Lake Chelan Condos 101
Waterfront and Location Drive Value
Interested in a vacation condo in Lake Chelan? Access to the lake and proximity to downtown Chelan define the market. Resort amenities, HOA fees, and rentability are also significant factors. Here’s a quick primer to help you start your search.
Primary Value Drivers: Waterfront & Location
It comes as no surprise that condos with waterfront access and close proximity to downtown Chelan have the highest values. Peterson’s Waterfront and Spader Bay Condominiums are the premium examples in this class. Both offer incredible lake access and views as well as walkability to downtown Chelan. Prices for units in these two associations start in the 600’s.
Several condos offer waterfront access in a resort setting, but not walkability to downtown Chelan. Well-known names such as Lake Chelan Shores and Pleasant Beach fall into this category. Prices start in the 400's.
Prices moderate for condos located away from the lake. Park Pointe Condos and Chelan Resort Suites are good examples of these “off-water” condos. Both offer views of the valley and walkable lake access via nearby public parks. Prices start in the 300’s.
Premium, Resort, and Value
The value drivers of waterfront access and proximity to Chelan roughly segment the condo market into three pricing levels:
PREMIUM - Premium condos within walking distance to downtown Chelan. (Shown in yellow on the table below.) The Grandview currently offers some good value opportunities in this level.
RESORT - Resort condos with waterfront access along Lake Chelan. (Shown in purple.)
VALUE - Value condos with views and pool amenities. (Shown in green.)
NOTE: Missing from the list above are smaller condo associations with fewer than fifteen units. Many offer amazing lake access and/or views but minimal turnover.
Secondary Value Drivers: Amenities, HOA, Rentability
Defining your waterfront and location goals will offer a macro-focus on your condo search. Once you have honed in on 3 or 4 condo associations, it is time to do a micro-focus.
AMENITIES: What amenities are you looking for?A simple pool?Resort-quality amenities?Something in the middle?
HOA FEE: What level of monthly HOA fees are you willing to pay?
RENTABILITY: Do you want to vacation rent the condo?
Condo amenities in the Lake Chelan valley typically involve a pool and some type of a clubhouse or shared outdoor space. Amenities can range from a simple outdoor pool and clubhouse to multi-pool, manicured resort settings. Park Pointe offers a good example of a simple outdoor pool and clubhouse. Lake Chelan Shores and the Halmalka Condos at Wapato Point are great resort examples.
But such lavishness does come with a cost. You will be paying Homeowner Association (HOA) fees every month to support these amenities. And the fees can add up, especially if you are doing vacation rentals and hoping to squeak a little profit from your investment.
Final thoughts
Condos offer a near-hassle-free path to ownership at Lake Chelan. Checking into HOA health is key – you want your getaway to offer relaxation with minimal association stress. Waterfront access will always hold long-term value, so if you can afford to be on the lake, go for it. Additionally, walkability is appreciated as the scenes in downtown Chelan and Manson mature.
Purchasing real estate in Lake Chelan can result in years of happy memories with friends and family. A condo can be the perfect first step in this journey.
