Not including the pending sale at 1014 South Lakeshore Drive in Fontana, the clear and obvious trend for those seeking large lakefront estates on Geneva has been to build them from scratch. This trend will create a more impressive shoreline decades from now, but it does little to protect the existing charm and symmetry of the lakefront as we currently know it. Fortunately the vast majority of these newly constructed homes are tasteful, and what they obviously do not lack in size parallels mostly respectable tastes. There are exceptions, including a behemoth on the North Shore that required shoe horns too numerous to count and 55 gallon barrels of vasoline to wedge it into place. Many of these new homes are being built by owners who have owned the lakefront property for quite some time, but others are either being built by those who have only recently purchased vacant land on Geneva, or by those that decided a tear down would best suit their needs. Much of the new construction is being carried out by relatively new money, but that’s another post.
Lakefront parcels on Geneva Lake are scarce, which is akin to proclaiming academy award nominations for Jessica Simpson are the same. A lake that has had 150 years to be built up is ultimately going to run out of fresh land upon which to build, and it’s safe to say that Geneva has met that limitation decades ago. Even so, vacant land does exist on Geneva, and it does sell. Boy does it sell. Enter the story of a beautiful piece of land on the North Shore, accessed off of Alta Vista via Snake Road. The property previously hosted a modest, if ugly, home, one that had little value in this market place. The list price was $6.5MM, and there were no takers. So the owner did what anyone would do in that situation, they tore down the existing home and instead marketed a vacant lot at the same price. This wrecking ball trick worked, and within several months there was a buyer. Or two. There was a heated and difficult bidding war that preceded this sale, but that had little to do with the sales price.
That magnificent parcel consisting of 320′ of lakefront and nearly 5 acres of wooded land closed 10 days ago for $6,050,000, a sales price that sets a record of sorts for the lakefront. Large parcels have sold before. The land that housed Northwestern Military Academy for generations ultimately sold and the ground currently plays host to the South Shore Club. That sale exceeded $6MM, but it also wasn’t purely residential vacant land. As far as I can tell, this sale price is the highest sales price every paid (via the MLS) for a vacant residential parcel on Geneva Lake. The per front foot price isn’t the highest, and with roughly 320 feet of frontage on Geneva’s north shore, the $19k per foot that the buyer paid is in line with historical lakefront averages (even though I’d argue that $18k a foot is more where we’re heading). It will be fun to watch this parcel be developed, and while I enjoy a free market where people are free to do whatever their wallets afford, I do hope some restraint is shown with this classic building site.
Another large parcel sold last month, though this sale offers proof that largess is relative. This sale was the second of the three lots that were created out of an estate on the North Shore of Fontana. Purists, don’t worry. This estate wasn’t of any classical or historical value, so what will be built in its place will far out perform what was torn down to create the opportunity. The property that just sold consisted of 110′ of lakefront and roughly 2 acres of land. This parcel closed at $2.4MM, which is in my humble opinion, a pretty good price. I realize it’s more than the $19k per foot that the buyer of the Alta Vista property paid. But, it’s a decent price for an outstanding piece of property- even if the frontage is a little elevated for my discerning tastes. The parcel next door sold last fall for $2.9MM, and the new home being on that vacant parcel at this very moment promises to be nothing short of spectacular. If you want in on the only lot of the three that is still as of yet unsold, it’s listed at $2.99MM, and also has 110′ of frontage and roughly 2 acres. The first lot of the trio sold for $2.9MM (this was the best of the three). The second lot sold for $2.4MM. The third lot? Let’s hope the pricing trend continues…
If you’re interested in building on Geneva, there are a handful of opportunities that exist at this moment. Outside of the South Shore Club, there are five vacant lakefront parcels available on Geneva priced from $1.3MMish to nearly $6MM for a massive parcel available on Black Point. Teardowns usually suffice for those looking to build new, but it’s always a good idea to look first at existing vacant land before turning your attention to the existing supply. Whatever you do, I beg you not to build a 12,000 square foot home on a 100′ wide lot.