Throughout Minnesota there are homes in foreclosure so with tens of thousands of lakes, lake homes cannot be immune from the mortgage and foreclosure crisis can it? In a word, no. I did a search today* for lakeshore homes that are currently bank-owned or listed as a foreclosure and found six current listings for Washington County lakeshore properties.
There are 3 listings on Forest Lake. The first two are priced very reasonably in the low $200’s. This is amazing for anyone who knows the area. Only a couple of years back, a lake lot would have sold for the same amount on Forest Lakes’ first lake. For those developers looking for a bargain, there is a 2 million dollar 46 acre parcel of prime Forest Lake shoreline that can be developed into 23 lots with deeded access for up to 10 boat slips.
If Scandia is more your cup of tea, then consider a foreclosed home on Bone Lake (pronounced bonnie). The two story home looks like a beauty for $379,900. Or consider the nice acre bargain on Big Marine for under $285K. And if you want something in southern Washington County maybe you would consider a home on Lake Jane. This four level split is available for just under $500K. All of the current foreclosed lake homes in Washington County are on full recreational lakes where boating and swimming are allowed.
Note that this list does not include any homes currently in a short sale position or if the current homeowner did not list the home as in foreclosure. More opportunities will continue to come on to the market throughout Washington County. And traditional sellers of lake homes have adjusted their pricing to compete with the distressed properties, so there are many affordable options for your piece of Minnesota shoreline.
Many of these are not your average foreclosures but can be transformed from distressed to fabulous with a bit of elbow grease. As with any REO home some of these lakeshore foreclosures will need more work than others but with so much potential, maybe it is time to do more than just dream of living on a Minnesota lake!Need to learn more about the size, depth and water quality of these lakes? Check out the links to the DNR site for each. For other lakes in the Twin Cities, check the Minnesota DNR Lake Finder.
*Search done using information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. on 2/17/2009.
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