People often dream of living on Minnesota lakeshore. 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 lakehome dream had become out of reach for the average home buyer. As prices shot up in the late 1990’s. (lake lots on Coon Lake in Anoka County that sold in 1998 for $60,000 and were re-sold three years later for over three times higher), 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.
When the market downturn hit and lakeshore throughout the Twin Cities and north metro was not spared. But, what a welcome relief to a would-be lake home owner the dropping prices are! This buyer’s market has continued now for several years putting the price of Minnesota lakeshore properties back within reach of the average Minnesotan. For years lake-lovers only affordable options were channel shore and deeded access. But now opportunities abound as lakeshore is 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; 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 was 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.
Focusing on the north east metro counties of Anoka, Chisago, Ramsey and Washington, I discovered some interesting facts. I set up a search for lakeshore homes SOLD that had at least 2BR/1BA and a garage and closed between January 1, 2010 and December 31, 2010. The homes had to be a single family dwelling, not a town home or condo. I then took a closer look homes that sold for the lowest and highest price in each county. Since most homes sat on the market for several months, there were some amazing price concessions by sellers. When I first did a report like this in 2007 only a handful of lakeshore homes sold in each county each month. There were changes in 2010 across the north metro.
- More homes sold; almost double the lakeshore homes sold in 2008.
- The average price of lakeshore home sold dropped by approximately 10% in each county.
- The lowest price lake home sold was much lower than in 2008.
- Several high end homes sold in each county. This is significant because few high end homes, if any in some counties, sold in 2008.
So where are the deals on Minnesota Lakeshore? All over! Here are some of the highlights:
Lowest Sold Price $119,900
Highest Sold Price $1,000,000
Total Homes Sold 72
The lowest priced lakeshore home sold in 2010 was in southern Anoka County in Spring Lake Park. It was a 1955 rambler that needed fixing up but was not a foreclosure. It is on Spring Lake with 4BR/2BA and a 1 car garage. It sold for $119,900. On the other end of the spectrum, just to the north in Blaine, a 2005 built home sold with picturesque views of Aspen Bay in The Lakes community. It originally listed in 2007 for $1,950,000 but sold for almost half that in 2010 for $1,000,000. This uniquely constructed two-story home is over 3800 square feet with 4BR/6BA and a 3 car garage.
Lowest Sold Price 65,000
Highest Sold Price $722,725
Total Homes Sold 55
Both the lowest and highest priced sold homes were located in Chisago Township about 45 minutes northeast of downtown St. Paul. The lower priced home is located on Spider Lake and is on almost an 8 acre lot. This 3BR/2BA home built in 1978 was sold as a foreclosure. Its original list price was $155,000. On the high end, there was a 1994 built lake home on Chisago Lake with 100 ft. of shore. It is a picture perfect brick rambler with 5BR/4BA, a 6 Car garage on 1.8 acres and originally listed in 2005 at $750,000.
Lowest Sold Price $210,000
Highest Sold Price $1,650,000
Total Homes Sold 42
Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. Surprisingly, there were some lakeshore bargains here as well. On the low end of the spectrum, there was a 3BR/2BA/1Car Roseville home built in 1950 on McCarrons Lake. It originally listed in 2008 for $389,000 but after going into foreclosure sold for $210,000, almost $180K less!
Though several lakeshore homes sold for over a million in Ramsey County, the big winner was an Arden Hills executive home on Lake Johanna. The brick rambler was built in 2002 on a 1.3 acre lot with 4BR/5BA/7Car and 6400+ finished square footage. After being on the market for almost a year and a price drop from it’s original list of $2,250,000, it sold for $600K less than asking price.
Lowest Sold Price $186,000
Highest Sold Price $1,501,069
Total Homes Sold 58
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!
Are you interested in buying Minnesota Lakeshore? Now is the time. Interest rates are low and according to the statistics here, lakeshore is starting to move but prices still remain low. There are currently 273 lakeshore listings in the Twin Cities north and east metro area including Anoka, Chisago, Ramsey and Washington County. Prices start at just over a hundred thousand dollars for homes in foreclosure on smaller north metro lakes…yes, even a first time buyer can afford a home on a lake these days. Many of the higher priced lakeshore homes have been on the market for several months 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 your summer days on a Minnesota lake!