While much of the market appears stuck in slow motion, Abbey Springs continues to defy the broader market on its way to a very solid 2009. While the Lake Geneva real estate market as a whole has had a marginal year, the Abbey Springs market has seen a complete and thorough rebound from their miserable 2008. Some of that rebound may have to do with the wide reaching renovations that the development completed earlier this year, as the improvements have set Abbey Springs apart in the marketplace as the most amenity packed association in southeastern Wisconsin.
Year to date, there have been fifteen sales in Abbey Springs ranging from a small Holiday unit that closed for $190k, all the way up to a substantial home with some high end finishes that closed for $860k. The majority of the sales have been of Alpine and other similarily priced units in the $300k to $400k range. When you compare the fifteen YTD sales in 2009 with the six sales in all of 2008, it’s obvious that the recovery in liquidity that I was hoping for this year has indeed arrived at Abbey Springs.
As I write, there are three more properties with pending contracts, including the foreclosure that I tried in vain to tell you about for the past couple months. The three sales will obviously bring this years volume to 18 units, which will be a 300% increase over the 2008 volume. Before we go thinking that Abbey Springs has come all the way back, we need to remember that the development recorded 27 sales in 2007. We might have a long way to go to match that number, but the volume recovery is nonetheless impressive, particularly when viewed against the anemic numbers of the broader market.
There are 25 properties currently on the market in Abbey Springs, ranging in price from under $180k to over $1.1MM. For all the success of the development this year, Abbey Springs definitely isn’t for everyone. The association fees are hardly modest, and you really do have to enjoy the amenities in order to willingly accept the monthly fees. If you’re looking to sit around in the woods and read books on the weekends, Abbey Springs might not be the best place for you. Now, if you want to have access to the private lakefront beach and pier system, perhaps play some golf, swing a tennis racquet for a while, eat dinner at the Yacht Club restaurant overlooking the lake, then you might take some interest in Abbey Springs. Book reading is allowed as well, though it’s only really encouraged if it’s raining.
Oh, and that view up there? That view is what you see when standing on the 17th tee at the Abbey Springs golf course. For all the owners who own the homes tucked into the woods on the right hand of that fairway and green, I sincerely apologize for raining golf balls onto your roofs.