Lake property value going up despite recession
DETROIT LAKES - The housing market in our area has beaten the odds again. As many across the country try unsuccessfully to sell off first and second homes, those looking for a lake place are still forking over big bucks.
In the past year, Jack Chivers sold ten million dollar lake homes. Until last year, he had only sold one. Sales haven't slowed down here and prices are actually going up. The average lake home will now cost you half a million dollars; many are much more.
Chivers recently sold a two million dollar house on Detroit Lake. It was on the market for less than a month. Three buyers went into a bidding war to get the property. The most popular lakes in our area are Detroit Lakes, Melissa, Cormorant, and Pelican. A place on Pelican will set you back about five thousand dollars a foot.
Chivers said the lake housing market won't slow down anytime soon. He expects it will actually grow even more. He says the longer you wait to buy, the more it's going to cost you. Chivers says many buyers are from the region, but some out of state residents have cabins and usually have ties to the area.