As of this morning, there are 40 true lakefront homes available for sale on Geneva Lake. This number is up from my last market update, though the two or three new lakefronts aren’t overwhelmingly exciting, nor are they offered at prices that induce spontaneous bursts of price-related joy. While I can’t see anything pending on the lakefront right now (per MLS) with the exception of my lakefront deal on South Lakeshore in Fontana, there does appear to be quite a bit of action in the market, even if those deals are not being consummated. The lack of transactions doesn’t bother me all that much, as July and August are rarely robust sales months here, as buyers prefer to splash and boat their way through their weekends over spending them with me. As a lover of all things Geneva, I cannot begrudge their decision.
There is plenty of reason to remain optimistic that the Geneva lakefront market will finish 2010 with a relative flurry. Of the 40 true lakefronts (Congress Club, South Shore Club- you’re out of this discussion today), 10 are priced under $2MM. Of those 10, I particularly like a couple of them- including the classic cottage on Sauk Trail listed in the $1.5MM’s, and the property on North Lakeshore Drive in Fontana priced just under $2MM. While there are others that represent value in this price range, those are two of my personal favorites. I almost wrote “faves”, almost.
The upper reaches of the market; those homes priced above $4MM, appears to have a few nice opportunities for someone seeking to make a tidal wave sized splash into the lakefront market. Several properties in this range cause me to blush at a mere glimpse of their photo, particularly a house on Black Point listed around $4MM- a house perfect for someone seeking privacy on this magnificent lake. The upper end doesn’t excite me nearly as much as the middle, meat and potato portion of our lakefront market. Those homes priced from $2MM to $4MM, which number 24, are softening at a rate that appears to be faster than the price adjustments that are lazily occurring in the rest of the lakefront market here.
In that mid-range, I have three or four favorites that I believe represent solid value, and appear to be ripe for the buying. Two of these homes are on South Lakeshore Drive in Fontana, priced in the low $3MM’s and mid $2MM’s. For any buyers looking for level frontage with Fontana locations, these two properties are worth a look (just email me for details on these, or any of the properties I’m talking about). There are two properties for sale on Basswood, which for those of you not familiar with the road, is one of the more preferred addresses on all of Geneva. The road is in Linn Township, making the property tax burden more manageable, and yet in spite of the Linn location, it’s still very close to the Fontana lakefront. One of the homes there was recently reduced to the mid $3MM’s, and might be the most quality offering on the lake in terms of location and lot size.
Another house that I’ve always loved is on the bluff at Cedar Point. When I was a kid, this house was owned by the McDonald’s Corporation, and my father both sold the property and managed it at times. Priced at $2.995MM, it’s down $500k from the original list price. This home is everything that a classic lakefront home should be, both gracious and impressive, and rates very high on my real estate sensibilities scale. If you want to look at it with me, I’ll show you the patio door that my brother shattered when a rock was propelled from his lawn mower deck directly into it.
As is the case at all times with Geneva, there are several properties that make very little sense at the current asking prices. However, the developing trend is that fewer and fewer of these fine properties are priced via the dart board and dart method, meaning asking prices are slowly coming in line with buyers expectations. If sellers continue the trend of recognizing where buyer interest is, we should see a solid fall selling season at the lake. I have a surprisingly light appointment schedule for the next couple days, so if you’d like to come look at lakefront houses with me, I’ll be sure to put some gas in the boat and try my best to remove the Popsicle stains from the bow seating area.