Its near montezuma Iowa. I am VERY familiar with the area. If you like meth labs then the place is for you (I am not kidding).
its a man made lake with dam issues. Montezuma is one of the dumpiest backwoods towns in Iowa. Its almost like they took a chunk of southern Iowa/missouri and placed it in southern poweshiek county. The lake is called ponderosa because the hillbilly that built the place was a big fan of bonanza.
If I were going to drop some cash for a house on a lake Pondersa would be far down on the list. You are going to be contending with rednecks on pontoon boats and jetskiis on an overcrowded lake that used to be a cow pasture. Don't plan on going out to eat anywhere in that area as the nearest good foot is 20 miles away in Grinnell of all places. MOntezuma has a dinky little grocery store that has little variety and sky high prices.
THere are quite a few trailers out at ponderosa where there have been several meth busts in the last 10 years.
Lets put it this way. It isn't exactly okoboji. TOo many rednecks on a lake that is way way too small.
So what you are saying is Montezuma is paradise for Iowa fans.