Kicker - Underwater property

NICK EICHER, HOST: During the financial crisis of 2008, we frequently heard about so-called “underwater mortgages.”

That referred to a property owner who owed more on his property than it was worth because—you may remember—home values had plummeted.

But I want to tell you about a different kind of underwater mortgage…

This is in Canada where the average home sells for half a million dollars—a 19-acre piece of property on the Canadian side of Lake Erie for the low-low price of $99,000.

You’re saying there’s gotta be a catch: Of course there is. That’s where the underwater part comes in.

It’s not “on” Lake Erie. It’s under Lake Erie.

And you’ve got to love the creativity of the listing agent on this. The listing says: “This property is presently under water but could have endless possibilities in the future. Be creative.”

Water lots are sold on occasion. They can be used for the mooring of houseboats, for example, but they need some land access for that. The property, purportedly in Shrewsbury, Ontario has no land access—it’s completely surrounded by water—so you’ll have to be very creative.

It’s The World and Everything in It.

WORLD Radio transcripts are created on a rush deadline. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of WORLD Radio programming is the audio record.