MOUND, Minn. - Some happy Minnesotans are realizing a dream that many have held for years: waterfront home ownership.
Edina Realty reports homes located on or within sight of lakes, rivers or ponds are up 127% over the same time period in 2011.
"I always wanted to be on the Lake," commented Ryan Lommel of Mound. "I looked many years ago, but, you know, prices were pretty high at that time."
Less than a year ago, Lommel purchased a home on West Arm on Lake Minnetonka at a price he could not believe. Now, he has a dock for his boat steps away from the house.
"Actually," said Lommel, "a lot of our friends have brought this year as well on the Lake." That reflects the trend reported by Edina Realtor Scott Stabeck of Wayzata. "I think it is a lot that comes down to pricing and taking advantage of interest rates where they are at."
Stabeck believes the waterfront home market "bottomed out" about six months ago, after a decline of 30-40% from the "height of the market." He reported that prices are having a slight "uptick", but are still low enough to be driving sales.
Stabeck referred to a 64,000 square foot, 5 bedroom, 3-car garage home in Minnetrista featuring spectacular views of West Upper Lake. "Definitely would have been a $3-$3 ½ million dollar home nd now it is 2 ½ (million)."
Edina Reality reports that home sales in the 13 county metro area are up 21% in 2012 generally, with the waterfront sales at dramatically higher rates.
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