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If it's actually a "lagoon", it's an inlet from a larger body of open, moving water, and owners of property with frontage on the water do not have any ownership interest in it and property ownership generally extends only to the waterfront.

If the body of water is a pond or lake reservoir which is completely surrounded by property owners or which was created by the owners, the custom in real property law is that owners of waterfront property have a collective ownership in the lake. The custom in most states is that ownership in such cases extends from each edge of each adjoining property to the center point. The easiest way to visualize this concept is to think in terms of a Pizza, with each property owner having an ownership right in a slice extending into the lake from each side of the property's waterfront.

Another PerspectiveYou need to review the recorded plan of the subdivision to determine where the lot lines are. If the subdivision is recent and the"lagoon" is manmade it may be shown as an easement area for surface water drainage on the plan. It may be part of the common areas of the subdivision. You may find an answer in the subdivision plan and the notes on the plan. Also, the "lagoon" may be mentioned in the subdivision covenants or other documents that pertain to the subdivision such as easement agreements with the town.
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Q: Who owns lagoon in a subdivision when there are 10 houses on each side of the lagoon?
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