The town was established in the late 1890s, and held a general store, three hotels, four saloons, and a handful of other businesses. A post office was established in 1901.
Wauconda was deserted and its inhabitants moved two miles away, to a second Wauconda, and the first was referred to as Old Wauconda from then on. This new site also had several places of business including a post office and school, but it never matched the status of Old Wauconda.
Today, many abandoned log cabins and old deserted houses can be found, including the Pflug mansion, a half-finished German-style home built by German emigrants.
