As a water skier, the idea of owning a home on a private lake is the ultimate fantasy. But buying property in a ski lake community is something only the ultra-wealthy can afford, right? Not anymore. In fact, due to the economic downturn and an increase in the availability of water-ski real estate, the dream of owning a lakefront ski home has never been more attainable.
To get the inside scoop on this opportunity, we spoke with Gordon Hall, owner of the San Marcos River Ranch in Texas. With Hall’s help, we’ve come up with the top five reasons why now is the perfect time to purchase your dream lake home.
1. Real-estate prices are at all-time lows, but with the rebounding economy, the best deals won’t last.
Hall says: When the economy seems horrible and hardly anyone is buying is when you find real bargains. By the time the media starts saying the economy has recovered, the best deals will be gone. For most folks, there has never been – and may never will be – a better time to buy than right now.
2. Today’s ski-lake communities offer a wide variety of price ranges.
Hall says: At San Marcos River Ranch, we have lots as low as $59,900 and larger lots that run $200,000 on up – and everything in between. Our smallest homes at San Marcos run 2,100 square feet, which with current local building costs would put them just under $300,000. Other homes push upward of $1 million or more.
3. In the wake of the housing crisis, mortgage interest rates are at their lowest levels in decades.
Hall says: Mortgage rates are now at 40-year lows, so you’re seeing some of the cheapest carrying costs in our lifetimes. With developer financing provided, even first-time buyers can afford their dream ski home.
4. Land for ski-lake communities is becoming more scarce, expensive and difficult to develop.
Hall says: With permitting and environmental costs skyrocketing, it’s becoming increasingly difficult to obtain permits and develop private water-ski lakes. As costs rise even more, the supply-and-demand ratio will favor those who purchased sooner rather than later.
5. Water-ski communities offer benefits that go beyond easy lake access.
Hall says: Ski-lake communities provide great amenities and other benefits not available to most lakefront residents. For example, we have an extremely active community club that hosts several ski tournaments and clinics every year as well as monthly social activities.