Lakefront Condo Update

East Bank

The lakefront condo market on Geneva, once a strong individual market in our overall vacation home market, continues to slug along in search of buyers. The condo market just isn’t what it used to be, and instead of relying on the actual mood of the market and lack of buyers for these properties, I’ll just use the ugly statistics to prove it to you. There are currently 19 lakefront condominiums available on Geneva. Sorry Abbey owners, I do not consider the Abbey Villas to be lakefront, I consider them to be harbor front. There’s a difference in my book, so you should sit in the corner facing the wall until I’m done. I include Geneva Towers, although I always have mixed feelings about including that building as lakefront since it’s really not on the lakefront. The views and location will make up for the lack of private frontage or pier in the lake, so we’ll let them tag along. No matter how you count it, with 19 units for sale on the water and not a single one listed as pending in the MLS, that’s not a good sign for the lakefront condo market.

I can’t really figure it why the lakefront condo has fallen out of favor. Part of me thought that it was just a general trend away from condominiums, but with the rise in activity in Abbey Springs lately, that certainly can’t be true. I have buyers looking for homes in all price ranges, but several in the $500k to $900k range, and those are buyers that used to at the very least consider the lakefront condo as an option. The thing is, I can’t even get them to give the lakefront condo a second look. The lakefront condo affords a buyer the best darn shot at getting both a lakeview and a boatslip, and in this market, both of those objectives can be had for under $500k in a two bedroom unit. The buyers just don’t seem interested in the condo situation right now, and it might be with good reason.

The lakefront condo on Geneva in particular, is plagued with relatively older buildings. Buildings that don’t exactly get you in the romantic mood, with architecture best relegated to nursing homes and suburban mid-rises. The Fontana Club is a pretty attractive building, but it was built in 1999, so it ought to be better looking than, say Fontana Shores, a building built in the 1960’s. Much of the issue is that the area turned against the lakefront condominium in the 1980’s, and it’s been very hard to redevelop land into a condominium project due largely in part to the fact that most of the commercial property available on the lakefront has long been developed.

The problem with Fontana Shores is that yes, the building is ugly. In that, we completely agree. The thing is that once you walk into those units and look towards the lake, you really don’t care that you’re in a brick rectangle. When you consider that you can walk out of your unit and sit at a lakeside table in Gordy’s in less than 3 minutes, that should help you forget all about the facade of the building. Fontana Shores has been working hard at improving the property, and the latest example of those efforts will be erected soon in the form of a gate along Kinzie, a gate that will secure the parking lot and provide privacy for owners. With 5 units on the open market in that building, including my slam dunk good deal at $529k, the market obviously isn’t paying attention.

The condo market current ranges in price from the upper $300k’s for a one bedroom, all the way over $1.5MM for a three bedroom townhouse. The core lakefront condo market remains priced from $450k to $750k, and although prices have been softening considerably in the condo market here, perhaps they just haven’t softened enough. If you’re a buyer in search of a Lake Geneva getaway, first off, I applaud you for your clarity of mind and intelligent thinking. You’re contemplating a purchase that will literally change your life, and I think it’s just a fantastic idea. Secondly, if you’re looking for single family in the $400k to $900k price range, do yourself a favor and call me to look at a few lakefront condo’s. You might hate the idea of a condo, but once you see the view you can buy, you just might learn to like it.

About the Author

I'm David Curry. I write this blog to educate and entertain those who subscribe to the theory that Lake Geneva, Wisconsin is indeed the center of the real estate universe. When I started selling real estate 27 years ago I did so of a desire to one day dominate the activity in the Lake Geneva vacation home market. With over $800,000,000 in sales since January of 2010, that goal is within reach. If I can help you with your Lake Geneva real estate needs, please consider me at your service. Thanks for reading.

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