Google tells me this: Since peaking in the early 1800s, use of the word “abbey” has declined steadily and thoroughly. I would assume the television show would have caused a bump in the popularity of the word, but Google tells me that this isn’t necessarily the case. The increase may be very slight, but it’s still nothing compared to the mass Abbey hysteria from centuries ago. I imagine if this was a geographic measurement, Wisconsin would be absolutely off the charts because we love, more than most things in life, the word Abbey. Maybe that’s not fair to the great state of Wisconsin- maybe it’s just a Walworth County thing. But that’s not fair to Walworth County. Maybe it’s just a Fontana thing.
Abbey Springs, The Abbey Hotel, Abbey Hill, Abbey Villa, Abbey Harbor, Abbey Ridge, Abbey Bridge; you name it, we have an Abbey version of it. Most interesting to me today are the two condominium developments of Abbey Hill and the Abbey Villas. Both of these developments clung to life in the last five years of choppy market seas, and both have come out of this ordeal perhaps better for their experience. Both developments experienced foreclosure trouble, and then they endured the crushing valuation realities that such foreclosures bring. There were high peak values, lots of leveraged owners, followed by a complete absence of liquidity. There were deals to be had in these developments over recent years, and I can still remember the sunny day in 2008 when one of my Abbey Villa clients turned down a $370k offer that I brought him. That unit today? $225k?
With this recent history in mind, both developments have been blessed with a 2014 that has brought some normalcy to their gate-less entries. Both developments experienced high inventory at the bottom of this cycle, and both developments struggled to absorb that glut. 2013 cleared away much of that excess, with 11 Abbey Hill units sold ( $160k- $261k) that year and 9 Villas sold. That’s high volume for these smallish enclaves, particularly so for Abbey Hill. Year To Date there have been 4 Abbey Villa units sell, and 1 Abbey Hill closing. There are at least two Abbey Villas pending sale right now, and my Abbey Hill listing for $299k is freshly pending sale to a nice buyer.
Inventory is normal, but not entirely light. Excepting the pending units, there are 11 Abbey Villas available today priced from $185k for a basic unit to $479k for a unit with a pleasant Harbor view. Abbey Hill has just four units available. Both developments are in Fontana, and both are a bit older now. Which one do I like better? Abbey Hill. That’s because while I appreciate the Abbey Villa setting- close to the lake and the Harbor and the Fontana goings on-I really like the style of the Abbey Hill units. They’re funky without being weird. They’re half vacation condo in Wisconsin and half ski lodge in Aspen. They’re close enough to the lake to walk, but let’s be really honest with each other: We’re driving to the lake. Both are walkable to the Coffee Mill, which I count as a benefit.
There’s little sex appeal to the markets at either development today. There aren’t any catastrophic foreclosures looming, nor are there any strange things happening at association levels. I think either are nice, safe moves today. Abbey Hill might be the better play, but if you’re looking for any sort of rental income, you’ll have to stick with the Abbey Villas. A well appointed unit there can be added to the Abbey Hotel rental program, and there are some high rents to be awarded to owners who are granted inclusion in that program. Need some rental income? Consider the villas. Want to hang out in front of a huge fireplace in a spacious, beamed great room? I’ll see you at the Hill. The Abbey, Hill, of course.
Above, the pending Abbey Hill unit.