Island Lake · McHenry County · IL
Homes for sale in
Waters Edge.
- Active listings
- 0
- Median list
- $293K
- Avg time on market
- 39 days
- Sold · last year
- 3
Active listings
0 homes on the market
No homes match these filters.
Beat the rest of the buyers
Be the first to know when a new Waters Edge home hits the market
Save the search and you will get a text and an email the moment a new listing matches. Most Waters Edge homes go under contract in the first week, the buyers who win are the ones who saw it first.
About the community
Newer-than-average, low-maintenance homes in a lake village.
Waters Edge is an attached-home community in the Village of Island Lake, a small lake village of roughly 8,000 residents that wraps around its namesake lake and straddles the McHenry and Lake county line. The community was built out from about 1999 to 2003, giving it a consistent turn-of-the-2000s look, and public records describe it primarily as attached ranch and townhome-style residences rather than detached single-family houses. It sits south of Route 176 and appeals to buyers who want a newer, low-maintenance home with access to a village that is genuinely oriented around its beaches and lake. Confirm the specific product type and the county side for any given address, since Island Lake's lines are split.
At a glance
Attached ranch and townhome product
Mostly single-level attached homes, generally two bedrooms with two to three baths.
Built about 1999 to 2003
A consistent, turn-of-the-2000s community, newer than much of the surrounding village.
HOA managed
An association handles exterior and common-area upkeep; confirm the current monthly dues per unit.
Village beaches and lake
Island Lake operates multiple swim beaches plus lake access for boating and fishing on Island Lake.
Wauconda District 118
Served by Wauconda CUSD 118, with Cotton Creek and Matthews schools in the village; confirm by address.
On Route 176
The main east-west artery, connecting west to Crystal Lake and east to Wauconda and Route 12.
Sidewalks and paths
A walkable neighborhood with sidewalks, street lights, and a park, in a small-village setting.
Car-first location
No in-village Metra; the nearest rail is a drive to Crystal Lake or the Round Lake area.
What’s close
Waters Edge sits just off Illinois Route 176 in Island Lake, between Crystal Lake to the west and Wauconda to the east.
- Lake and beaches
- Island Lake operates several swim beaches and provides lake access for boating and fishing on Island Lake.
- Shopping
- Everyday shopping, dining, and services along Route 176 in Wauconda and in nearby Crystal Lake.
- Hospital
- Hospitals within reach include Northwestern Medicine McHenry, Mercyhealth in Crystal Lake, and Advocate Good Shepherd in the Barrington area; confirm the closest ER by address.
- Highway
- Illinois Route 176, meeting US Route 12 and Illinois Route 59 at Wauconda for regional travel.
- Schools
- Wauconda CUSD 118, with Cotton Creek Elementary and Matthews Middle in the village and Wauconda High School; confirm by address.
- Train
- No station in Island Lake; the closest Metra options are in Crystal Lake on the Union Pacific Northwest line and the Round Lake area, each roughly a 20 to 30 minute drive.
What it’s actually like to live here
Waters Edge appeals to buyers who want the lake-village setting without the upkeep of an older single-family home. The attached-home format means most exterior maintenance is handled through the association, which suits downsizers, first-time buyers, and commuters who would rather spend weekends on the water than behind a mower. The neighborhood is walkable at its own scale, with sidewalks and a park, in a village that is genuinely built around its beaches and lake access.
Day to day, life here is quiet and unpretentious. Island Lake is a small, established village rather than a master-planned resort, so the amenities are civic, the village beaches, parks, and small-town events, rather than private country-club style. Grocery runs, restaurants, and big-box shopping mean a short drive to Wauconda or Crystal Lake rather than anything inside the community itself.
The honest tradeoffs are the commute and the taxes. This is a car-dependent location with no in-village Metra station, so rail commuters drive to Crystal Lake or the Round Lake area first, and a downtown-Chicago trip is long. Property-tax rates run high across this corridor, so weigh the monthly tax load alongside HOA dues. And because the homes are attached and mostly two-bedroom, this is a fit for buyers who want manageable space rather than large families needing many bedrooms and a private yard.
Market trends
Why this market moves the way it does
Waters Edge is a newer, low-maintenance attached-home pocket in a small lake village, so it trades on the appeal of turn-of-the-2000s construction, the village lake amenities, and condition, more than on prestige. The consistent build era means homes are fairly comparable, and updates plus the monthly cost of ownership drive where a unit lands.
What holds value
The fundamentals matter more than the cosmetics here. Buyers want floor plan, lot, and basement, in that order. Cosmetics are the tiebreaker.
- Newer construction for the area
- A roughly 1999 to 2003 build era makes these homes newer than much of the surrounding village stock, which supports demand.
- Low-maintenance format
- Association-handled exterior upkeep is a durable draw for downsizers and busy commuters.
- Lake-village amenities
- Access to Island Lake's beaches and the lake itself is a real differentiator versus a landlocked subdivision.
- Condition and updates
- With a consistent floor-plan set, updated interiors and newer mechanicals separate the strongest units.
- Carrying cost
- HOA dues plus high area taxes are a factor buyers weigh alongside the purchase price.
Real talk
Who shouldn’t buy here
Here is the honest version before you tour.
Confirm the product type, the association dues, and the county side for the specific address. Sources describe Waters Edge as attached ranch and townhome homes, and Island Lake straddles the McHenry and Lake county line, which can affect both taxes and school specifics.
This is a car-first location. There is no Metra station in Island Lake, so a rail commuter drives to Crystal Lake or the Round Lake area first, and a downtown commute is long. Drive the route at your real commute time before you commit.
Property-tax rates in this corridor are high, and most homes here are two-bedroom attached residences, so the fit is downsizers, first-time buyers, and right-sizers rather than large families. The lake village and the low upkeep are the draw; the taxes, the dues, and the commute are what to verify first.
One piece of advice
“Waters Edge is an easy, low-maintenance way to live in a genuine lake village, and the turn-of-the-2000s homes show well for the money. Just confirm the product type, the dues, and which county and schools apply to the specific unit, and drive the commute honestly. If manageable space near the water is the goal, it is a solid fit.”
The questions buyers actually ask
Waters Edge FAQ
The questions I get most from buyers shopping Waters Edge. If yours isn't here, text 224-385-8779, same-day reply.
- How much is the HOA?
- townhomes and condos are $285 per month.
- What does the HOA actually cover?
- Waters Edge in Island Lake is an attached-home community with a homeowners or townhome association. Reported monthly dues run roughly $266 to $305 depending on the unit. For a community of this type, dues typically fund exterior and common-area maintenance, landscaping, snow removal, and master insurance, but the specific inclusions here are not published, so confirm the current assessment and what it covers with the association before you buy.
- What are property taxes like?
- Roughly $6,000 – $10,000 per year, depending on home size and value. McHenry County assessor records are the source of truth. Happy to pull a specific bill on any home you're considering.
- What's the typical closing timeline?
- 30 to 60 days from accepted offer to keys. Cash deals can close in two weeks. Conventional financing is usually closer to 60.
- What kind of homes are in Waters Edge?
- Public records describe attached townhome and condo-style residences, mostly single-level ranch layouts, generally two bedrooms with two to three baths, built between about 1999 and 2003. Confirm the specific product type for the unit you are considering before writing an offer.
- What do homes in Waters Edge cost right now?
- Pricing moves with the market, so rather than quote a figure that goes stale, check the live Market snapshot on this page for current active and recently sold prices in the community.
- Is there an HOA and what does it cover?
- Yes. Reported monthly dues run roughly $266 to $305 depending on the unit. What the dues cover, typically exterior and common-area maintenance, landscaping, and snow removal for attached communities, should be confirmed in writing with the association before you buy.
- What schools would my kids attend?
- The community is in Wauconda CUSD 118. The likely in-village schools are Cotton Creek Elementary and Matthews Middle in Island Lake, then Wauconda High School, but Island Lake's boundaries are split, so verify the exact assigned schools with District 118 for the specific address.
- How is the commute, and is there a train?
- It is a car-first location off Route 176. There is no Metra station in Island Lake; the nearest stations are in Crystal Lake on the Union Pacific Northwest line and in the Round Lake area, each roughly a 20 to 30 minute drive, so plan on driving to rail.
- Are property taxes high?
- Yes, as they are throughout this McHenry and Lake county corridor. Island Lake straddles the county line, which can affect the exact rate, so confirm the current rate and any available exemptions for the specific parcel with the county.
- Who is the real estate agent for Waters Edge?
- Joe Keegan is the local licensed Illinois real estate broker who covers Waters Edge in Island Lake, IL through Subdiview, a neighborhood-first home search for the Chicago suburbs and collar counties. Joe prices and negotiates from the live MRED sold comps for Waters Edge specifically, not national averages, and can help you buy or sell here. Reach Joe at 224-385-8779 or joe@joekeeganhomes.com.
Your local agent
Joe knows Waters Edge
Most agents will list anything. I focus on the places I actually know, and the things that move value here don't show up in the MLS write-up: which streets and buildings hold demand, what the HOA or assessments really cover, how the comps read once you account for condition and location, and where buyers consistently want to be.
When you're ready to tour or list, you want someone who has read the last 50 closed comps in this specific market, not a national average, and can tell you what they actually mean for your price. That's how I work. Text or call any time, and I'll give you a real take, not a brochure.
- Licensed Illinois broker
- Comp-driven pricing
- Island Lake specialist
- Honest local market take
- Brokerocity
Market snapshot
Waters Edge, by the numbers
Live MRED data, refreshed daily. The numbers below tell you what this market is doing today, not what Zillow's algorithm thinks it might be doing six weeks from now.
Typical list price
$292,500
Typical sale price · last 90 days
$275,000
Avg time on market
39 days
Sold in the last year
3
This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC for the period August 7, 2025 through August 7, 2026. Midwest Real Estate Data, LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.
Thinking of selling?
What's your home actually worth?
Not a Zestimate. A real CMA from someone who's sold this neighborhood, knows the floor plan premiums, and can tell you which upgrades the buyer pool here actually pays for.
- Pricing range with comp-by-comp logic
- Pre-list improvements that pay back, and the ones that don't
- No obligation, no spam, no auto-dialer
Schools serving Waters Edge
Where Waters Edge homes go to school
Homes in Waters Edge are most often zoned to Wauconda HS. Open a school to see its area, the district, and every home for sale that feeds it.
School assignment is derived from the school the MRED listing agent entered and is not a guarantee. Always verify current attendance boundaries with the district before writing an offer.
Other communities