With 12,000+ Minnesota lakes and a foreclosure crisis, there must be a few lakeshore homes that are bank owned and available, right? Actually, yes! I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found eight listings on eight different Chisago County lakes. And the best part...not one of these homes is priced over $400K. In fact half are under $200,000.
From complete new construction on Lake Vibo in Chisago Lakes Township to a Rush Lake cabin in Nessel Township, lakeshore foreclosures are full of bargains. Another great affordable option listed for $174,900 in Nessel, is on the natural environmental
Leech Lake and features 9 acres of property for the price.
If you are looking for a newer home, there is a 2005 built rambler available on the full recreational lake, South Center in Lindstrom priced at $399,900. That completed new construction home is also a rambler and priced even less at an attractive $344,000 but on the smaller lake.
There are two homes in the low to mid $200,000 range in Chisago City; one on Lake Martha and one on LakeEmily. There are even more affordable options a little farther north in the Harris and Fish Lake Township area of Chisago County for under $200K. These are on Horseshoe and Fish Lake.
One should note that this list does not include any homes currently in a short sale position or if the current owner did not disclose that the home is in a pre-foreclosure status. More opportunities will continue to come on to the market throughout Chisago County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.
Another thing to consider is that many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!
Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. Note: Leech Lake it an environmental wetland that not listed in the Minnesota DNR Lake Finder.
*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR® to find that perfect piece of shoreline, give me a call or visit my website for a FREE Relocation Packet or Homebuyers Success Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Buying a Home? Check out my new HOME BUYER'S BLOG!
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
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