The Lake Arrowhead section and “the Village” are two areas where more modest houses were built after World War II, with a mix of ranches, Capes and cottages. The borough has two established townhouse condominium developments, Pine Edge and Spruce Edge, with a total of about 115 units, and a third, newer townhouse development called Legacy of Mountain Lakes, with 39 units.
What You’ll Pay
As of June 23, there were 55 houses on the market in Mountain Lakes, the highest priced being a six-bedroom three-bath lakefront home built in 1930 on three-quarters of an acre, listed at $2.55 million, and the lowest a three-bedroom two-and-a-half-bath 1940 bungalow on 0.23 acres, listed at $439,000. The average price of the 27 homes sold through mid-June was $905,430, compared with an average price of $849,503 for the 69 houses sold here in 2013, according to the Garden State Multiple Listing Service.
Three-bedroom townhouses in the older developments are listed in the $600,000s, while the newer Legacy townhouses are listed with prices ranging from the high $500,000s to the $800,000s.