Why does lakefront property have to be so damned expensive?

Dewey643

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The one area of Indiana I enjoy most is the northern Indiana lake region with lakes like Wawasee,Webster,Barbee Chain,etc. I'd LOVE to sell my current home and move up to that part of the state,but why does lakefront property have to be so damned expensive? For example,I was looking at prices of cottages about same size as my house here in Bluffton,IN(about 800 sq. ft. give or take a few),and I just CAN'T believe what they ask for these places. I paid $48,000.00 for my house back in 2010,....a similar sized cottage on lakefront is roughly $129,000.00 to $148,000.00 built in late 1940's to late 1950's. Then you have cottages/homes where they ask damn near half a million dollars. I guess it may depend on what lake you're on!
 
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SEMPERFI8387

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lakeliving

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I would have loved to pay that!

I will say it’s more money living waterfront but it’s worth the price of admission.
 

Vikingstaff

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What Semper said, and supple and demand are not helpful when it comes to being lakefront. On our lake, on those rare occasions when someone sells one of the few empty lots left on it, they run in the 120-140k range for a small 40-50’ wide lakefront lot.
 

TomS

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Same for Clear Lake where we came from. $500k is a starting point for a tear down, maybe for a 40' frontage lot. Lake Wawasee is even more expensive, depending on where on the lake. $148k wouldn't buy anything there that I know of. It is what it is, supply and demand.
 

Dewey643

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Sounds CHEAP! I cruise Lake Maxinkuckee in northern Indiana...not far from where you are talking about. Tear downs start at over $1,000,000.
Is that the lake that is in,or near,Culver,IN? I've never been on that lake,but have been by it! I have not been over that way in what seems like forever. Tear downs start at over a million? Geeez! There's a boat dealer over there,but I forget the name of it!
 

bsman62

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Is that the lake that is in,or near,Culver,IN? I've never been on that lake,but have been by it! I have not been over that way in what seems like forever. Tear downs start at over a million? Geeez! There's a boat dealer over there,but I forget the name of it!
Yes, it is Culver. Beautiful lake. There are three marinas/boat dealers, but only one on the water. Culver Marina is the Bennington dealer in my area. I looked earlier and found a couple very small, old cottages that are listed for $800,000. Lol Bargain!
 

Dewey643

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Yes, it is Culver. Beautiful lake. There are three marinas/boat dealers, but only one on the water. Culver Marina is the Bennington dealer in my area. I looked earlier and found a couple very small, old cottages that are listed for $800,000. Lol Bargain!

$800,000.00? Holy Cow! WAAAAYYYYY out of my price range! I've read a LOT of mixed reviews about Culver Marina,though,...some good,...some NOT so good! That aside,....I'd probably go for lakes like Beaver Dam,or Silver Lake in the southwest portion of Kosciusko County. Cottages MIGHT be cheaper on those smaller lakes. Sechrist on Barbee Chain would be a good one,maybe. Cottages on Tippecanoe and Wawasee would be TOO expensive,I would think. Only problem I see with lakes like Beaver Dam and Silver is that there are no marinas to buy fuel. Apparently,Culver Marina must not be very interested in doing business with me,...I emailed them two days ago asking what brand(s) of pontoons they carry,and they have yet to get back with me.
 

JandKE

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When we bought our lake place the best piece of advice we got from a realtor was "pick your lake first, your lot second and worry about the buildings last. They can always be replaced. The best house in the world on a crappy lake won't make you happy."
 

bsman62

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$800,000.00? Holy Cow! WAAAAYYYYY out of my price range! I've read a LOT of mixed reviews about Culver Marina,though,...some good,...some NOT so good! That aside,....I'd probably go for lakes like Beaver Dam,or Silver Lake in the southwest portion of Kosciusko County. Cottages MIGHT be cheaper on those smaller lakes. Sechrist on Barbee Chain would be a good one,maybe. Cottages on Tippecanoe and Wawasee would be TOO expensive,I would think. Only problem I see with lakes like Beaver Dam and Silver is that there are no marinas to buy fuel. Apparently,Culver Marina must not be very interested in doing business with me,...I emailed them two days ago asking what brand(s) of pontoons they carry,and they have yet to get back with me.
Dont feel alone. I had the same experience from Culver Marina when looking for my Bennington. The salesperson acted very uninterested. Needless to say, I did not buy from them.
 
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bsman62

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$800,000.00? Holy Cow! WAAAAYYYYY out of my price range! I've read a LOT of mixed reviews about Culver Marina,though,...some good,...some NOT so good! That aside,....I'd probably go for lakes like Beaver Dam,or Silver Lake in the southwest portion of Kosciusko County. Cottages MIGHT be cheaper on those smaller lakes. Sechrist on Barbee Chain would be a good one,maybe. Cottages on Tippecanoe and Wawasee would be TOO expensive,I would think. Only problem I see with lakes like Beaver Dam and Silver is that there are no marinas to buy fuel. Apparently,Culver Marina must not be very interested in doing business with me,...I emailed them two days ago asking what brand(s) of pontoons they carry,and they have yet to get back with me.
Here's a fixer upper deal for you:
https://www.zillow.com/homedetails/952-W-Shore-Dr-Culver-IN-46511/94506218_zpid/?

I found one under $800,000!!! I hope you like green shag carpet and dark paneling! Lol

https://www.zillow.com/homedetails/280-W-Shore-Dr-Culver-IN-46511/94506357_zpid/
 
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Nautical

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I'm a Realtor. Here on Lake Norman you can't even find a fixer upper with a 6 digit number that doesn't start with a 4 or 5. If you think the homes are too expensive, try shopping for land. Those people are the craziest and most stubborn of all sellers and they'll sit on it until some rich fool comes along. I tell people they might as well shop for an existing home because when you compare the two you'll find the house is free . . . you're just paying for the land.
 
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