jonese, welcome to the forum.
Before I got too vested in this property, I might take a look at the historical view of the pond on Google Earth. What I'd want to see is the top 4-5 acres of the pond, and see how the water level has fluctuated during the last 8-10 years. If the previous owner lowered the pond, I'd sure want to know why. It might be worth having the dam looked at by a professional before any decisions are made.
My pond's almost identical in size, shape, and depth to the one you're looking at, and DD1 hit a lot of the issues in his post. Larger shallow water ponds can be a handful to say the least. Having said all that, it's a beautiful place. I might have a hard time not thinking about buying it too.
