Well, that’s a bit of a misnomer. Unless you reside along the shore of one of Metro Indy’s three reservoirs, pickin’s here are pretty slim. In fact, most lakes in these parts are between five and fifteen acres in size and look a lot like this:
Something that often seems to confuse real estate agents around here is what the difference is between a lake and a retention pond. For local purposes, a body of water that follows the geographic contour of an area, and could be natural or man-made, by damming a stream (as shown in the picture below to the left) is a lake. A retention pond might be natural, but most here are of the man-made variety as a result of creating subdivisions (below right).
Living on a retention pond is not the same thing as living on a lake. I repeat: LIVING ON A RETENTION POND IS NOT THE SAME THING AS LIVING ON A LAKE. On a lake, you will have boating access, private docks, etc. On a retention pond, not so much. Over other homes within the subdivision itself, one on a retention pond might add some value, but cannot be compared to homes on lakes.
The nice thing about living on a lake is that lakes around here are truly unique to their environment. Homes are usually built in such a way to make the most of the location and view. Being fortunate enough to live in one of these neighborhoods on a lot with lake frontage is evidenced by the fact that those homes do not come on the market often. When they do, they sell fast and command a substantially higher price versus similar homes on otherwise nondescript lots.
Wanting to explore lakeside living? Metropolitan Indianapolis has lake neighborhoods with home prices ranging from around $150,000 up to well over $1,000,000. Contact me to see if your home on the lake is out there waiting for you.