Aug. 11, 2022

A new development in Watertown along Lake Kampeska doesn’t have many condominiums left to sell.

The Point started with 46 units as part of the broader Stony Point development and has a dozen remaining, said Mike Lawrence of Access Real Estate and the listing agent for the project.

Stony Point is a 30-acre project developed by area business owner Bob Drake and built by Crestone Builders.

In its prime, the original Stony Point drew up to 80,000 people during the summer for Kampeska Days and featured a Ferris wheel, roller rink and marina. In the off-season months, pheasant hunting and ice fishing were draws.

It then went into disrepair and sat dormant for 40 years until it went on the market.

The main building is 95 percent done, Lawrence estimated, and some residents are living there.

“All the exterior finishes are done, the pool is in, the hot tub is in, they’re working on the common-area bathrooms and a couple hallways, but other than that we have seven people living there currently.”

Many buyers are from Sioux Falls and planning to offer their condos as vacation rentals, Lawrence said.

“A lot of VRBO people are coming up from Sioux Falls, but (buyers are) almost every age you can think of. It’s crazy. A lot of them are doing the investment game, but we do have full-time residents, so it’s a wide net.”

Investment buyers are attracted by the fact that “there’s literally nowhere to stay on the lake,” he added. “And we have the pool, hot tub, fitness center, golf simulator, all on-site.”

A salon and spa are working on their build-out, and the developers are looking for someone to lease restaurant space in the building. It seats about 70 and also has a patio, Lawrence said.

The condos are priced from $309,900 to $379,900, which doesn’t include finishing them out — an estimated $80,000 to $100,000. They range in size from 1,300 to nearly 1,900 square feet.

“They all have a view of the water; some are direct, and some are indirect,” Lawrence said. “We designed the building so everyone can see the water.”

Residents also pay $350 to $450 per month in association fees, which include most utilities and underground heated parking.

An adjacent marina, including 106 slips, also is finished and has some spots available, with a beach bar open on weekends.

From the pool, “you can sit in there and talk to someone on a boat. It’s amazing it’s that close,” Lawrence said.

Buyers also are attracted by the community of Watertown, which is growing rapidly, he added.

“We have a crazy downtown with really good restaurants – wide variety of foods, sushi, pizza – we have a zoo, a new airport terminal, which is awesome, and you can fly in and out from Denver and Chicago,” he said. “I get calls all the time, and a lot of them are from Sioux Falls Realtors. The lake is booming.”

There will be a free concert from noon to 6 p.m. Aug. 20 featuring four bands, with headliner Niko Moon.

A charter boat service also is growing in popularity. Princess of The Point offers a charter boat that’s $15 per person on Wednesday and Sunday for two hours on the water.

“We’ve got two full bars, and the rest of the week, businesses charter it out for $300 per hour,” Lawrence said.

The next phase for the development, which has 12 acres remaining, is planned for a hotel or hotel-condo property that will include an indoor-outdoor pool, bowling alley and convention space.

That would be run by an outside operator, Lawrence said.

“We’ve put a few feelers out but haven’t gotten anything back,” he said.