MONTICELLO, Ind. (WLFI) – As Lakes Freeman and Shafer saw water levels lower this summer, the real estate market saw fewer homes sell.
“We’re several homes shy of what we hit last year,” Real Estate Network associate broker Sean Dekker said.
Dekker said not only are sales down, but so is the price.
“On Lake Freeman the average sale price on homes has dropped approximately $10,000 to $15,000 a home so far this year, but it’s too early to say if we can blame it on what’s happened,” Dekker said.
Dekker is referring to the lowering of Lake Freeman to protect endangered mussels in the Tippecanoe River below. The problem has plagued the lake for more than a month. Once the water levels went down, so did interest in homes around the lake.
Dekker said when showing homes on Lake Freeman potential buyers are concerned about the future of the lakes.
“I could in no way guarantee that it’s going to improve or that this won’t happen again, and I think that’s the concern,” Dekker explained. “The doubt that it’s placed in the minds of lake home owners and buyers.”
Dekker said he is most concerned about the long-term effect of home sales on the lakes.
“We’ll be curious to see if we see more people put theirs on the market this year, or if they are hesitant because they are afraid of the stigma that the lowering of the lake as caused the property value to not be there or the buyers may not be there,” Dekker said.
White County Assessor Lisa Downey said she does not think property values will see a change. However, Dekker said only time will tell.
“Probably in the next few weeks and in the next season we’ll truly find out how it’s really affected the values and the buyers,” he said.