.4%. Vacant lots have also climbed in price, and apparently, that includes lots that may be underwater.
Although it is not completely unheard of to sell a lot that is underwater, as they can be used for boat storage, it is not the most common thing seen in Canada.
Since this particular property does not have any land access, a person would really have to get creative in order to make full use of it.SKM: below-content placeholder