- Real Estate
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April 3, 2018
Even the lake will soon get bigger at Cherry Lake Reserve, a fast-growing neighborhood in western Sioux Falls.
The next phase of growth starting this spring includes an additional 12.5 acres for development. The man-made lake will grow by almost 16 acres, or more than one-third, and the bike trail will expand to the west.
Van Buskirk Cos. has been working on the neighborhood northwest of 12th Street and Ellis Road for five years.
“It’s gone really well, beyond our expectations really,” Steve Van Buskirk said. “We’re adding about 20 executive lots and are working through the development plan. The dirt work will get done this year with a couple cul-de-sacs.”
Each new lot will be about a half-acre and almost all will have lake frontage.
Van Buskirk said it has been surprising how much the lake is used for recreation.
“The Fourth of July out there is absolutely amazing,” he said. “People are swimming all the time. The beach is used all the time. We have some low-power electric boats being used all the time. Early on, I thought it would just be there to look at, but people are totally engaged in using it and loving it.”
Cherry Lake originally was envisioned to include commercial development, but residential interest is strong enough that Van Buskirk Cos. is going in another direction.
“We looked it over and were trying to decide what’s best for the neighborhood, and we’re working out a deal with a builder to take the commercial land and convert it to a villa complex. That will finish things up much quicker, so we can get construction wrapped up.”
The new executive lots will be ready for building next year. Soon, they will be the only opportunity for new construction in the neighborhood, Van Buskirk said. While Cherry Lake has some new homes for sale in the range of $350,000 to $500,000, the lakefront land costs will mean higher prices next year.
“If you’re looking for homes in the $350,000 to $550,000 range in the next 12 months, there’s a spot for you. And there’s a spot in the next couple years in villa homes,” he said. “With lakefront homes, there will be three to four years of availability I’d presume. So if people are interested in that neighborhood, they should be seriously thinking about getting organized and getting out there because the inventory is close to done.”
Even the lake will get bigger at Cherry Lake Reserve, a fast-growing neighborhood in western Sioux Falls.