The Most Expensive Lakes in Colorado to Buy a Second Home

Given the widespread interest in acquiring a waterfront second residence in Colorado, it’s unsurprising to discover numerous upscale lakes in high demand. The state consistently ranks among the top places to reside in the United States, boasting a pleasant mountain climate with moderately mild temperatures throughout the year. Consequently, residents can relish many outdoor activities regardless of the season.

Colorado is home to over twelve lakes, many of which are accompanied by thriving communities. The priciest among these lakes command significant attention due to their desirable living standards, aided by natural beauty and well-developed infrastructure. Here’s a compilation of the most exclusive lakeside locations for purchasing a second home:

1. Lake Dillon

Throughout the year, tourists flock to this remarkable lake in Summit County, Colorado, drawn by its allure across all seasons. Boasting extraordinary amenities, a picturesque landscape, and a sparse population, it has become the center of recent attention, leading to a substantial surge in property prices.

Originally serving as the reservoir for Denver Water’s Blue River project, this lake’s construction occurred between 1961 and 1963. Named after the influential prospector, Tom Dillon, who resided in the vicinity during the early 1800s, he played a pivotal role in the town’s development and the mining community. His legacy lives on, making this lake an even more historically significant and sought-after destination.

What Makes Lake Dillon a Great Location for a Second Home?

This location has numerous features that make it ideal for a waterfront home, which is partially why homes here are expensive. Let’s explore some reasons why this is the case.

Scenic Beauty

Nestled amidst the awe-inspiring Rocky Mountains, this area offers a breathtaking panorama that captivates homeowners. With mesmerizing vistas of majestic mountain peaks, undulating hills, verdant foliage, and pristine lake waters, the location provides a serene sanctuary. Owning a second home in this picturesque setting guarantees an extraordinary experience amidst a stunning environment, ensuring an unforgettable retreat.

Great Outdoors

Lake Dillon offers many recreational opportunities, including kayaking, sailing, motor boating, and paddleboarding. Boating enthusiasts can take full advantage of the vast reservoir, engaging in activities such as kayaking, sailing, motor boating, and paddleboarding. The surrounding mountains are ideal for hiking and biking during summer, with numerous ski resorts nearby.

House Prices

House prices in this area sell at a median price of $875k. While the price has decreased by about 14.1% from last year, it remains high. The waterfront homes are also in short supply, pushing their prices steeply.

2. Grand Lake

Grand Lake, situated in Grand County, Colorado, proudly is the state’s largest natural lake, offering an array of natural wonders in its surroundings. Located at the entrance of Rocky Mountain National Park, this area attracts individuals seeking to invest in a second home for numerous compelling reasons.

Enchanting Natural Splendor

This location radiates magnificence both along its shores and in the surrounding landscapes. The majestic Rocky Mountains adorn the skyline, their verdant greenery and undulating slopes creating a mesmerizing vista. The tranquil lake waters mirror this striking beauty, offering a picturesque reflection that enhances the area’s allure. 

With an atmosphere of serenity and calmness, this idyllic setting is the epitome of comfortable living, making it an ideal haven for those seeking a suburban environment imbued with the tranquility of a village atmosphere. The abundant greenery, low population, and serene ambiance contribute to the area’s appreciating value year after year.

Abundant Recreation Opportunities

For outdoor enthusiasts, this area is a true paradise. The expansive lake provides many boating opportunities, inviting visitors to partake in fishing, kayaking, and paddle boarding. The adjacent park complements these offerings, giving ample chances to observe wildlife, camp, hike, embark on scenic drives, and enjoy biking adventures. 

Even in the colder months, the region remains vibrant with opportunities for winter fishing and exhilarating skiing, ensuring year-round fun and excitement for all who embrace the outdoors.

The Charm of a Small Town

Many individuals yearn to escape the hectic pace of city life, and the area surrounding Grand Lake has retained its small-town charm. The welcoming atmosphere exudes a quaint ambiance, fostering a close-knit community where life unfolds slower than in bustling urban centers. 

Additionally, the location’s popularity as a vacation destination presents a potential opportunity for vacation rental investments, allowing homeowners to generate income during peak seasons when they are not residing in their properties.

House Prices in the Area

With a median listing home price of $824,000, and two-bedroom houses selling at around $960,000 as of May 2023, Grand Lake commands a notable value in the real estate market. Despite experiencing a 6.3% year-on-year price decrease, the area remains highly desirable and comparatively expensive. However, this locale’s enduring allure and intrinsic qualities make it a worthwhile investment for those seeking a remarkable place to call home.

3. Cherry Creek Reservoir

The magnificent Cherry Creek Reservoir enchants locals with its natural and is conveniently located just a few miles from Downtown Denver. It is nestled at the entrance of Cherry Creek State Park. The state initially constructed it in the late 1940s to control flooding and store water for nearby households. Still, it has since developed into a significant water sports and leisure activity center.

Waterfront Living 

Enthusiasts seeking a waterfront lifestyle away from coastal towns gravitate towards properties near the reservoir. The scenic beauty of the water body creates an idyllic backdrop for residents to unwind and enjoy life’s simple pleasures. Some fortunate homeowners have direct access to the reservoir and private docks, enjoying an upscale, high-quality living experience.

Strong Community

A sense of close-knit community thrives among those residing in this area. Regular interactions among residents as they engage in park activities and events foster a sense of belonging. Various community events, neighborhood associations, and recreational clubs further contribute to this cohesive community spirit, welcoming new homeowners with open arms.

House Prices in the Area

The undeniable charm of the Cherry Creek Reservoir area has significantly impacted property prices, experiencing an astonishing 21.6% rise compared to the same period in 2022. As of May 2023, the median sale price for all types of homes is an impressive $1,762,500. The market is fiercely competitive, with houses selling within ten days.

Interest in family homes surged towards the end of 2021, propelling prices to new heights over the last year. This upward trajectory is expected to continue in the foreseeable future, cementing the area’s reputation as a sought-after destination for those seeking an unparalleled lifestyle amidst nature’s beauty and a thriving community.

4. Chatfield Reservoir

Chatfield Reservoir resides near the charming town of Littleton, situated in the southwest of Denver, Colorado. Positioned at the confluence of Plum Creek and South Platte Rivers, southwest of Denver, a portion of the reservoir is nestled against the majestic foothills of the Rocky Mountains. 

Developed by the state between 1967 and 1975, the creation of Chatfield Reservoir by the Colorado Water Conservation Board served the dual purpose of flood control and water storage. These are some of the captivating attributes of living in the area:

Proximity to Denver 

Residents of this waterfront haven relish its ideal location for those working or studying in Denver. With the city a stone’s throw away, inhabitants enjoy the convenience of nearby amenities while savoring the tranquility of suburban living.

Abundant Outdoor Opportunities 

Living at the mouth of the reservoir grants residents access to the numerous amenities offered by Chatfield State Park. This state park boasts picturesque picnic areas, inviting swimming beaches, well-appointed campgrounds, scenic hiking trails, and well-equipped marinas. These features make it a favored destination for memorable family outings close to home.

Water-based Recreation 

Homeowners in this area revel in a wealth of enjoyable activities. The expansive lake provides opportunities for boating, water skiing, fishing, paddleboarding, and kayaking, ensuring endless aquatic entertainment. The adjacent parkland offers additional options for horseback riding, invigorating hikes, thrilling bike rides, peaceful camping experiences, and rewarding bird-watching adventures.

Quality of Life 

The area strikes a harmonious balance between suburban and rural living. Sprawling green spaces coexist with the conveniences of an urban environment, creating a desirable fusion for residents. With a relatively large population actively supporting local goods and services, this locale provides an inviting setting for settling down and building a fulfilling life.

House Prices in the Area

The housing market in Littleton and its surrounding areas has experienced a slight decline of 6% compared to the same period in 2022. The median sale price of properties in the region hovers around $618,000. Since February 2021, house prices have steadily increased as individuals seek to embrace the charm and allure of this idyllic town and its surrounding area.

5. Lake Granby

Lake Granby, situated in Grand County and located approximately 85 miles northwest of Denver, is nestled between the charming towns of Grand Lake and Granby, giving it its name. This breathtaking lake is at the base of the picturesque Rocky Mountains, enhancing its allure. Here are some of the reasons people choose to reside here:

Breathtaking Beauty 

The environs around Lake Granby treat residents to mesmerizing vistas, with majestic mountain peaks forming a stunning backdrop and expansive forests adding lush greenery. A beautiful environment for those looking for a vacation home or a quiet escape, the mild air that wafts over the lake provides a pleasant and tranquil ambiance.

Recreational Abundance 

Outdoor enthusiasts find themselves spoiled for choice in this area, as it offers various activities on the water and dry land. The lake becomes a haven for visitors eager to fish, kayak, boat, and paddleboard, while the surrounding land invites wildlife watching, camping, photography, and hiking. The winter season brings back the joy of snowmobiling and ice fishing, ensuring year-round enjoyment for all.

Close-Knit Community 

The Granby area boasts a close-knit community, fostering a sense of togetherness and camaraderie. The two nearby towns provide all the necessary amenities to cater to the needs of new homeowners, offering a lifestyle with a slower pace than that of bustling cities, making it an appealing choice for those seeking to savor each moment of their day.

Real Estate Market 

The property market in the Lake Granby area is highly competitive, with properties typically selling within 21 days. Market analysts identified 2023 as a seller’s market due to surging demand outpacing supply for available units. As of May 2023, the median sale price for properties in the vicinity was $1,095,000, representing a remarkable growth of nearly 25% compared to the same period in May 2022.

6. Lake San Cristobal

Lake San Cristobal is located in Hinsdale County, in the southwestern part of the state. The nearest town to the lake is Lake City. The San Juan Mountains surround this area. These are some of the attractions that Lake San Cristobal has to offer: 

Scenic Location

Lake San Cristobal is the perfect location for people who would love to stay in a rural environment with all the greenery. An area nestled among the towering mountain peaks and foliage down the sides, while the lakes make the backdrop, creates a serene atmosphere and panoramic views that residents would love.

Awesome Opportunities for Recreation

The residents of this area enjoy access to several outdoor recreational facilities. The lake is perfect for fishing enthusiasts, as it is well-stocked with trout, including the prized Colorado Cutthroat. Anglers can cast their lines and enjoy a peaceful day on the water. Additionally, the surrounding mountains offer hiking, camping, wildlife viewing, and photography opportunities.

Small-Town Charm

Homeowners love the area around Lake San Cristobal for the charm and character of a small mountain town. It includes the tight-knit community in the nearby town of Lake City. Besides, there is a slower pace of life than in the cities, and residents enjoy a greater sense of community.

Others love the close connection to the natural surroundings. These are part of the reasons it is the perfect place to live and work. Interestingly, many homes in this area are located on the mountain’s slopes and in hilly regions. Such is an ideal rural setting for people looking for a vacation home.

House Prices in the Area

Lake San Cristobal is one of the most expensive lakes in Colorado. House prices in this area have remained high over the years. Most homes in the location are two-bedroom houses selling for between $607,999 and $835,600. Homes in vantage areas sell for around $1,000,000.

The Lakes in Colorado are Great Places to Live

These enchanting destinations boast abundant greenery, a serene atmosphere, and picturesque landscapes. With their low populations, they serve as ideal getaways for those seeking respite from the noise and commotion of city life.

Many of these locations are next to recreational centers and state parks, offering thrilling recreational opportunities. From invigorating hikes and scenic bike rides to captivating animal and bird watching and exciting winter snow games, these areas cater to diverse interests. The lakes themselves provide ample opportunities for water-based recreational activities.

If you have the budget, owning a home near these captivating lakes would be an excellent investment. However, if that is not feasible, numerous other lake locations within Colorado are worth exploring.

Summary of the Most Expensive Lakes in Colorado to Buy a Second Home

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