Third Lake, IL Subdivisions & Condo Buildings

Third Lake is a small lakeside market with just two established communities, Mariners Cove and Sunshine, and both are built out — there's no new construction here. Mariners Cove is the larger of the two by current activity, with single-family homes and land offerings that stretch into the higher end of the local range, making it the reference point for anyone gauging what this village supports. Sunshine trades in a similar single-family and land mix but has skewed toward more modest resale pricing in its recent sales history. Neither community is an age-restricted 55+ development; these are traditional resale neighborhoods appealing to buyers who want established streets, mature lots, and proximity to the lake rather than a builder's model home. Because Third Lake is so tightly held, inventory moves in small numbers, and buyers here are typically looking for room to spread out — larger parcels, some acreage, and a quieter setting outside the denser subdivisions found in neighboring towns. Overall, this is a market for move-up buyers and those specifically drawn to lake-adjacent living, with pricing that spans from accessible resale levels into the upper-$800,000s depending on lot size and updates. Anyone serious about Third Lake should expect to act quickly when a listing in either Mariners Cove or Sunshine comes available, given how few opportunities surface in a given year.