I’ve written often this year about the sad state of the lakefront condo market on Geneva. It’s been a tough year for sure, but things appear to be looking up a bit as of late. There were 2 lakefront condo sales last month on Geneva, one in Geneva Towers and the other at Vista Del Lago. Both of these sales were in the mid to upper $400k’s. I’ve been negotiating a sale of the listing I have in Fontana Shores this past week, and if all goes according to the verbal plan, we should have that property under contract by the end of today. That would mark 3 lakefront sales in the past 35 days. Not necessarily a trend, but certainly a breath of fresh air for the hard hit lakefront condo market.
By my count, we have 19 lakefront condo units for sale on Geneva right now. Bay Colony, Fontana Shores, Fontana Club, Somerset, Harbor Watch, Condo at the Old Boatyard, Vista Del Lago, and Geneva Towers all offer at least one unit for sale. There are a handful of harbor front units at the Abbey Villas on the market, but note that I said “harbor” front not “lake” front. They might be nice, but they don’t count in my book. There’s an interesting trend that should be pointed out, and it’s a trend that the majority of the condo market is bucking.
The 3 sales in the last month are all priced under $500k. That’s the truth of the matter, yet much of the condo inventory for units that should be in that price range remains inflated. If sellers are looking for a price point for their condo, it’s pretty easy to see that cut off is at $500k. Now, some of the units on Geneva are big and beautiful, and therefore more expensive. I’m not talking about those units. I’m talking about your traditional two and three bedroom condo units in the traditional 1200+/- square foot range. If you’re a buyer looking at a standard style unit and it’s way over that price, chances are it’s a bad deal. If you’re a seller and you own a unit like I just described and you’re priced over that mark, chances are you’ll be owning that condo well into 2010 and beyond.
The lakefront condo is down, but it’s not out. As the sales of the past month show, there is a buyer out there, but he’s only out there at a certain price. If you’re interested in a lakefront condo of any size or scope, there are deals to be had in this market. Deals that are easy to identify if you’re working with the right Realtor…