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CaptT820 · 03-30-2016, 01:17 PM

BrownDog-
I was in your shoes about 4 years ago, when the hunt for island property for me and my wife began. Not to immediately kill the dream, but it took us 3 1/2 years to find the right island parcel. We have literally looked at every available parcel over that time period. We closed on our Sleeper's Island property last October.

What islands are you looking at? I assume non-bridged islands. Depending on the island, the price can vary widely. Cow Island has some of the larger parcels on the lake, but you'll pay for it. Rattlesnake Island has by far the least expensive parcels on the lake nearly every year on the broads side of the island, but you NEED a breakwater (see cost at $25K-$50K on top of the land cost).

The direction the parcel faces is key and affects price as much as anything. Southern and Western facing parcels command a 25-50% premium over an East or Northern facing parcel. For the shoulder seasons (April, May, October, November) it is awfully nice to have the sun on your face when the water may be too cold to go in.

Cow Island parcels go for $225-$400K without a cabin. Rattlesnake Island parcels go for $90-175K without a cabin. Sleepers parcels go for $105-160K without a cabin. Basically to get a parcel with an existing USABLE structure you are looking at $200K minimum.

My wife and I were very fortunate to get a southern facing parcel on Sleepers for less than $150K. The previous owner had owned the property from 1972-2015, so like others have said, the properties do not become available very often.

Island property may be 30% more costly to develop, but they cost about 75% less to buy in the first place, so it lets you get your foot in the door.

03-30-2016, 01:17 PM	#24
CaptT820 Senior Member Join Date: Mar 2012 Posts: 122 Thanks: 86 Thanked 46 Times in 27 Posts	New Islander BrownDog- I was in your shoes about 4 years ago, when the hunt for island property for me and my wife began. Not to immediately kill the dream, but it took us 3 1/2 years to find the right island parcel. We have literally looked at every available parcel over that time period. We closed on our Sleeper's Island property last October. What islands are you looking at? I assume non-bridged islands. Depending on the island, the price can vary widely. Cow Island has some of the larger parcels on the lake, but you'll pay for it. Rattlesnake Island has by far the least expensive parcels on the lake nearly every year on the broads side of the island, but you NEED a breakwater (see cost at $25K-$50K on top of the land cost). The direction the parcel faces is key and affects price as much as anything. Southern and Western facing parcels command a 25-50% premium over an East or Northern facing parcel. For the shoulder seasons (April, May, October, November) it is awfully nice to have the sun on your face when the water may be too cold to go in. Cow Island parcels go for $225-$400K without a cabin. Rattlesnake Island parcels go for $90-175K without a cabin. Sleepers parcels go for $105-160K without a cabin. Basically to get a parcel with an existing USABLE structure you are looking at $200K minimum. My wife and I were very fortunate to get a southern facing parcel on Sleepers for less than $150K. The previous owner had owned the property from 1972-2015, so like others have said, the properties do not become available very often. Island property may be 30% more costly to develop, but they cost about 75% less to buy in the first place, so it lets you get your foot in the door.