296 Shady Ln, Ely, MN, 55731
About This Home
This Northwoods two bedroom, one bath cabin with drilled well and compliant septic can be enjoyed year-round! The open floor plan features beautiful natural woodwork throughout, a cozy woodstove in the living room, a main floor bedroom and bathroom, and an open sleeping loft above—perfect for guests or additional space. Set on 5.75 private acres overlooking a scenic pond, this property offers the peaceful setting you’ve been looking for, with plenty of room to explore and unwind. Included is an additional parcel on Fall Lake, providing direct access to the renowned Boundary Waters Canoe Area Wilderness—a rare opportunity for paddling, fishing, and world-class outdoor adventure right at your fingertips. Whether you’re enjoying quiet mornings by the water, evenings around the fire, or year-round recreation like hiking, snowmobiling, and exploring the surrounding wilderness, this property is a wonderful, private up-north retreat that truly captures the best of Minnesota’s Northwoods lifestyle.
Getting Around
Car-Dependent
Very Limited Transit
Somewhat BikeableSchools
Construction
Condition
- Property condition: Previously Owned
- Year built: 1998
Materials
- Construction materials: Wood,Frame/Wood
Type & Style
- Home type: SingleFamily
- Architectural style: Bungalow
- Property subType: Single Family Residence
Interior
Basement
- Has basement: Yes
Bedroom
- Level: Main
- Area: 120
- Dimensions: 10 x 12
Bedrooms & Bathrooms
- Bedrooms: 2
- Bathrooms: 1
- 3/4 bathrooms: 1
- Main level bedrooms: 1
Features
- Number of fireplaces: 1
- Fireplace features: Free Standing
- Fireplace: Yes
- Finished area below ground: 0
- Finished area above ground: 912
Heating
- Heating features: Fireplace(s),Wood
Interior Area
- Total interior livable area: 912 sqft
Kitchen
- Level: Main
- Area: 108
- Dimensions: 9 x 12
Living Room
- Level: Main
- Area: 108
- Dimensions: 9 x 12
Loft
- Level: Upper
- Area: 240
- Dimensions: 10 x 24
Property
Details
- Parcel number: 28631118045, 28637518270 & 18315
- Foundation area: 672
Features
- On waterfront: Yes
- Waterfront features: Pond,Waterfront Access(Private)
- Waterbody name: Other - See Remarks
- Frontage length: 600
Lot
- Lot size: 5.75 Acres
- Lot size dimensions: 300 x 800, 50 x 110
Parking
- Parking features: None
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Cold Wave
- Lightning
- Strong Wind
- Winter Weather
- Inland Flooding
- Wildfire
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters in Lake County and Minnesota
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $1,259 | $15,108 |
| Home Insurance * | $166 | $1,992 |
| Property Taxes | $124 | $1,488 |
| Electricity | $170 | $2,050 |
| Total | $1,719 | $20,628 |
Income You'd Need if You Spent...
Minnesota FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
No market data available for this area
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-28 | Listed for sale | $279,000 |
| 2026-01-17 | Listing removed | $299,000 |
| 2025-09-17 | Price change | $299,000 |
| 2025-07-14 | Price change | $309,000 |
| 2025-06-28 | Price change | $319,000 |
| 2024-07-17 | Listed for sale | $329,000 |
| 2017-06-02 | Sold | $119,000 |
| 2017-03-13 | Pending sale | $119,000 |
| 2016-04-05 | Listed for sale | $119,000 |
| 2015-12-12 | Listing removed | $129,900 |
| 2015-08-14 | Listed for sale | $129,900 |
| 2015-02-26 | Listing removed | $139,900 |
| 2014-06-15 | Listed for sale | $139,900 |
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