In Minnesota, Land of 10,000 Lakes…well 12,000 actually, there are bound to be one or two lakeshore owners who have had a tough time in this economic downturn right? I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found five current listings for lakehomes in either Anoka County, Ramsey County or Washington County. This number is down considerably from this time last year where there were nearly a half dozen bank-owned lakeshore properties in each of the three counties. Buyers wanting to snatch up a great deal need to act quickly.
Priced from $245,000 for a 1940 built home on Tanners Lake in Oakdale to $1,725,000 for 45 Acres that could be split into 23 lots; 10 with lakeshore on Forest Lake, there is a handful of lakeshore foreclosures to choose from. Looking for an opportunity on a full recreational lake? There is another home on Forest Lake listed for $274,900 with 3 bedrooms and 2000+ finished square feet. Or if you would prefer a home in Anoka County, there is an opportunity to buy lakeshore property on Centerville Lake in Lino Lakes. This 1970’s home is listed for just under $345,000.
For those who don’t mind a smaller lake there’s a great new listing on Goose Lake in White Bear. A home with 2700 finished square feet on almost an acre just listed for $279,900.
Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Anoka. Ramsey and Washington Counties over the next few months.
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.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: As Aspen is a small, man-made lake it is not listed in the Minnesota DNR Lake Finder.
*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/27/2010.