Report Looks At Trends In Local Recreational Properties
By STEVEN COOKE
Bose Public Affairs Group
INDIANAPOLIS — Re/Max Integra, Midwest recently released its Recreational Property Report for the 2015 summer season, showing healthy activity across second property markets in Indiana, including the areas of Lake Monroe, Patoka Lake and the northeast Indiana region.
Local brokers from across the state indicate that consumer demand is reaching new heights as home buyers now more than ever are willing to pay higher prices for move-in ready, waterfront locations.
“The Indiana recreational housing market has seen outstanding growth and recovery in recent years,” said David Linger, executive vice president and regional director overseeing Re/Max Integra, Midwest in Minnesota, Wisconsin and Indiana. “Buyers have a pent up desire to purchase recreational properties, and with the recovering economy, they are starting to see second homes as an affordable option again.”
The full Re/Max Integra, Midwest Recreational Property report, with market activity summaries for the three regions across Indiana, is available here.
While each region has its own attractions that make the area appealing, a number of broad trends have been observed across the state:
•Economic recovery has shifted buyers’ mindsets. Homebuyer activity in the market for recreational properties indicates that for the right price, they’re willing to make an offer.
•While summer is still the peak season for viewing and purchasing recreational homes, a new trend shows buyers want recreational properties that can be used year-round.
•Two groups of buyers have emerged. Baby Boomers are looking to purchase a second home that can eventually be used for a retirement location. And young executives want to purchase homes that they can use recreationally with their families, potentially throughout all seasons.
Northeast Region
Despite the abundance of lakes in Kosciusko County, a haven for boating and fishing enthusiasts, this popular recreational market got off to a slow start due to heavy rains. But, Re/Max Realtors are seeing an uptick in demand now, especially in the $150,000-$250,000 price range and expect a busier market through mid-August.
Other Areas
Just 10 minutes from Bloomington and an hour’s drive from Indianapolis, the largest lake within Indiana’s borders is home to a popular market for vacation homes and condominiums available within a wide price range. Year-round lake views are typically the highest price per square foot while wooded views and golf views are surprisingly affordable. So far in 2015, sales are up by 36 percent within the Eagle Pointe Resort area.
The absence of lakefront homes surrounding this Hoosier National Forest gem means prices in this southern lake area are more affordable than other recreational property markets in Indiana. In fact, the current starting price for a typical cottage begins around $80,000. And its proximity to other attractions offers year-round adventure.