Cheaper, submerged water lots are surfacing in CK real estate market
July 8, 2021 5:07 AM
Affordable underwater plots could be the cure for those trying to avoid skyrocketing property, house and cabin prices.
A man from the Toronto area who owns at least two parcels of underwater land in Shrewsbury and Wheatley believes the idea might catch on.
Joe Cher is selling a 19-acre waterfront property on the shores of Lake Erie at the foot of Brock Street near the New Glasgow Line in Shrewsbury for $ 99,000. This property is classified as residential and Cher bought it at auction after the Chatham-Kent Township listed it as surplus land.
Cher is also selling a smaller water lot (154 feet by 75 feet) on 467 1st Concession Line in Wheatley near McLean Street for the same price – $ 99,000. The property was previously owned by the Wheatley Yacht Club for 36 years and is classified as residential.
Underwater land for sale in Wheatley. Photo via Royal LePage Peifer.
The listings state that both properties are currently underwater but have “endless possibilities” going forward. Cher said anyone who buys Shrewsbury’s waterfront property will convert it into a marina or maybe have a houseboat or floating cottage moored on it pending community permits.
Cher claims that the floating home trend is increasing, particularly in Toronto, where the average price of a home is and will rise to $ 1 million.
“There are ten floating houses in Toronto, that’s a trend, and the highest price I’ve ever seen is $ 700,000, depending on where you dock,” Cher said. “Land prices are going up like crazy and if people can access it from the water and aren’t paying those land prices, it makes sense.”
The average price of a waterfront cottage in Ontario is around $ 500,000, according to Remax Realty, and it’s going to go up. A small floating house or cottage can cost as little as $ 200,000.
Cher said he thought there was land access when he bought the property, but later found out that the entire property was covered by water and the only access was via a lake.
“You don’t have to go to the beach, you can just jump into the water from your bedroom,” he said. “You can get there by the water, you don’t really need land. It is better if you have access to land, but it is not a must. “
Cher, who buys and sells real estate across Ontario and mostly negotiates with communities, said the property was a marina long ago and could return there in five or ten years if the land isn’t sold by then.
“Not right now because I’m developing other projects, but five to ten years later … maybe,” he added. “Any challenge is like a new opportunity when you turn it into a new opportunity, but most people see it as a challenge.”
The real estate agent who listed the Shrewsbury property said the private land was covered in water many years ago when lake levels rose.
Underwater properties for sale are currently rare in Canada with very few offers right now.
