Homes for sale Mille Lacs Lake

[Net_Man]

I contemplate living lake shore on Mille Lacs Lake MN at some point in time. A couple of times a year or so I look at home listings for sale.

Maybe I am off with my thoughts with my recent view but it looks like most homes for sale here over let's say $300,000 seem to be about $75,000 to $100,000 over priced. There seems to be more homes for sale here currently then the last few years so supply seems to be high. And they do not look to be selling quickly.

Low interest rates often inflate prices but rates have been low for several years. Are the real estate companies part of the inflated price problem? Is discretionary spending dollars so available to the middle class that it is inflating prices? With covid and the work from home movement is this making these some what job dead zones more attractive to live at and raising prices?

Lake shore normally only increases in value but Mille Lacs lake has so many management problems that a typical home buyer will not over look.


Any insight is welcome but prefer thoughts on Mille Lacs lake shore homes.

[That Minnesota guy]

If I owned a home on Mille Lacs I would list it also. If the value is over inflated and you can get it why not? Fishing is only the #1 reason to own lakeshore for people on fishing sites. Most could care less what is going on with Mille Lacs as far as regs go. You are a prime example. You know whats going on but still don't care enough to quit looking to buy there. Gull & Tonka have become for the rich and Mille Lacs is next. Buy a house there tomorrow and sell it in a few years. The investment will pay you better then a bank savings account.

[Baseline]

Mille Lacs is a major lake sitting within 1 to 1 1/2 hours of a city 3.5 million people and a lot of those people want to get away from the city either full or part time. Despite the problems with regulations and fish management the fishing in the lake is still excellent and the lake gets lots of use from drive ins and property owners. Just about any lake within 1 1/2 hours of the Twin Cities has high property values and they are not likely to fall.

If you think the property values are high do some research on COST OT OWN- taxes, construction regulations - etc. A friend on mine has a cabin/house on a nearby lake. The original cabin was built in the 1950's and has been remodeled several times. The county came to his property to update the property appraisal and told him he needed a new certificate for his septic system. The septic inspector rejected his current "working" septic system telling him he needed to build a mound system in a location further from the lake. He now has to build a mound system in a location that will require a lift system and also a new well which will require a specialized filtering system. He is looking at a cost between $25k to $30K. They also told him the deck he built without obtaining a permit either had to be removed or he needed to obtain a variance to the lake front setback requirements which may be a real hassle. Moral of the story -- make sure you know what you a buying and all structures are compliant with current lakefront codes before you lay your cash down.

Minnesota Guy is right about property values increasing in the future as people vacate the Twin Cities for a better quality of life.

[CraigM]

Originally Posted by Net_Man

I contemplate living lake shore on Mille Lacs Lake MN at some point in time. A couple of times a year or so I look at home listings for sale.

Maybe I am off with my thoughts with my recent view but it looks like most homes for sale here over let's say $300,000 seem to be about $75,000 to $100,000 over priced. There seems to be more homes for sale here currently then the last few years so supply seems to be high. And they do not look to be selling quickly.

Low interest rates often inflate prices but rates have been low for several years. Are the real estate companies part of the inflated price problem? Is discretionary spending dollars so available to the middle class that it is inflating prices? With covid and the work from home movement is this making these some what job dead zones more attractive to live at and raising prices?

Lake shore normally only increases in value but Mille Lacs lake has so many management problems that a typical home buyer will not over look.


Any insight is welcome but prefer thoughts on Mille Lacs lake shore homes.

I have lived on the lake for almost for a long time and have several close friends in the Real Estate business here . They have told me that sale ready properties are selling at a premium to buyers from Metro areas around the country . Those moving are over $400000 and in 2 cases they mentioned these were affluent buyers offering cash . I was given a very nice listing price for my place trying to get me to list( no we are not selling) with the caveat that next year when the riots subside in Metro areas the real-estate prices will probably go down . So I have seen values on the lake vary over the years but the Lake has changed you now see as many pontoons on a week end as you see fishing boats, it has become a family vacation spot . And a lake cabin is now a knock down to use the property to build a expensive Lake Home

While you can make a good buy or pay too much the market is the market...in the end it evens out.

It's a cool lake to fish BUT very low on visuals, buggy, busy, commonly rough, low on non fishing activities and essentially located in the middle of a big bog. The bog starts the food chain with tons of bugs in and around the lake and everything else grows from there.

It at times offers Canada like fishing....that is what people are paying for, not the other stuff.

[Aspencreek]

When considering Lake front property everything is always overpriced compared to not lake front.

Remember, they aren't making anymore Lake Front.

[Bobby Winds]

When purchasing right on the lake make sure you assess your personal priorities.

We would never want to live right on a lake, especially a busy one because all good weather long you will have no privacy or peace and quiet. It's either the boats, water skiers, personal watercraft and don't forget the pesty fisherman trying to cast under your docks. When that's not happening your goofy neighbors are cutting the friggen grass AGAIN.

I say this because of personal experience. However, if that's not a concern make yourself and your bride happy happy happy and get that lakefront experience as you only live so long.

A lake view property with easy access to your boat at a marina sometimes makes a lot more sense for a LOT less money.

Good Luck House Hunting,
Bob

[grizzley]

Strange, I just had a conversation with a guy whose wife is in real estate yesterday.
He was talking about a small home on literally a pond (Lake Harmony, Pa) that the owners wanted to sell, they were looking at getting roughly $120-$130,000. She told them that that was really low and to let her handle the sale and that she was sure that they would be happy. She sold it SIGHT UNSEEN to someone from NYC for $500K, and when asked when they wanted to see the home they stated that they didn't and that they planned on having it torn down and building a new home that suited them on the lot!
More and more city people with high paying lobs moving into NE Pa due to Covid and the current state of affairs going on in the big cities, it started quite a few years ago, tapered off somewhat, and is now back to a fever pitch where homes are selling quick and at a premium.

[Hot Runr Guy]

Originally Posted by grizzley

Strange, I just had a conversation with a guy whose wife is in real estate yesterday.
He was talking about a small home on literally a pond (Lake Harmony, Pa) that the owners wanted to sell, they were looking at getting roughly $120-$130,000. She told them that that was really low and to let her handle the sale and that she was sure that they would be happy. She sold it SIGHT UNSEEN to someone from NYC for $500K, and when asked when they wanted to see the home they stated that they didn't and that they planned on having it torn down and building a new home that suited them on the lot!
.

Wait until the new owners get out there and discover there's no internet,,,,,,

HRG

[grizzley]

Actually we have very good internet access, phone, and cable service throughout our area.
You can probably check it out on one of the topo sites or Google Earth, it's a small lake with houses and cabins on top of each other surrounding it, I think further back from the lake, and through gates, there are condos and time shares, never been back there.
They just need to drive up the road a couple miles from there, jump on the interstate and head for NYC, or drive a couple miles South and get on the PA Tpk. and head for Philly, plenty of people doing that in NE Pa., they even have buses that will take you to and from work in the city in certain areas.
I had posted this before, EVERY State Gameland in NE PA has a development built up against it, we've been invaded!