Question (Brainerd Lakes Region) (Minneapolis, Breezy Point: foreclosures, condo, houses)

[GraniteStater]

I like comparing Lakes Region areas from one state to another and have noticed a huge quantity of houses in the Brainerd Lakes region that have been built in the past 10 years ago. Did this area really take part in the speculative housing boom that swept many areas of the country, or is it primarily second home development? Is this a deisrable area to invest in now or will prices continue to plunge?

[Clifford63]

Originally Posted by GraniteStater

I like comparing Lakes Region areas from one state to another and have noticed a huge quantity of houses in the Brainerd Lakes region that have been built in the past 10 years ago. Did this area really take part in the speculative housing boom that swept many areas of the country, or is it primarily second home development? Is this a deisrable area to invest in now or will prices continue to plunge?

Hey GS. Lot of the homes that went up in last 10 years are "lake homes" and somewhat often refered to cabins, but they are not cabins in the traditional sense. Mixed in are some of the original cabins that started going up in the 1920 and the classic family resorts which are 10 or so cabins and fading from existance rather quickly due to land prices and property taxes.

The area in general is within 2 hours or so of the metro, so this has much to do with the demmand in that area. You see a lot of pleasure boating, jet skis, golf, high end resorts, and stuff like that. I am not sure what is going on with the market there now. Spring is when everyone gets the itch to buy, and my guess is prices will drop some. I would also guess that many of these homes are owned by people that are fairly well situated, so not likely to see tons of foreclosures unless people really stretched to get into those places.

Another factor why the area is popular is that the lakes in Southern MN are typically shallow, and often have problems with runoff from farmland.

For the serious fisherman, you have Milacs to the east and Leach to the North within an hour or less.

Whitefish, Gull and Pelican are fairly large lakes and tend to be more upscale. There is also a lot of small and medium lakes in that area where things are more affordable.

You do see McCabins in other lake areas too, but Brainerd area seems to be the largest concentration.

My mecca is Northern St. Louis and Lake Counties. Close to the Boundry Waters. Many of the lakes are Candian Shield lakes that are deep and clear with much fewer people around. We have a cabin back in the woods and we see stuff that is constantly amazing.

[GraniteStater]

Originally Posted by Clifford63

Hey GS. Lot of the homes that went up in last 10 years are "lake homes" and somewhat often refered to cabins, but they are not cabins in the traditional sense. Mixed in are some of the original cabins that started going up in the 1920 and the classic family resorts which are 10 or so cabins and fading from existance rather quickly due to land prices and property taxes.

The area in general is within 2 hours or so of the metro, so this has much to do with the demmand in that area. You see a lot of pleasure boating, jet skis, golf, high end resorts, and stuff like that. I am not sure what is going on with the market there now. Spring is when everyone gets the itch to buy, and my guess is prices will drop some. I would also guess that many of these homes are owned by people that are fairly well situated, so not likely to see tons of foreclosures unless people really stretched to get into those places.

Another factor why the area is popular is that the lakes in Southern MN are typically shallow, and often have problems with runoff from farmland.

For the serious fisherman, you have Milacs to the east and Leach to the North within an hour or less.

Whitefish, Gull and Pelican are fairly large lakes and tend to be more upscale. There is also a lot of small and medium lakes in that area where things are more affordable.

You do see McCabins in other lake areas too, but Brainerd area seems to be the largest concentration.

My mecca is Northern St. Louis and Lake Counties. Close to the Boundry Waters. Many of the lakes are Candian Shield lakes that are deep and clear with much fewer people around. We have a cabin back in the woods and we see stuff that is constantly amazing.

Thank you very much for that info. I will keep the Brainerd Lakes region on my list as an area for possible investment in the future.

[rcsteiner]

Originally Posted by GraniteStater

Thank you very much for that info. I will keep the Brainerd Lakes region on my list as an area for possible investment in the future.

My Dad had a cabin out on the point at Breezy Point (on Pelican Lake) for quite a few years, but he ended up selling it when the condo people started overrunning the beach. It was getting expensive, anyway. But that's a very nice lake.

I also have a good friend who has a summer home on the Whitefish Lake chain, and that's a wonderful area. The Whitefish chain is *many* lakes with cabins and homes on them, all linked together with canals.

Cross Lake, MN - Google Maps

[Chandler85]

With the housing market in the state that it is in - prices have plummeted. Mainly due to the fact alot of the lake homes are used only for vacationers from Minneapolis.

[GraniteStater]

Originally Posted by rcsteiner

My Dad had a cabin out on the point at Breezy Point (on Pelican Lake) for quite a few years, but he ended up selling it when the condo people started overrunning the beach. It was getting expensive, anyway. But that's a very nice lake.

I also have a good friend who has a summer home on the Whitefish Lake chain, and that's a wonderful area. The Whitefish chain is *many* lakes with cabins and homes on them, all linked together with canals.

Cross Lake, MN - Google Maps

Thank you for your help. I am possibly looking at purchasing an already existing property at severely depreciated price. I look forward to visiting the area sometime this year.