I just bought a house this fall on the south side of the lake. I live in California, but have a son who lives in Minneapolis and my wife and I hope to retire (half the year) to Minnesota. So I just went through this thought process in a serious way.
I don’t think there is any question that bad press is affecting real estate prices. For example, a good friend of mine from Minneapolis told me I was crazy to be looking at a house on Mille Lacs. He had heard plenty about the wind, the “ice outs,” the “huge” numbers of people and most importantly the “fishing demise.”
Perhaps being somewhat of a contrarian, I decided to investigate further. I had a hunch the problems were being exaggerated and I figured maybe, because of these attitudes, we could find something we could actually afford.
Coming to Mille Lacs, I found lots of for sale signs and a real estate market not yet fully recovered from the last recession. Mille Lacs definitely was not making the “desirable lakes” lists.
But here’s what else I found:
A lake an hour and 45 minutes from Minneapolis.
A lake that is still considered a world class fishery by every knowledgable fisherman I could find.
A lake with almost unmatched fishing variety available.
A lake with unbelievable sunsets.
A lake with two state parks and the Rum River.
A lake with world class ATV and snowmobile trails.
A lake with easy access to grocery stores, hardware stores, bait and tackle shops, and even a few restaurants.
Contrary to the slow real estate market I was seeing, my son told me the real estate market in Minneapolis was really heating up. It seems like a pretty obvious theory that prosperity in the twin cities should usually be followed by rising demand for lake homes.
Of course, I could be dead wrong, but I don’t think anyone should pull out of Mille Lacs right now unless they have to. I think it’s an underappreciated diamond. Like most diamonds, it has some flaws, but that doesn’t change the fact that it’s a diamond.