Awesome Prices on Minnesota Lakeshore Continue into 2011!

By
Real Estate Agent with Boardman Realty Minnesota License#90858
https://activerain.com/droplet/7dC

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.

  1. More homes sold; almost double the lakeshore homes sold in 2008.
  2. The average price of lakeshore home sold dropped by approximately 10% in each county.
  3. The lowest price lake home sold was much lower than in 2008.
  4. 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:

Anoka County

Lowest Sold Price $119,900

Highest Sold Price $1,000,000

Average $365,023

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.

Chisago County

Lowest Sold Price 65,000

Highest Sold Price $722,725

Average $254,821

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.

Ramsey County

Lowest Sold Price $210,000

Highest Sold Price $1,650,000

Average $637,908

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.

Washington County

Lowest Sold Price $186,000

Highest Sold Price $1,501,069

Average $528,019

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!

Posted by

Teri Eckholm. REALTOR with Boardman Realty, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She 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.

Copyright 2019 terieckholm.com

 

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Rainmaker
552,167
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Teri,

Wow, you've really done your homework on this detail report. It's obvious you know more market. It's hard for someone like me to believe you can actually buy a home on a lake for the prices you have. Sounds like a good opportunity for lake front home buyers in your 4 county area of MN.

Mar 27, 2011 03:43 PM #1
Rainmaker
552,167
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Teri,

Wow, you've really done your homework on this detail report. It's obvious you know more market. It's hard for someone like me to believe you can actually buy a home on a lake for the prices you have. Sounds like a good opportunity for lake front home buyers in your 4 county area of MN.

Mar 27, 2011 03:43 PM #2
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Teri, I agree with Lynda; you have done your homework!  It sounds like an Awesome time to buy a lakefront home!

Mar 27, 2011 03:59 PM #3
Rainmaker
497,501
Steve Scheer
Realty Oasis - Metro Brokers - Highlands Ranch, CO
Highlands Ranch Real Estate - Denver Real Estate

Hi Teri, What a great opportunity for one to purchase a lakeshore home.

Mar 27, 2011 05:44 PM #4
Rainmaker
1,060,943
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Teri your local market updates are always so thorough! I am sure those in your area really appreciate the insight.

Mar 28, 2011 12:43 AM #5
Ambassador
1,654,253
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Teri this is truly a time when so many have the chance to realize a their dream of a house in the lake.  The downturn in the market presented some great opportunities.

Mar 28, 2011 01:58 PM #6
Rainmaker
1,936,371
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Teri

It is absolutely amazing how affordable lake homes are; now is the time for someone to use your services.

Mar 29, 2011 07:19 PM #7
Rainmaker
1,936,371
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Teri

It is absolutely amazing how affordable lake homes are; now is the time for someone to use your services.

Mar 29, 2011 07:19 PM #8
Rainmaker
1,936,371
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Teri

It is absolutely amazing how affordable lake homes are; now is the time for someone to use your services.

Mar 29, 2011 07:19 PM #9
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Teri Eckholm

REALTOR Serving Mpls/St Paul North & East Metro
Looking to buy or sell in the Twin Cities? Contact Me Today!
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