Professional Reference · Larimer County Water & Real Estate
Larimer County Lakes — Ownership, Water Rights, and Real Estate Data
Technical reference for real estate practitioners, attorneys, and buyers requiring full institutional detail on Terry Lake, Cobb Lake, Richards Lake, and Carter Lake. For a buyer-facing overview, see the Larimer County Lakes Guide. For broader Colorado water rights doctrine, see the Colorado Water Rights Deep Dive.
Ownership and Administrative Framework
All four lakes operate under different ownership, management, and access structures. The table below provides the foundational framework. In each case, residential property rights to recreation are derivative — secondary to the primary beneficial use of the water by the owning entity.
| Lake Name | Primary Owner (Water/Basin) | Recreational Management | Real Estate Access Model |
|---|---|---|---|
| Terry Lake | Larimer and Weld Reservoir Co. (LWRC) | Terry Lake Recreation Assoc. (TLRA) | Private Lease / Tiered Membership |
| Cobb Lake | Cobb Lake Irrigation & Reservoir Co. | Gated HOA / Private Developer | Conservation Development |
| Richards Lake | Water Supply and Storage Co. (WSSC) | Richards Lake Owners Assoc. (RLOA) | HOA-Integrated Tag System |
| Carter Lake | U.S. Bureau of Reclamation | Larimer County Dept. of Natural Resources / Northern Water | Public Access / Proximity Value |
Terry Lake
TLRA Membership Eligibility — Eligible HOAs
TLRA membership is tied to specific lots within four designated residential associations. Per the 2018 bylaw amendment, any lot annexed by or joining these HOAs after September 10, 2018, is permanently ineligible for TLRA membership. This cutoff creates a fixed and non-expandable pool of lake-privileged properties.
- Terry Shores HOA
- Terry Cove HOA
- Point Townhomes HOA
- Terry Acres HOA — Bayshore Road lots only
Practitioners must verify eligibility during due diligence. The TLRA bylaws are the authoritative source; HOA documentation alone is insufficient confirmation.
TLRA Fee Schedule — 2026
| Fee Description | 2026 Amount | Notes |
|---|---|---|
| Active Membership Dues | $420.00 | Full use of lake and greenbelt; due by April 1 |
| Inactive Membership Dues | $210.00 | Preserves eligibility; no lake use permitted |
| One-Time Initiation Fee | $4,200.00 | Payable in up to three installments; owed on first entry into membership |
| Transfer Fee | $630.00 | Paid at change of property title |
| Active Late Fee | $84.00 | Applied after April 1 deadline |
If a membership lapses, the subsequent owner or reinstating member must pay the full $4,200 initiation fee to rejoin, provided the lot remains eligible. Inactive status at $210/year is the mechanism for preserving eligibility during periods of non-use.
TLRA Boat Management Plan
The TLRA Boat Management Plan (adapted January 2025) governs all watercraft on the lake. Key provisions:
- Motor limit: 9.9 horsepower maximum. No exceptions. Wake boats, ski boats, and personal watercraft are prohibited.
- Registration window: March 1 through April 1 annually. All watercraft must display a current-year TLRA sticker.
- Removal procedure: Watercraft or trailers without current decals are treated as unidentifiable. Removal notice sequence: 30-day first notice, 15-day second notice, then tagged for towing.
- Permitted craft: sailing vessels, kayaks, canoes, paddleboards, and boats with electric or low-power motors within the 9.9 HP limit.
Terry Lake Property Sales — 2025–2026
The following table reflects known sale and listing data for the 2025–2026 market cycle. Terry Lake inventory runs near zero at any given time; days on market are typically under 21 days for correctly priced lakefront listings.
| Address | Status / Price | Sq. Ft. | Price / SF | Notes |
|---|---|---|---|---|
| 2825 Terry Lake Rd | Sold — $1,350,000 | 2,184 | $618 | Lakefront |
| 2629 Terry Lake Rd | Listed — $1,550,000 | 3,289 | $471 | Lakefront |
| 2400 Terry Lake Rd | Sold — $1,900,000 | 6,523 | $291 | Large estate, lakefront |
| Terry Point Dr | Sold — $845,000 | 4,203 | $201 | Lake view, not direct shoreline |
Lakefront premium versus comparable non-lake neighborhoods (Greenbriar, Hanna Farm, median $480,000–$560,000): 40–60% for direct shoreline with active TLRA membership. Approximately 50–60 homes have direct lakefront access; many additional lots within the eligible subdivisions hold lake rights via TLRA membership without private shoreline.
Cobb Lake — The Hill at Cobb Lake
Cobb Lake (Cobb Lake Unit No. 1 Reservoir) is approximately 684–700 acres, located north of Fort Collins near Wellington. Water rights are held by the Cobb Lake Irrigation and Reservoir Company, drawing from the Larimer and Weld ditch system. The lake is wakeless. The development encompasses over 670 acres of permanently protected open space and approximately 6 miles of walking trails. Phase 2 (46 acres, 23 two-acre lots) received approval in early 2026.
HOA and Fee Structure
- Main HOA (The Hill at Cobb Lake): $3,800–$4,250/year. Covers gated entry maintenance, private paved roads, open space management, and trail upkeep.
- Secondary Association (CLPRA — Cobb Lake Property and Recreation Association): Approximately $450/year additional.
- Water / Sewer: Most lots utilize septic systems for wastewater. Potable water is typically provided via a public water tap; some older adjacent properties may still rely on wells. Verify per parcel.
- Special assessments / Metro District bonds: Newer phases may carry bond repayment obligations that appear as a separate line item on the property tax bill. Verify in title work.
Cobb Lake Pricing — 2025–2026
| Description | Price | Details |
|---|---|---|
| New Construction Custom Home | $1,775,000 (listed 2025) | 5,400 sq. ft., 2 acres, built 2025 |
| Vacant Lakefront Lot — Taliesin Way | $560,000 (sold early 2026) | 2-acre parcel, Taliesin Way |
| Phase 2 Development Parcel | $1,175,000 (sold early 2026) | 46-acre parcel; 23 two-acre lots approved |
Investment thesis is concentrated in large-lot appreciation and the irreproducibility of the gated, conservation-development model under current Larimer County land-use codes. Days on market typically 90–120. Buyer profile: luxury/relocation, high-wealth bracket significantly above the 80524 zip code median household income of ~$84,440.
Richards Lake / Hearthfire
Richards Lake (~100 acres) is owned by the Water Supply and Storage Company (WSSC) of Fort Collins. The RLOA (Richards Lake Owners Association) holds recreational rights under a formal agreement with WSSC. That agreement explicitly states that Richards Lake is “a water storage facility for irrigation purposes” and that WSSC maintains sole discretion regarding water levels. The Hearthfire subdivision is the primary residential community, offering custom homes, a community pool, clubhouse, and walking trails in addition to lake access.
RLOA Tag System — Rules and Watercraft Permissions
- Tag allocation: Two RLOA user tags per household. Tags must be present during all visits to the lake area. Lake security is authorized to request tags at any time.
- Membership requirement: Residents must be current on dues and must have signed the RLOA Beach User Member Agreement.
- Watercraft permitted: Canoes, kayaks, paddleboards, small sailboats, and boats with electric trolling motors. The lake is strictly wakeless.
- Prohibited: All gasoline-powered motors, wake boats, ski boats, personal watercraft (jet skis), and any craft generating a wake.
- Boat storage: Overnight storage available in a designated area for a fee. Capacity is limited; the RLOA Lake Committee manages a waiting list. Storage privilege requires frequent use — approximately weekly — to retain the spot.
- Water level risk: WSSC retains absolute discretion over water levels with no minimum recreation guarantee. This represents the highest recreational risk profile of the four lakes in this reference.
Richards Lake / Hearthfire Pricing — 2025
| Property Type | Price | Price / SF | Notes |
|---|---|---|---|
| Lakefront Estate (Treasure Cove) | $850,000 | $238/sf | Sold Sept 2025 |
| Large Custom Estate (Richards Lake Rd) | $1,795,000 | ~$321/sf | Large estate lot |
| Standard Hearthfire SFH | $705,000 | $215/sf | Sold Feb 2025 |
| Townhome (Morningstar Way) | $510,000–$650,000 | ~$210/sf | New construction |
HOA fees: approximately $50/month for standard Hearthfire SFH; some townhome or specialized sections reach $120/month or $310/quarter. Lakefront or unobstructed lake-view premium: 20–30% over comparable interior-subdivision homes. Typical days on market: 30–45 days. Buyer profile: family/commuter.
Carter Lake
Carter Lake (~1,100 acres) is owned by the United States Bureau of Reclamation (BOR). It is a terminal reservoir for the Colorado-Big Thompson (C-BT) Project. Recreational facilities are managed by the Larimer County Department of Natural Resources; water delivery is managed by Northern Water. No private residential development is permitted within the reservoir boundary. The shoreline perimeter is public open space.
Water Source — C-BT Adams Tunnel
Carter Lake receives transmountain diversion water originating on the Western Slope. Runoff is stored in Lake Granby, pumped through the Alva B. Adams Tunnel under the Continental Divide, and distributed through the East Slope C-BT system. A single share of C-BT water was valued at approximately $52,000 in 2024, making it among the most valuable water in Colorado. Carter Lake is managed with municipal and industrial priority, resulting in more reliable seasonal levels than the agricultural-priority lakes (Terry, Cobb, Richards).
Public Infrastructure
- Three public boat ramps
- Multiple campgrounds (managed by Larimer County)
- Marina with slip rentals
- No HP restriction — full motorized recreation permitted (subject to CPW boating regulations and ANS inspection requirements)
Proximity Value — Halo Effect
Properties within a 5-minute drive of Carter Lake (Carter Lake Estates, Pole Hill area) typically carry a 15–25% value premium over comparable homes in the Berthoud plains without reservoir proximity. Example: a 6,000 sq. ft. home in the Pole Hill area was under contract at $1,499,900 in late 2025. There are no lakefront homes; the premium reflects access and lifestyle, not private shoreline ownership. Buyer profile: recreation/acreage. Typical days on market: 45–60 days.
Property Tax Benchmarks — 2025/2026 Reappraisal Cycle
Colorado residential property taxes are calculated as: Actual Value × Assessment Rate (6.7% residential) × Mill Levy. The 2025/2026 reappraisal cycle used a 24-month data period from July 1, 2022 through June 30, 2024. Special assessments and Metro District bond repayment obligations are common in newer developments (Cobb Lake, Hearthfire phases) and may appear as a separate line item on the tax bill not reflected in standard Actual-Value calculations.
| Location / Property | Annual Tax (2024 Assessed) | Notes |
|---|---|---|
| Terry Lake — 2400 Terry Lake Rd (estate) | $12,692 | Lakefront estate; 80524 zip; no Metro District bond |
| Cobb Lake — The Hill, improved 2-acre lot | ~$4,906 | Per Taliesin Way comparable; verify Metro District layering |
| Hearthfire (80524) — non-lakefront, lake-access | $4,700–$5,100 | Standard Hearthfire SFH range; may carry Metro District levy |
Comparative Lake Data — Four Lakes
| Lake | Acres | Water Source | Lakefront Homes | Public Access | Avg. Price (View/Access) |
|---|---|---|---|---|---|
| Terry Lake | ~400 | Cache la Poudre / LWRC | Yes (limited, capped 2018) | No | $1.2M–$2.3M |
| Cobb Lake | ~700 | Larimer & Weld / Cobb Lake Irr. Co. | Yes | No (gated) | $1.7M–$2.5M |
| Richards Lake | ~100 | WSSC system | Yes | No (HOA tag) | $700K–$1.2M |
| Carter Lake | ~1,100 | C-BT / Western Slope transmountain | No (federal) | Yes (public) | $1.0M–$1.8M (nearby) |
2026 Market Outlook
As of February 2026, the Larimer County lake property market remains seller-favorable as a niche segment despite modest broader-market softening (Larimer County median SFH sale price dipped <1% to $593,000 in July 2025). Inventory of lake-accessible properties remains critically constrained across all four lakes.
| Indicator | Terry Lake | Cobb Lake | Richards Lake | Carter Lake |
|---|---|---|---|---|
| Inventory (Feb 2026) | Near zero | Low (Phase 2 active) | Moderate | Low |
| Days on Market | < 21 days | 90–120 days | 30–45 days | 45–60 days |
| Buyer Profile | Local upsize / legacy | Luxury / relocation | Family / commuter | Recreation / acreage |
Environmental Pressures and Long-Term Risk Factors
Aquatic Nuisance Species (ANS) Inspections
All motorized and trailered boats in Colorado must undergo ANS inspections before launch, administered by Colorado Parks and Wildlife. Private lakes (Terry, Richards) apply stricter self-policing protocols to prevent Zebra/Quagga mussel infestation. An infestation event would devastate the irrigation infrastructure owned by the ditch companies and could trigger restrictions on recreational use. Practitioners should disclose the ANS risk environment and confirm that any boat the buyer intends to bring from another state has been decontaminated.
NISP / Glade Reservoir and Regional Hydrology Impact
The Northern Integrated Supply Project (NISP) — which includes construction of Glade Reservoir northwest of Fort Collins — is in active planning and permitting phases. These projects may alter the seasonal flow patterns and “call” dynamics on the Cache la Poudre River that currently fill Terry and Richards Lakes. If NISP storage captures more Poudre water upstream, downstream irrigation calls that fill the private lakes could shift in timing or volume. Long-term buyers should monitor NISP construction timelines and their potential impact on LWRC and WSSC storage yields.
Late-Summer Algae Blooms — Terry Lake
Terry Lake experiences late-summer algae blooms during low-water periods, particularly in drought years when drawdowns concentrate nutrients in reduced surface area. These blooms can restrict recreational use temporarily and affect aesthetic value during the late summer months when agricultural drawdown is at its deepest. This is a known, recurring condition — not an isolated event — and should be disclosed to buyers.
Citations
- Water Rights — Division of Water Resources — Colorado — https://dwr.colorado.gov/services/water-administration/water-rights
- Water Rights — Water Education Colorado — https://watereducationcolorado.org/water-101/water-law-policy-regulation/water-rights/
- Terry Lake Recreation Association: TLRA — https://www.tlra.co/
- Water Supply & Storage Company — Public and Environmental History Center — https://pehc.colostate.edu/digital_projects/dp/poudre-river/moving-storing/let-the-water-flow-ditch-companys/water-supply-storage-company/
- RLOA Beach User Member Agreement 2017 — Greeley Community Management — https://gcmhoa.com/wp/wp-content/uploads/2016/12/2017-RLOA-Lake-Tag-Agreement.pdf
- By-Laws of Terry Lake Recreation Association, Inc. — https://www.tlra.co/pdfdocuments/tlrabylaws.pdf
- Dues/Fees — TLRA — https://www.tlra.co/duesfees/
- TLRA Boat Management Plan — Adapted Jan. 2025 — https://www.tlra.co/pdfdocuments/BoatManagementPlanFinal2025.pdf
- Horsetooth and Carter Lake Reservoirs — Bureau of Reclamation — https://www.usbr.gov/gp/ecao/horsetooth_carter/index.html
- The 'Lake Next Door' Affects Your Property Values — REI INK — https://rei-ink.com/the-lake-next-door-affects-your-property-values/
- 2629 Terry Lake Road, Fort Collins, CO 80524 — BHHS Colorado Real Estate — https://www.bhhscoloradorealestate.com/co/2629-terry-lake-road-fort-collins-80524/
- Terry Lake Fort Collins Waterfront Homes For Sale — Zillow — https://www.zillow.com/terry-lake-fort-collins-co/waterfront/
- 4336 Taliesin Way, Fort Collins, CO 80524 — Compass — https://www.compass.com/homedetails/4336-Taliesin-Way-Fort-Collins-CO-80524/11Y0FR_pid/
- 3650 Blossom House Ln, Fort Collins, CO 80524 — Zillow — https://www.zillow.com/homedetails/3650-Blossom-House-Ln-Fort-Collins-CO-80524/2077174136_zpid/
- 4224 Taliesin Way Fort Collins, CO 80524 — Kenneth James Realty — https://www.kennethjamesrealty.com/property-search/detail/24/IR1029024/4224-taliesin-way-fort-collins-co-80524/
- Larimer County Analysis — Technical Memorandum No. 1 — https://www.larimer.org/sites/default/files/uploads/2020/1st_sub._no._01_project_description_02.2020.pdf
- The Hill at Cobb Lake, CO Homes for Sale — Compass — https://www.compass.com/homes-for-sale/the-hill-at-cobb-lake-fort-collins-co/
- Cobb Lake Homes for Sale — LakeHouse.com — https://www.lakehouse.com/cobb-lake-colorado-lake-homes-for-sale-b2933.html
- The Hill at Cobb Lake, Fort Collins, CO Demographics — Point2Homes — https://www.point2homes.com/US/Neighborhood/CO/Fort-Collins/The-Hill-at-Cobb-Lake-Demographics.html
- RLOA Beach User Member Agreement — Greeley Community Management (v2) — https://gcmhoa.com/wp/wp-content/uploads/2016/12/RLOA-Lake-Tag-Agreement2.pdf
- 3320 Hearthfire Dr, Fort Collins, CO 80524 — Homes.com — https://www.homes.com/property/3320-hearthfire-dr-fort-collins-co/skpxjcd5mp81l/
- Hearthfire Neighborhoods — Fort Collins Real Estate Guide — https://www.fortcollinsperio.com/hearthfire-neighborhoods
- 1739 Beamreach Pl, Fort Collins, CO 80524 — Zillow — https://www.zillow.com/homedetails/1739-Beam-Reach-Pl-Fort-Collins-CO-80524/82401909_zpid/
- 1715 Baltusrol Drive, Fort Collins, CO 80524 — Gold Compass Real Estate — https://coloradohomeblog.com/details/denver_IR1053811--1715-Baltusrol-Drive-Fort-Collins-CO-80524/
- 2721 Treasure Cove Rd, Fort Collins, CO 80524 — Zillow — https://www.zillow.com/homedetails/2721-Treasure-Cove-Rd-Fort-Collins-CO-80524/96102909_zpid/
- Larimer County and Fort Collins team up to preserve 3,500 acres for open space — https://www.larimer.org/sites/default/files/uploads/2020/news_articles_sept.pdf
- Growing Communities & The Colorado-Big Thompson Project — Cache la Poudre River NHA — https://poudreheritage.org/history/growing-communities/
- Boating Information — Larimer County — https://www.larimer.gov/naturalresources/parks/boating
- Terry Lake Homes for Sale — LakeHouse.com — https://www.lakehouse.com/terry-lake-colorado-lake-homes-for-sale-b7402.html
- C-BT Infrastructure — Northern Water — https://www.northernwater.org/water/projects/colorado-big-thompson-project/cbt-infrastructure
- Water Supply & Storage — Little Thompson Water District — https://www.littlethompsonwd.gov/water-supply-storage
- Estes Park & Larimer County Real Estate Market Update July 2025 — Signature Home Team — https://www.signaturehometeam.com/blog/estes-park-larimer-county-real-estate-market-update-july-2025
- Property Tax Calculation — Larimer County — https://www.larimer.gov/performance-budget-and-strategy/Budget/HowIsMyPropertyTaxCalculated
- Property Tax & Assessment — Larimer County — https://www.larimer.gov/treasurer/taxinfo/faq/property-tax
- Understanding Property Values — Larimer County Assessor — https://www.larimer.gov/assessor/understanding-property-values
- 2400 Terry Lake Rd, Fort Collins, CO 80524 — Zillow — https://www.zillow.com/homedetails/2400-Terry-Lake-Rd-Fort-Collins-CO-80524/13926382_zpid/
- 561 Whisperwind Ln, Fort Collins, CO 80524 — Realtor.com — https://www.realtor.com/realestateandhomes-detail/561-Whisperwind-Ln_Fort-Collins_CO_80524_M97080-50849
- 1414 Waxwing Ln, Fort Collins, CO 80524 — The Little Lady Sells Homes — https://www.thelittleladysellshomes.com/idx/listing/CO-IRES/1048439/1414-Waxwing-Ln-Fort-Collins-CO-80524
- Boating — Colorado Parks and Wildlife — https://cpw.state.co.us/activities/boating
- Water Rights: Who Owns the Water & How Do We Acquire More? — Fort Collins-Loveland Water District — https://fclwd.com/blog-water-rights/