Can anyone afford to live on a lake? (Minneapolis, Duluth: houses, to buy)

[sfw1979]

that is somewhat near the twin cities. I have always dreamed of living on a lake when my husband retires from the military in 7 years but WOW the prices are high...and then there are the taxes...
I know it's prob a pipe dream, but oh well!! Even cabins on lakes are getting to spendy up north! The area I like more in MN is west of the TC, like Wayzata, Medina, etc. The cheapest lakefront house I oculd find was on Lake Sarah in Loretto for 599k! I know Lake Minnetonka is really $$$, but it's such a nice area!!!

[Jaxx99]

It has become a rich man's game. The last person I know of who was able to get lakefront property within commuting distance from the cities was a person who bought in Forest Lake.

There are lots of "ponds" that people try to call lakes, but I'm talking about a real, navigable lake.

[yellowsnow]

On Edina Realty, you can search for waterfront property. You will be surprised, there's a lot available and it's cheaper now than it has been for several years. And I'm not counting the ponds and swampland.

I keep up with that because I'm trying to sell mine.

[Kingsnkali]

I agree about the prices. Over the top. I looked at lake lots up near Alex and the dream has become a nightmare. Anything remotely affordable was a mosquito den with solid cattails a 100 feet out. I would hate to develop this kind of lot because you're getting into spawning areas for fish and birds. Those areas should really be left alone.

The other option is going with an older existing lake home or cabin. There are some doable deals out there if you look long enough and avoid the big name lakes.

Just might have to get used to the public access and towing the boat..

[Lindenin]

We found that it made more sense to get a boat slip out on Lake Minnetonka for a couple thousand bucks a year than to try to buy a lake place. That way, we have our boat docked all the time and you don't have the hassle of using public access.

Plus, we found these benefits:
1. We can improve our primary home to make it real nice, rather than try to do a half-way job on two separate homes. How many times have you seen people pour money into their lake home, while their primary home could really use a facelift?
2. We don't have to worry about lawn mowing, upkeep, etc. on the lake place
3. I'm not constantly wondering how things are at the lake place... is the ice out yet? Are mice in the house? Has someone broken in?
4. My favorite: My Friday commute to get to "my lake" is about 5 minutes!!

[sfw1979]

Originally Posted by Lindenin

We found that it made more sense to get a boat slip out on Lake Minnetonka for a couple thousand bucks a year than to try to buy a lake place. That way, we have our boat docked all the time and you don't have the hassle of using public access.

Plus, we found these benefits:
1. We can improve our primary home to make it real nice, rather than try to do a half-way job on two separate homes. How many times have you seen people pour money into their lake home, while their primary home could really use a facelift?
2. We don't have to worry about lawn mowing, upkeep, etc. on the lake place
3. I'm not constantly wondering how things are at the lake place... is the ice out yet? Are mice in the house? Has someone broken in?
4. My favorite: My Friday commute to get to "my lake" is about 5 minutes!!

This is an excellent idea! We love Lake Minnetonka but don't think we could afford anything on it

[MN55555]

If you are willing to live in northern MN you may find slilghtly cheaper lake houses. For example, with this terrible housing market, in Bemidji, there are two lake houses for around 200,000. That is nothing. You can also find a house on Leech Lake in Walker starting at 350,000. But as soon as you get closer to the Twin Cities, good luck. It is even expensive to live on a pond or shallow lake.

[NurmMN]

I live on a lake 25 miles north of Duluth..........beautiful, quiet and wonderful view....price not too bad...........we built it ourselves and will be, hopefully, selling in about a year or so to retire and move south (Tennessee or Texas)

[lukeache]

Living on a lake like Minnetonka in the metro area is for mostly wealthy people. But as you get out of the cities, just about any hillbilly can live on a lake. I remember when we went to Pine City, we saw a lot of bubbas living on the lake, it is what they call here in Minnesota "resorts". A bunch of redneck trailers by the Pokegama Lake with a "supper club" in the middle. In this sense, Minnesota is an equal opportunity lake living provider, you can be Bill Gates or Larry the Cable Guy and still live on a lake.

[Hal Evans]

There actually are people who live in lake cabins year-round. And then they visit Minneapolis on a weekend, taking in theater and concerts. So that is flip-flop from the usual notion of having a lake cabin to escape to. Frankly, I can't see maintaining two homes. Lots of work to be done at a cabin that sits there and is only used for a few weeks during the year. But many people do. I think it is becoming less common now with the price of gas skyrocketing.