Minnesota Lakeshore Dreams Come True! Lake Homes ARE Affordable!

Are you one of those people who dream of living on a Minnesota lake? Would you love to wake up in the morning to the sound of a loon’s call? Would you love to spend evenings watching the sun set slowly over the waves of your own shoreline?.

In the late 1990’s and early 2000’s, many would-be lake home owners gave up the dream as prices skyrocketed on lakeshore. The lake home dream was out of reach for the average home buyer. As prices shot up, the average person couldn’t afford to live on the lake anymore. Just a decade ago, there didn’t seem to be an end in sight to what someone would pay for lakeshore in the Twin Cities.

Then the market downturn hit and lakeshore throughout the Twin Cities and north metro was not spared. Just like homes in every other segment of the market, lake homes are again affordable. The continuing buyer’s market has pushed the price of Minnesota lakeshore properties back within reach of the average Minnesota home buyer. For years, budget-conscious lake lovers only had channel shore and deeded access as affordable options. But now opportunities abound as lakeshore has become affordable again.

The continued buyer’s market has dropped the prices of lakeshore in Minnesota right along with all other properties. With there being so many lakehomes available, buyers have a selection on shoreline that allows many affordable options. That abundance of homes is in all categories, including the wonderful lakeshore homes coveted by Minnesota sportsmen and nature lovers.

To see what kind of an impact the buyer’s market has had Minnesota lakes. Earlier this year, I did some research on lake homes sold during 2010. As a REALTOR® working in the north east metro for the past decade, I knew it had once been difficult to find reasonably priced Minnesota lakeshore in just a few years ago…especially with a quick commute to the city. I wanted to see if the change in the market had made lakeshore more affordable…and if it has continued to be affordable as the market started to stabilize this past year. What I found is that an in-town lake home is not only affordable, they are several available at ALL price ranges. (Check out the complete 2010 Lakeshore SOLD report by CLICKING HERE.)

But that was last year and the BIG question on would-be lake home buyer’s minds is, “Are there still lakeshore bargains in 2011?” Absolutely! So where are the deals on Minnesota Lakeshore? All over!

Here are some of the highlights:

Anoka County

Lowest Asking Price $89,900

Highest Asking Price Price $1,595,000

Average $427138

Total Lake Homes Currently Listed 74

The lowest priced lakeshore home in Anoka County just listed today in Linwood. It is a 1915 rambler short sale that is located on Fawn Lake. It has 3 bedrooms, one bath and a one stall garage. On the other end of the spectrum, on the north side of Coon Lake, there is a 1997 built executive home listed in East Bethel. This uniquely constructed two-story home is over 8500 finished square feet with 6BR/8BA and a 4 car garage. It has been on the market for nearly 2 years.

Chisago County

Lowest Asking Price $34,900

Highest Asking Price Price $1,250,000

Average $319,902

Total Lake Homes Currently Listed 117

The lowest priced lakeshore property for sale in Chisago County is a 2BR/1BA condominium located on North Lindstrom Lake in Lindstrom. Likewise, the highest priced listed home is also located in Lindstrom. It is a 5BR/4BA home built in 2005 located on South Center with 900 ft of peninsula lake front. It is nearly a half million less that the price it was first listed at in 2009.

Ramsey County

Lowest Asking Price $149,900

Highest Asking Price Price $2,950,000

Average $745,781

Total Lake Homes Currently Listed 74

Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. On the low end of the spectrum, there is a 1912 built, 3BR/1BA/2Car Little Canada home built on Savage Lake. It is being offered as a short sale. While there are several homes in the 2+ million dollar category on White Bear Lake in Ramsey County, the highest priced home was not on Manitou Island, it is locate in North Oaks on Pleasant Lake. It is a 6BR/5BA/3 Car two story built in 1930 on 5 acres and has 800 ft of shoreline. It has come down in price by over $800,000 since it was first listed in 2009.

Washington County

Lowest Asking Price $164,900

Highest Asking Price Price $4,495,000

Average $695,450

Total Lake Homes Currently Listed 129

The average price of a lakeshore home took quite a tumble during the past few years in Washington County as there were many homes sold at very good prices. At the low end was a traditional-seller home in Woodbury, on Battle Creek Lake that sold $186,000 with a $5,385 seller paid contribution. The home was on the market for 200 days and originally listed at $199,900. The Washington County high ticket home sold in 2010 is located on a half acre in Dellwood. The unique executive home has views of White Bear Lake on both sides of the peninsula and sold after 316 days for just over $742,000 less than the original asking price of $2,250,000. The home was built in 1998 with just under 6500 finished square feet and has 4BR/5BA and a 6Car garage!

My FEATURED Lakeshore Listings:

Currently I have homes on a variety of types of lakeshore ranging from deeded access to wetland to full recreational.

For full details on any of these listings, visit my website terieckholm.com

• 10585 Martha Lake Drive, Chisago City a 2005 built rambler on Martha Lake. Perfect shoreline to launch a canoe or kayak. It is not full recreational but affordable listed at $239,900.
• 278 Janice Ave, Shoreview is an updated rambler built in 1958 on Lake Wabasso. It is a great fishing lakes with depths to 60 feet. It is not large enough for a speed boat but docks, pontoons and fishing boats are allowed. Affordably priced at $324,900.
• 20710 Minnie B Grant, Linwood has the DNR’s Boot Lake nature preserve right out it’s back door. The home is on 2.4 acres but borders the 660 acre wetland and lake preserve which allows wonderful wildlife views. This multi-level home was built in 1993 and is listed at $300,000
• 6709 E Shadow Lake Drive, Lino Lakes has 100 ft on full recreational Reshanau Lake. This 336 acre lake has no public boat launch so only the lakeshore owners are able to boat, sail and jet ski on this private lake. It has a west facing view so every evening is an opportunity to enjoy a beautiful sunset across the water. It is listed at $349,900.
• 249 Elm Road, East Bethel is an opportunity in the Coon Lake Beach Community. This updated year round cabin/house is just 500 finished square feet but has a huge yard and optional access to full recreational Coon Lake. It is completely updated and listed at just $74,900.

Dreaming of buying a Minnesota Lakeshore Home? Now is the time. Interest rates are still very low and so are many of the lakeshore prices. As you can see from the prices above, even a first time buyer can afford a home on a lake or with lakeshore access in this market. Many of the higher priced lakeshore homes have been on the market for several months, in some cases even years, so their owners could be ready to negotiate on price too! Contact me today and I can set you up to receive automated emails on lakeshore listings so you can see new listings as soon as they hit the market. With the right offer and a REALTOR® who understands the lakeshore market, you could be spending the next HOT summer day chilling by a Minnesota lake!