Resorts being lotted off- "Shared Common Ground Lots"

[Fishalittle]

So I am looking for a lake lot....Budget is small but there are some options. I also seem to be finding quite a few of these shared ownership common ground developments and you own the cabin or own the rv space type deals at old resorts and rv parks but share lake access and beach, etc. What is the take on this good deal or bad? Resale long term? You can get into cabins cheaper than traditional own the lot and cabin scenarios but I am unsure of how I feel about it.

[Tom7227]

The legal setup makes all the difference in the world. Be sure to get as much info as you can before you sign the papers and talk to a real estate lawyer about the deal. Who controls what? Professional manager or a board made up of residents? Who pays what? Who sets the budget, where does the money sit until spent? All sorts of issues and a variety of laws dealing with the various possible setups.

[chaffmj]

I agree with what Tom7227 says. I also think you would be better off buying your own place where you call all the shots. Costs more but I think it is worth it if you can afford it.

[delcecchi]

There is one across the bay from us on head-o-lakes bay on Vermilion that has been there quite a while "northern pines estates" which I haven't heard anything negative about. There have been a couple others attempted. Waters of Vermilion was unsuccessful and I don't know what is happening with it now.

I would say the devil is in the details, like Tom said. In addition it probably makes a difference if it is a resale or a new place.

[gunner55]

These are getting more & more common as some resorts went under with the bad economy but lakeshore property continues to increase in value.There's 1,that has been there for quite a while, on the north end of the lake we are on & it's almost totally trailerhouses.I haven't heard anything bad about it & I've bumped into a few of the people who stay there.Personally,I don't think I would like my neighbors that close

[chasineyes]

I think it really depends on how much you will use it. On the one hand if you plan on using it a lot, you can probably be rest assured that Monday through Thursday the place will be quiet. However your weekends will probably be "noisy". If it's just going to be a weekend place, then I would think you want something cheap and easy to use (no maintenance).

My parents live in one on Leech and it's getting to be a disaster. As more and more people from the metro move into these places, they begin to want to "change" the landscape to fit what they may have lived in down in Edina or Woodbury.

I have also been looking for a cabin and there are cheaper ones out there, your just not going to be on a top-shelf lake. I also don't think the price of cabins lakeshore is going to continue rising at the pace people have seen in the past. What fueled the growth in lakehomes in the last 15 years was the boom in prices in the metro. However these have really leveled off and fallen, therefore there is NOT as much "free money" to spend on $300,000 "second homes". Nor do I think the future generations care about having a lake place.

[leechlake]

I'd suggest doing what many people have done over the years. Buy a lot on a lake you like and obviously can afford.

Design a place that you can build in stages as you can afford it that when eventually completed looks and functions well aka doesn't look like you added on here there with not much of a plan. During that time have a pop up trailer or someplace to sleep and eat. Many people start with a garage and use that as living quarters for the short term.

Much of this depends on if you have a wife and kids and what they can handle, no water for a while, outhouse, basically "roughing" it in the short term.

Bottom line is that many families, including mine when I was a kid did this and it makes a lifetime of memories that you'd never get if you just bought or had someone build you a new place. It's an adventure.

[Fishalittle]

Interesting thoughts so far....thanks everyone.

We are set up with a camper and so a lot with water, power and maybe a septic tank is fine for a while...perhaps until the lot was paid off. The sticker is these resorts have great beaches/play areas that appeal to my wife and kids. Now finding a lot like that isn't going to happen...at least on the lower end of the price spectrum. In the same respect the ideas of what is nice now might not be the same in 10 years! Privacy will be more important then I think once kids are older. Do want it to be a place for memories and to pass down to the kids one day so probably best to lean towards our own lot. I guess I was thinking maybe the shared resort idea was a stepping stone to something of our own one day. Which prompted the resale questions....

Keep the thoughts and experiences coming!

[BoxMN]

Sorry in advance if I get long...

I have cabin on my own lot. Lots of inlaws have places in associations, all in the Whitefish Chain area some on chain some on other lakes, we are on small lake off the chain. Inlaws like their places, and there are differences in privacy due to how much land each has around their place. Some tight, some are decent yards. But all have been part of the boards, but now are not - they tell me a lot about the griping and complaining and the issues Tom mentions. Just know what you are getting going into it so there would be no surprises. It certainly an keep prices down, but remember for resale that people will have the same questions you have now, so prices will reflect that.

For my choice, I could not live in one of those. I have 100x300 foot lot and I wish it was 150' wide. I get along with neighbors and even very good friends, but I like the space and wish I had more. I also could not live with some rules (other than state or city, which are sometimes pretty tight already) maybe by old people with too much time on their hands, like how big a fire I can have, or where I can park my trailer, er... the list goes on.

We did sort of what others mentioned - bought the lot with a 20x20 shed, finished it off into a little cabin, only had outhouse and electric. Even moved in an old RV for a while, and then eventually built a real cabin, basically a second home. But still have the OC (Old Cabin) we use as a bar and overflow joint.

But I will say this, everybody has different desires and resources and whatever you get the memories will be there and I think it would work out great. I can see where having a central beech area would be nice especially if there are other kids in the association. But you get to know lots of people around the lake so there are kids everywhere anyway, so no worry about that

Good luck with whatever route you take, I did't think I would be cabin boy, but I sure am now It is my heaven on Earth, every weekend, all year long.

(PS regarding all year long, find out if you can use it in the winter, some of those associations don't allow it for various reasons.)

[chasineyes]

Quote:

The sticker is these resorts have great beaches/play areas that appeal to my wife and kids.

How old are your kids? That will be a huge factor. IF they are old enough and enjoy playing ANY kind of ball in the summer. Forget about using the cabin, I hate to sound blunt but here in the metro it's true. If they aren't into the ball thing, then definitely enjoy the cabin. But as my parents learned do NOT build it with the intentions of "everyone" being up there all the time. As kids get older and graduate "they" start to find their own life. Some move out of state, some have weekend careers. Like someone mentioned build small and then add if necessary.

I kind of think the resort thing is quite appealing. As you get older (retirement age) your place will be paid off, there are usually folks around there to keep an eye on it, no maintenance like docks in and out, lawns to cut, driveways to blow, you can come back to MN in April and hang out at the lake until October and then head south without having a huge capital expense.

[Fishalittle]

Kids are just starting school.....I realize you can't dictate what sports your kids enjoy but we are steering them towards being active in the outdoors and don't live in the metro...so I don't see that as an issue. They love fishing and camping so the lot will be great for them!

[ClownColor]

This is a decision only you can make. Waaaaay too many variables. but I'll give you my thoughts.

we are in the process of buying as well (actually, been looking for two years now). Without a doubt will I be buying my own property with NO associations attached. I want/ need my own freedom. My buddy owns in a "old sold-off resort" and they can't have any fun...in my eyes. No loud noise after 10pm, assigned dock slips by how long you've been there, hard for guest to park (only two spare spots), almost impossible for guest to bring boats, they've been yelled at for having late night bon fires, everyone walks thru each others yards...list goes on.

I think it'll be way more enjoyable, relaxing having your own parcel.

[chasineyes]

Quote:

but we are steering them towards being active in the outdoors

[dfv87]

I own a lot in an association for the past 8 years and love it actually. I do not have yard care, fish house clean up. The docks go in and out without me getting wet. The taxes are included in my annual association dues and my kids have a place to play with other kids. I do give up some privacy and the "quiet of the lake" on busy holidays only... (but I think that would be on most lake places) I enjoy being social and we have close friends in the park. To me if you would like a seasonal (that you own) then they are great but again as stated before KNOW WHAT KIND OF ASSOC you are getting into. Ours has some complainers, like all do but don't let them win by becoming worked up about them. As for resale we have unit changing hands every year, some of them get more $$ some less due to location and how well they were maintained. Good luck with your search.