Are these the underwater home-owers mortgage broker Calla was targeting with her radio ads?

The other day we pondered if Underwater Mortgages were a Sign of the Times?

It was prompted by the fact that Angela Calla, mortgage broker and host of CKNW radio's 'The Mortgage Show', was running radio ads targeting home-owers who may currently find themselves in an underwater mortgage position at mortgage renewal.

Could it be that the market has entered this volatile condition already?

We've often talked about how some area's, Richmond in particular, have been hard hit the last couple of years. 

So are some owner's in underwater trouble?

We note a recent listing by one of our favourite Richmond realtors, Alphabet Arnie. It's for 222-7551 Minoru Blvd, a 2 bedroom condo in Richmond (click on image to enlarge).

Promoted as having just had it's asking price reduced, it's currently available for $309,800.

A deal?

The property is currently assessed at $291,700...

Even more interesting is that a quick google search turns up that this property was listed for sale back on Sept 14, 2009 for $340,000 and it subsequently sold.

Presumably whomever bought it then are the ones now selling.  Now we're not sure what this sold for in 2009.  $340,000 probably seemed like a steal at the time.

But as values in Richmond have plunged, and the current owner tries to hawk a $291,700 assessed condo for $309,800... you can't help but wonder if this is exactly the type of home-ower that Angela Calla was targeting with her ads.

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Underwater mortgages a sign of the times? Mortgage Broker radio advertisement targets underwater mortgage holders.

In the comments section of today's Vancouver Condo Info discussion thread, contributor De La Riva Guard shares what he aptly terms a 'watershed moment' in our real estate bubble.

At the 10:51:53 mark of today's CKNW 980 AM broadcast (access the radio station's audio vault here), you can hear a new commercial from mortgage broker Angela Calla. For those who don't know her, Calla also hosts "The Mortgage Show" on CKNW. From her website bio:

Angela Calla, Host of "The Mortgage Show" on CKNW AM980 Saturdays at 7pm, was named the "AMP of the Year" in 2009 by CAAMP. Angela has also ranked in the Top 50 Mortgage Brokers in Canada 5 years in a row!

And what did she say in her new commercial that warrants a post?

You opened the envelope a few months ago to find out that your mortgage is actually higher than the assessed value of your property. So now what? Call the Angela Calla mortgage team...

So leading mortgage brokers are now starting to advertise to attract customers who are suddenly finding themselves underwater on their Greater Vancouver home mortgages?

With this now happening, you know the situation must be far worse than the media has led us to believe.

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Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.