Rainbow Lakes Estates Dunnellon Florida

Rainbow Lakes Estates

Rainbow Lakes Estates

Rainbow Lakes Estates is a huge sub division of approximately 13,000 acres that was first developed in 1961 by the American Realty and Petroleum Corp. At the time AMREP was one of the largest developers in the US mostly developing large tracts of land in southern states to be sold as vacant lots to northern snowbirds. Land was really cheap in Marion County in the 60′s and 70′s and several huge projects like Rainbow Lakes sprung up around the county at that time. Like several similar sub divisions many lots were never built on and even to this day there is a huge number of vacant lots.

Rainbow Lakes Estates has all paved roads. It also has 3 lakes, Tiger Lake, Lake Bonable and Little Lake Bonable. Lots are either 1/4 acre or 1 full acre. Homes range from smaller, under 1,000 sq ft of living area to quite large homes built in the last few years. Homes date from the 1960′s through  the building boom of 2004-08 to the present. There are all methods of construction with the majority being concrete block. There are very reasonably priced homes here in Rainbow Lakes Estates including a number of foreclosures.

Although there is no HOA or HOA fees there is a community center in Rainbow Lakes Estates with various clubs and activities.

Rainbow Lakes is peaceful and quiet but only a few minutes from Dunnellon and around 40 minutes from Ocala.

If you would like to see listings from Rainbow Lakes Estates email me or use my Ocala Dream Home Finder . I can set you up a Listing Cart which is a custom MLS search for Rainbow Lakes or any surrounding community.

See images below

Lake Bonable by community center

Lake Bonable by community center

Rainbow Lakes home built in 2000's

Rainbow Lakes home built in 2000′s

Rainbow Lakes home built in 60's

Rainbow Lakes home built in 60′s

Rainbow Lakes home from 1980's

Rainbow Lakes home from 1980′s

38 Responses to “Rainbow Lakes Estates Dunnellon Florida”

  • dotty callahan says:

    I am interested in a small place to be used only in the winter months. We have a home in NH and I just want this for Jan. thru March so I really don’t want to spend a lot of money.

  • Joe Dallorso says:


    There are some cheap homes in Rainbow Lakes estates. They are smaller older homes but would be a nice escape from the winters up north. You didn’t say how much you wanted to spend so I’ll send you an email so I can get some more infp


  • Sir. looking for very inexspencive house and lot,, forclosure etc. some where in dunnellon area.. Thank you

  • Joe Dallorso says:

    It’s hard for me to help people without some very basic info. I need a price range and the size of the home at a minimum. There are very inexpensive homes in Dunnellon but some older homes only have 1 bath and others might be mobile homes.

  • Gilbert Cardona says:

    Hi Joe,

    Can you tell me what 1/4-1/2 acre vacant lots are going for in Rainbow Estates right now.

    Regards, Gilbert

  • Joe Dallorso says:

    Hi Gilbert

    There are 1/4 acre & 1 acre lots but no 1/2 acre lots
    From Sept 1 to today 6 1/4 acre lots were sold all for between $2,000- and $2025- each

  • Sandy Kramer says:

    Live in Miami and will be retiring prob next year.

    I’ve driven thru the area and like Dunnellon. Also drove around rainbow Lakes Estates

    Do you have any info on homes for rent? Ideally, 3/2 with rear deck/patio, and fenced in yard. Need to be able to park a Popup camper. Even if u don’t know of anything available, could u give me a ballpark range of what rental costs might be?

    My budget would be $800-1,000. What could I rent in that price range?

    Solo female, 65, with 3 dogs (2 are chihuahas! The other is old; 25 lbs), so really interested in place with community life

    Totally unable to find rental property via net. Can u suggest any URLs if u don’t handle rentals?

  • Joe Dallorso says:

    Hi Sandy

    I don’t do rentals & I don’t know anyone who specializes in them
    I’m pretty sure you can rent a house in your price range.

  • carol smith says:

    We are interested in homes for sale. between 1100 and 1500 feet.

  • Joe Dallorso says:

    Hi Carol

    It’s hard to help without knowing your budget

  • Rhonda says:

    Is Rainbow Lakes Estates a man made lake,or natural lake?

  • Joe Dallorso says:

    It’s a natural lake and like many lakes around here the water level varies.

  • Rhonda says:

    Thank you!

  • Heather/Steve Dion says:

    2 questions:
    #1 are there deed restrictions (like we have a 30ft. motorhome we want to store on site)?
    #2 can you place a mobile or modular here?

  • Joe Dallorso says:

    You can keep an RV or boat in the yard
    No mobile homes

  • Dennis Minieri says:


    I have a 1/4 acre lot in Rainbow Lakes estates . I bought when the prices were at there highest . I know I can’t sell at the current price for vacant lots but was wondering if building a home and selling makes sense. Please let me know your feeling. I also have 3 lots in Bellevue heights estates .

    Thanks Dennis

  • Joe Dallorso says:

    There is almost no new home building going on at all right now.

  • Dennis Minieri says:


  • Tony Grayson says:

    Hi Joe
    I own an acre plot on Rainbow Lakes, but I am weighing up the pros and cons of either building or buying a resale, perhaps a short or bank owned.
    Do you have a website with your current listings.
    Kind regards

  • Joe Dallorso says:

    I generally don’t have listings. I act as a buyers agent. It’s hard to justify the cost of building new but distress sales usually have condition or location issues. You can use my dream Home Finder and I’ll send you listings from the MLS. I don’t do short sales. I think most never close

  • Clarissa Carpenter says:

    Could you tell me if you can put a modular home on property in Rainbow Lakes? I saw where you answered no to mobile homes.Thanks

  • Joe Dallorso says:

    No modular either. Deed restrictions look at modular and mobiles as pretty much the sake.

  • Helen says:

    I have a 1/4 acre that I am interested in selling. Can you offer me any information on the going rate and would you happen to have a listing agent you can recommend?

    Thank you.

  • Joe Dallorso says:

    In the last 90 days several 1/4 acre lots have sold all for about $1,800.00

  • Lew says:

    Are there any restrictions on prefab dublex homes?

  • Joe Dallorso says:

    No mobiles or modulars in Rainbow Lakes

  • j. jones says:

    Hi can you tell me if there are restrictions on having horses? Thanks

  • Joe Dallorso says:

    Rainbow Lakes Estates is a residential community and not zoned for Ag purposes. There are farm properties to the north of Rainbow Lakes maybe that’s what you’re thinking of.

  • Rick says:

    Hi Joe, What’s the best way to get a few minutes with you? I’d like to talk more about my intentions to move to into the Rainbow Lakes area. Thanks, Rick

  • Joe Dallorso says:

    You can call me any time from 8am to 6pm monday thru friday or email me any time. My contactinfo is on my blog and web site……..Joe

  • ReBecca Vicks says:

    Is there a time limit that requires one to build a home on site or can one purchase the property and not build on it for some time?

  • Joe Dallorso says:

    I don’t think there is a time limit to be. There are hundreds of lots that have sat vacant for decades

  • mary says:


    i have an acre plot in rainbow lakes how much are the acre plots selling for and are they in demand, will mine be easy to sell.

  • Joe Dallorso says:

    Since March 1 2014 there were 4 acre lots sold in Rainbow Lakes all around $5,000.00 to $6,000.00. I don’t sell vacant land because there is just no commission on a $5,000- sale.

  • Alli says:

    Sorry, after reading through more of the Q/A’s, I now have more questions lol. One person mentioned an AG exemption for horses or something along those lines…..I am slightly confused by your answer as we are considering buying a 40 acre lot that sits in the Levy county section of Rainbow Lakes and it is my understanding that this parcel currently is zoned AG, rural, residential. I guess I thought the AG classification meant we could have a farm, is this not the case?

  • Joe Dallorso says:

    These are questions you should ask the seller or the Realtor helping you buy this property. I don’t sell vacant land myself. There are farm properties north of Rainbow Lakes Estates.

  • yvonne says:

    I am looking to sell a .99 lot, can you tell me what the going prices are
    and how long it would take to sell, also are any of the lakes dried up.

  • Joe Dallorso says:

    Sorry I don’t sell vacant land just existing houses

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Joe Dallorso
Fontana Realty
7668 SW 60th Avenue #200
Ocala FL 34476

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