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TBD Waters Island , Ely, MN 55731

$945,000

Spectacular Burntside Lake 5-Acre Parcel on the sunny South Shore of Waters Island – Burntside Lake’s largest and most central Island. This is a once-in-a-lifetime opportunity to own a truly remarkable property on what many consider Minnesota’s most beautiful and iconic lake. This pristine and totally private setting offers sunny, south and west facing exposure with breathtaking views across the central part of the lake to the Boundary Waters Wilderness. To the east, enjoy its secluded bay, great for swimming, and sheltered for boats.There are several easily accessible choices for level building sites tucked among majestic Norway pines, as well as a towering granite bluff with unparalleled panoramic views. Includes are for mainland dock a half mile away with a spacious parking area and a short, level driveway to the Eastern Van Vac Road. Seven scenic, paved miles to the charming town of Ely, with its cafes, galleries and frontier spirit. 40 minutes to the Hibbing Airport.

Highlights

  • Land
  • 5.3 Acre Lot
  • Waterfront
  • 536 days on Market


  • Acres
    5.3
  • Lot Features
    Wooded, Rolling Slope, Waterfront
  • Water Front Features
    Lake Front
  • Water Front
    Yes
  • View
    Lake, Panoramic
  • Utilities
    Electricity Available, None

  • County
    St. Louis
  • City
    Ely
  • Neighborhood
    Morse Town Of
  • Zip Code
    55731

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Frequently Asked Questions

How do I schedule a tour of TBD Waters Island?

We can make that happen quickly. Click Tour This Home and we'll connect you directly with our vetted local partner to schedule your visit to TBD Waters Island.

They know lands in the area well and can give you the guidance you need to buy with confidence.

How do I get more information about TBD Waters Island?

Click Ask a Question to talk with our team. You already know it is a N/A bed, N/A bath, listed for $945,000. We can talk through recent upgrades, potential seller motivation, how this land compares to others in Ely, and can even get you in to see the property quickly.

How much is the monthly mortgage payment for TBD Waters Island?

With a 20% down payment and a 30-year fixed loan at an illustrative 7.25% rate, the ez Mortgage Calculator estimates the monthly payment for TBD Waters Island at around $5,421. This includes estimated property taxes and insurance.

Want to see how this changes with different down payments or interest rates? Jump to the calculator to run the numbers and fine-tune your plan.

How do I get pre-approved to buy TBD Waters Island?

Stand out in a competitive market by getting pre-approved today. Our quick and private pre-approval process helps you understand your true buying power—no credit pull required to explore all of your options.

Or, let us connect you with our preferred local lender in St. Louis County. They will give you all of your available financing options, based on your specific situation and what is available to you.

Can I negotiate the asking price for TBD Waters Island?

In most cases, yes. Whether TBD Waters Island is priced competitively or not, your best offer depends on your personal situation, the seller's timeline, and recent activity in Ely's market. Our preferred local partner will help you craft a strategy—factoring in comparable properties that have sold, timing, and deal structure—to make a smart, strong offer. Click here to ask about negotiation opportunities.

How do I make an offer on TBD Waters Island?

We can handle that for you. Our preferred local agent specializes in lands in Ely and can guide you through every step of the offer process.

You need an expert who is looking out for your best interests. From market valuation to contingencies and timing, they'll help you present a compelling offer that fits your goals. Click Ask a Question to get started today.

How long has this property been on the market?

TBD Waters Island was listed on May 22, 2025, which means it's been on the market for 536 days.

Want to keep tabs on it? Click the ♥ to favorite this home and get notified of price drops or changes.

What is the lot size of this property?

TBD Waters Island sits on a 5.3-acre lot, which is 230,868 square feet.

What are the property taxes for TBD Waters Island?

The most recent public record shows annual property taxes for TBD Waters Island were approximately $520. This may change with reassessment or exemptions. Our local partner can verify current tax amounts and help you estimate future costs based on your situation.

Is TBD Waters Island still available for sale?

Yes, this home is still available! Click the ♥ to favorite it so you don't miss any changes—or ask our local expert to schedule a time to see it in person.

Source: ez Home Search, MLS Data

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Based on information submitted to the MLS GRID as of November 09, 2026 at 01:14AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Last Updated: November 09, 2026 at 01:14AM | Source: NorthstarMLS | MLS#: 6726369

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