Buying a lake community home in the winter

[John Mercier]

Originally Posted by thinkxingu

There's a lot of evidence that younger generations might not want the baggage that comes with second homes or, even if they'd want to, might not be able to afford them.

For that reason, and given that luxuries go before needs, I don't think it's unreasonable to think we'll see prices drop at the lake...or at least not increase in value as aggressively in the past.

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Maybe not as aggressively.
But unless a reasonable amount of properties come onto the market, it will always have that ''shortage effect".

[Biggd]

Originally Posted by John Mercier

Maybe not as aggressively.
But unless a reasonable amount of properties come onto the market, it will always have that ''shortage effect".

The OP was asking about waterfront communities. There are different levels of buyers. You have to have considerable wealth to buy and support a waterfront home on the lake today and I agree "there's a limited supply".
I bought my first property on the lake in Alton Bay back in the 70's, I was in my 20's. I can't afford lake front at these prices anymore.
But waterfront communities are more abundant and don't require the same level of wealth. They also don't appreciate at the same pace as waterfront property.
I never had that kind of wealth, so I always had to be more precise in my purchases.
Everyone has a different approach to life purchases. I just follow what has worked for me and my family.
I'm a DIY buyer so I always look for a property that needs TLC.

[TomC]

I sort of wonder whether other influences will affect prices more than the economy. I sold my Winni house I owned for 27 years to buy on a different local (smaller) waterbody. I was driven away by overcrowding/noise, water quality degradation, and the desire to boat and fish on non-motorized craft...

[FlyingScot]

Originally Posted by Biggd

waterfront communities are more abundant and don't require the same level of wealth. They also don't appreciate at the same pace as waterfront property.

This is one of the ironies of the whole thing. An "expensive" property that appreciates fast is less expensive than a lower priced property that appreciates slow. We bought our place before the recent run up, thinking it was our once in a lifetime splurge. WRONG! We've made a large chunk of change. We don't expect to ever cash out, and we hope future generations will hang onto it. But there is something funny about a system where toys/luxuries are profitable for their owners

[Biggd]

Originally Posted by FlyingScot

But there is something funny about a system where toys/luxuries are profitable for their owners

Until there not.

[FlyingScot]

Originally Posted by Biggd

Until there not.

Yes, that's fair, I should have mentioned that the past may not be repeated