| "body"> | | | | the little community of Burns Township. It was a |
| In the past decade the prices on Minnesota | | | | Twin Lakes rambler on 400 ft. of shore with 3BR |
| lakeshore had become out of reach for many | | | | 2BA and a 2 car garage. It sold for $225,000. |
| buyers. Prices shot up in the late 1990's. Lake lots | | | | On the other end of the spectrum, in southern |
| on Coon Lake in Anoka County went on the | | | | Anoka County, a Lino Lakes home with 100 feet |
| market in 1998 for $60,000 and were re-sold | | | | of shore on Reshanan Lake. It originally listed for |
| three years later for over three times that at | | | | almost 2 years ago for $585,000 but sold for just |
| $200,000. Homes on Minnesota 10,000 lakes saw | | | | $507,750. This home is located with a quick |
| similar increases. There didn't seem to be an end | | | | commute to either downtown is a multi-level |
| in sight to what someone would pay for shoreline | | | | home with 4BR/3BA and a 3 car garage. |
| in the Twin Cities. The only options for affordable | | | | Chisago County |
| lakeshore seemed to be "deeded access" or | | | | Average $382,125 |
| "channel shore". The dream of owning a home on | | | | Total Homes Sold 5 |
| the lake was fading for many potential buyers. | | | | Both the lowest and highest priced sold homes |
| Then "The Buyer's Market of 2006" hit the Twin | | | | were located in Chisago Township about 45 |
| Cities and north metro. What a welcome relief to | | | | minutes northeast of downtown St. Paul. The |
| would-be lake home owners. The lakeshore is | | | | lower priced home boasted 150 ft of shoreline on |
| affordable again. | | | | Chisago Lake. It was a 3BR/2BA/2Car home built |
| The recent buyer's market has affected the | | | | in 1956 and sold for just $292,500. On the high |
| prices of lakeshore in Minnesota. With there being | | | | end, was a 2002 built lake home on Green Lake |
| so many homes available, buyers have a selection | | | | with 85 ft. of shore. It was listed at $534,900 but |
| that hasn't been seen in the past decade. That | | | | sold for $50,000 less after 6 months on the |
| abundance of homes is in all categories, including | | | | market. |
| the wonderful lakeshore homes coveted by | | | | Ramsey County |
| Minnesota sportsmen and nature lovers. To see | | | | Average $423,890 |
| what kind of an impact the buyer's market has | | | | Total Homes Sold 8 |
| had Minnesota lakes; I did some research on lake | | | | Ramsey County is the heart of the east metro |
| homes sold in the past six months (August 2006 | | | | and is home to the capital city, St. Paul. |
| to February 2007). As a Realtor working in the | | | | Surprisingly, there were some lakeshore bargains |
| north east metro for several years, I knew it | | | | here as well. On the low end of the spectrum, |
| was difficult to find reasonably priced Minnesota | | | | there was a home with 100ft of shore on Goose |
| lakeshore in for the past few years...especially | | | | Lake. The home located in White Bear Lake |
| with a quick commute to the city. I wanted to | | | | originally listed for $389,000 but after six months |
| see if the change in the market had made | | | | on the market sold for $295,550, nearly $100K |
| lakeshore more affordable. What I found is that | | | | less! |
| an in-town lake home is not only affordable, they | | | | On the more expensive side was a North Oaks |
| are available. | | | | home with 150 ft of shore on Charley Lake. The |
| Focusing on the north east metro counties of | | | | home is on a 1.3 acre parcel in a private |
| Anoka, Chisago, Ramsey and Washington, I | | | | community. The 2 story was built in 1980 with |
| discovered some interesting facts. I set up a | | | | 5BR/6BA/3Car. After being on the market for |
| search for lakeshore homes sold that had at least | | | | just over a year, it sold for $673,000. |
| 3BR/2BA and a garage and listed after August 1, | | | | Washington County |
| 2007. The homes had to be a single family | | | | Average $822,483 |
| dwelling, not a town home or condo. There were | | | | Total Homes Sold 6 |
| 24 homes that met these criteria. I then took a | | | | Washington County was home to the most |
| closer look homes that sold for the lowest and | | | | expensive and fastest lakeshore sales in the north |
| highest price in each county. Since most homes | | | | and east metro during the past six months. But |
| sat on the market for several months, there | | | | there were bargains here as well. At the low end |
| were some amazing price concessions by sellers. | | | | a lakeshore home in Oakdale, on Park Lake sold |
| The 24 listings were on the market an average | | | | for at the listed $399,000 in just 45 days. At the |
| of 178 days. But when I looked closer at the | | | | other end of the spectrum a Mahtomedi 1930's |
| homes, I realized that this was not accurate. | | | | charmer on White Bear Lake sold in just 15 days |
| Many of the homes were cancelled and re-listed | | | | for $1.6 million. |
| so the DOM would start again at zero. (In my | | | | For more detailed statistics: ) |
| estimation, the average time on the market for | | | | Are you interested in buying Minnesota |
| north metro lakeshore is 9 months to a year.) | | | | Lakeshore? Now is the time. There are still |
| So where are the deals on Minnesota Lakeshore? | | | | hundreds of homes on lakeshore listed on the |
| All over! Here are some of the highlights: | | | | Twin Cities MLS. Many of these beautiful homes |
| Anoka County | | | | have been on the market for several months. |
| Average $389,550 | | | | With the right offer and Realtor who understands |
| Total Homes Sold 5 | | | | the lakeshore market, you could be spending this |
| The lowest priced lakeshore home sold during the | | | | summer on a Minnesota lake! |
| past 6 months was in northwest Anoka County in | | | | |