LakePlace.com in the News

Twin Cities Area: The Good Life - Enjoy Your Vacation At Home
By Marcia Jedd
Star Tribune Water's Edge

Twin Citians can have it all when they choose to live on metro lakes and rivers. From the cosmopolitan feel of Minneapolis (pop. 392,700) to the historic charm of St. Paul (pop. 288,000), the Twin Cities offer world-class amenities, strong school systems and rich cultural diversity.

Real estate agents say year-round living on the water is a hot ticket. "Busy, dual-income families that don't want to battle traffic driving to the lake cabins up north can combine both properties – their former home and lake cabin – and put their assets into living on the water here in the Twin Cities," says Wade Hanson, real estate broker and chief operating officer of LakePlace.com, a Richfield, Minn. based online source for Minnesota and Wisconsin lake properties for sale or rent.

Hanson notes 2006 marks the first year of retirement for the initial wave of baby boomers. "They're retiring with a lot of money. But regardless of who is buying these lake homes, for the last several years, interest rates have been historically low so you can get into affordable lake living."

With summer approaching, western metro Lake Minnetonka residents don't have to flee town for recreation. Displaying its heritage as a vacation spot since the mid – 1800s, massive Minnetonka, the tenth-largest lake in Minnesota at 14,500 acres with sailboat races, great fishing and leisure boating.

"Lake Minnetonka is an amazing resource to have so close to the Twin Cities. People who come from out of town are struck by the resort-like atmosphere here," says Ellen DeHaven, Coldwell Banker Burnet, Wayzata office, and Lake Minnetonka resident.

Tranquility can easily be found on quiet North Arm bays and elsewhere, considering Lake Minnetonka is actually a series of some 16 interconnecting lakes. "Ever bay has a different personality, generally speaking, so it provides a broad spectrum of what the lake experience means to people," DeHaven says. There's also a rich diversity in homes, from grand estates to smaller lots and homes. Most homes fetch upwards of $1 million. From the quaint shops and fine dining in Wayzata (pop. 4,032); sprawling estates in Orono, Deephaven and Woodland; to more modest digs in Mound, Lake Minnetonka offers diverse range of appeal.

Homes on Lake Minnetonka have some of the highest appreciation rates in the Twin Cities. According to Dan Distel, assessor for the City of Wayzata, Lake Minnetonka properties appreciated more than 15 percent during the last year. Distel notes the average annual growth in appreciation during the last nine years for Lake Minnetonka properties has averaged 13.5 percent.

Minneapolis Lakes

With summer just around the corner, the Minneapolis Chain of Lakes and its more than 13 miles of recreations paths are a people-watcher's, dog-lover's, roller-blader's and sunbather's – you name it – dream. It's no wonder this handful of connected lakes is the metro area's most high-demand area to live in and the most visited natural resource in Minnesota, drawing more than 5.5 million visitors annually.

From charming Lake Harriet, trendy Lake Calhoun, tranquil Cedar Lake and romantic Lake of the Isles, Jim Slater, Lakeshore Plus/HomStar USA in Prior Lake, says each Minneapolis lake holds an identity all its own. "People come in all over the country wanting to be in the Minneapolis lakes area because it's so popular and scenic," Slater says. He says buyers typically choose a lifestyle and then choose a city lake. "Upscale Lake of the Isles attracts professional people who work downtown, while younger people want to be right where all the action and people-watching is at Calhoun. Harriet is an incredible spot with the bandshell and free concerts. Families gravitate toward Harriet," he says.

Slater estimates typical appreciation for Minneapolis lake homes – with increasing numbers in the $1 million-plus range – is around seven percent to 10 percent annually. Appreciation rates often move higher for exceptional properties, including the stately Isles homes close to downtown Minneapolis. Slater says there's also great demand for condominium living in the city lakes area as a spate of apartment buildings "go condo" and new developments pop up.

Overlooking Lake Calhoun across from the Tin Fish restaurant and boat rentals, one such new project is the Edgewater luxury condominiums, opening in June. "It's a world-class, highly unique building," says developer Clark Gassen, owner of Minneapolis-based Financial Freedom Realty. "The architecturally modern building will feature beautiful exterior stone and we're using thick sound and temperature insulating glass."

What makes the Edgewater so unique? The 23-unit building will feature a rooftop rain garden and a doorman. Edgewater owners get to play interior designer, also. "We're using vanilla shell suites where owners buy the enclosed wall, floor and ceiling and then contract with their own developer-approved designers and architects for finishing" Gassen says. He says Uptown and Lake Calhoun are key draws. "The whole lakes area serves as a magnet for active people from around the metro. And no other neighborhood in Minnesota offers the dynamics of the Uptown area."

White Bear Lake

Across the river and a 20-minute commute from downtown St. Paul is White Bear Lake, the city's largest lake. Summer beckons residents and visitors alike at big White Bear, know for great sailing and water-skiing, in addition to canoeing and other pursuits. "In winter, there's plenty of ice fishing, cross-country skiing and ice boating," says Kathy Madore, Edina Realty, Stillwater office, who also lives on the lake.

The draw to year-round living on White Bear? "The lure of White Bear Lake is a metro location. It's the view, the serenity and the calm," Madore says. She notes listed and sold home prices on White Bear Lake continue to be high, averaging more than $1 million. Limited availability on White Bear Lake keeps demand strong at nearby Bald Eagle Lake, Madore says, which offers lake living at considerably less than the price of White Bear. "Interest is also keen for the smaller lakes such as Bass Lake in Grand and Birch and Otter lakes in the city of White Bear (pop. 24,922). These lakes continue to provide an alternative to White Bear Lake and offer homes that average less than one-half the price of those on White Bear Lake."

St. Croix River

It doesn't get much closer to nature than the St. Croix River, which runs 150 miles along the Wisconsin – Minnesota border before joining the mighty Mississippi in Hastings, Minn. (pop. 20,456) and Prescott, Wisc. (pop. 4.030). In the two states, several quaint towns offer river or just-off-the-river living, depending on access.

Homeowners on river properties here can 'recreate' the river just as you would a lake," says Sharon O'Flanigan, Coldwell Banker Burnet, Stillwater office. "Sailing is possible on some of the widest points of the river as is cruising, swimming and fishing. Kayaking has become popular and jet skis are frequently observed. With the arrival of warm days, the river becomes a giant lake.

Lovely homes, often designed with river views in mind, co-exist with nature because much of the region is federally protected. "Families and individuals live on the St. Croix River for its beauty and in some parts, the primitive undeveloped feeling that is achieved due to restrictions enforced as a results of the Wild and Scenic River Act," Flanigan says. "The river has experienced development and will continue to experience development but the development really is hidden because of set-back requirements, restrictions to tree cutting and other requirements." She cites continued strong appreciation rates of homes, which start at approximately $600,000.

For that 24-7 vacation feel, consider living lakefront style in the Twin Cities and environs.