Holding steady on Wawasee

November 10, 2009
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Lake Wawasee, the popular northern Indiana getaway for some of the wealthiest people in the Indianapolis area, is doing fairly well despite the real estate bust.

Realtors note the number of sales is down, but that prices are holding fairly steady—much better than around the Fort Myers, Fla., area, another popular spot for locals.

Rick Pinney, who has been selling waterfront houses on Wawasee for nearly 40 years, says it’s hard to get an accurate read on price trends because so few sales have taken place. Occasionally a property sells for 10 percent to 20 percent less than the asking price, but they tend to be properties where the owner, perhaps an elderly person, wants to get out quickly.

Taken as a whole, the median price on waterfront property is down 5 percent to 10 percent, he says. Listing prices haven’t budged; one came on the market recently for nearly $5 million.

“People are expecting for the most part the same price as they would in ’06,” Pinney says.

What are your thoughts? Any other areas you’re aware of where properties have held their values?

  • Stable Value of Lakefront Properties
    In addition to Lake Wawasee, you will find very stable values on other lakefront properties including Lake Manitou in Rochester, Indiana and at Lake Maxincuckee in Culver, Indiana. Maybe it has something to do with "them not making any more lakefront property" in this landlocked State...?

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  1. I am so impressed that the smoking ban FAILED in Kokomo! I might just move to your Awesome city!

  2. way to much breweries being built in indianapolis. its going to be saturated market, if not already. when is enough, enough??

  3. This house is a reminder of Hamilton County history. Its position near the interstate is significant to remember what Hamilton County was before the SUPERBROKERs, Navients, commercial parks, sprawling vinyl villages, and acres of concrete retail showed up. What's truly Wasteful is not reusing a structure that could still be useful. History isn't confined to parks and books.

  4. To compare Connor Prairie or the Zoo to a random old house is a big ridiculous. If it were any where near the level of significance there wouldn't be a major funding gap. Put a big billboard on I-69 funded by the tourism board for people to come visit this old house, and I doubt there would be any takers, since other than age there is no significance whatsoever. Clearly the tax payers of Fishers don't have a significant interest in this project, so PLEASE DON'T USE OUR VALUABLE MONEY. Government money is finite and needs to be utilized for the most efficient and productive purposes. This is far from that.

  5. I only tried it 2x and didn't think much of it both times. With the new apts plus a couple other of new developments on Guilford, I am surprised it didn't get more business. Plus you have a couple of subdivisions across the street from it. I hope Upland can keep it going. Good beer and food plus a neat environment and outdoor seating.