Waterford Real Estate Market
Waterford Township is considered part of the lakes area in Oakland County. Waterford Township boasts more than 34 lakes sprawling more than 3,000 acres within the Township limits. Many residents live on or near one of these lakes.
In fact, most Waterford homeowners have lake access or boat privileges on one of the many all sports lakes here. Many of the lakefront homes or cottages are being torn down, only to be reconstructed into modern custom designed lakefront homes with values over one million dollars.
Some of the more popular lakes in Waterford include Crescent Lake, Elizabeth Lake, Sylvan Lake, Cass Lake, Maceday Lake, Loon Lake, Watkins Lake, Woodhull Lake, Maceday Lotus Lake, Silver Lake, Scott Lake, Lake Oakland, & Pontiac Lake just to name a few.
Like a majority of Oakland County, Waterford Township is a bedroom community. Although farming was originally the basic means of support for most residents, the lakes attracted city dwellers. The railroad made it possible to commute during the summer months, and cottages were built on the more accessible lakes. As automobiles became common, many moved into the Waterford area as permanent residents, continuing to commute to their jobs in the cities. As a consequence, tax support came largely from residences. Even today, the industrial and commercial base in Waterford Township is so small that over 75% of the property taxes in Waterford are paid by homeowners.
The first time Waterford home buyer has choices of ranches, bungalows, colonials, and tri-levels. Many cottages are still found on the lakefront properties. Although many buyers are buying the smaller homes and rebuilding custom waterfront homes, there is still plenty of opportunity for homebuyers that are just starting out. Buyers looking for Waterford real estate on the higher end will never be disappointed with all the luxury, lakefront homes to be found.
Waterford Community Amenities
Popular neighborhoods in Waterford Township include Watkins Lake Estates, northwest of Scott Lake Road at Pontiac Lake Road; Elizabeth Lake Estates, south of Elizabeth Lake Road between Cooley Lake Road and Cass Lake Road; Drayton Plains, near where Dixie Highway and Sashabaw Road meet; Clintonville, near Lake Oakland; Four Towns, on the southwest corner of the township and home to Oakland Community College's Highland Lakes campus; and Huron Heights, on the northern shores of Sylvan Lake and home to the Summit Place shopping center. There are many lakes within Waterford Township, and many parks, including the Pontiac Lake Recreation Area and Dodge Brothers State and Waterford Oaks county parks.
The past couple years there have been increased foreclosures in Waterford. Investors are starting to buy distressed bank owned homes for very reasonable prices as more homeowners go through the foreclosure process.