Two new lakefront condominiums hit the market today. One at Vista Del Lago in Lake Geneva, the other at Geneva Towers. The Vista Del Lago unit is a three bedroom with boatslip, garage, and decent lakeview. Priced at $585k, it’s not too far from being a decent buy. The other unit is a completely different story. Unless the broker listed it wrong, it’s showing up as a one bedroom unit at Geneva Towers for $649k. I really hope the 6 in that price was supposed to be a 3. One bedroom
units on the water are rare, and historically hard to sell. One bedroom lakefront units exist at Bayshore, Fontana Shores, Bay Colony South, and Geneva Towers. A one bedroom at Bayshore will run you around $320k, a one bedroom at Fontana Shores is on the market for $387,500, and a one bedroom at Geneva Towers ought to be in the same price range. $649K?!? Not cool, and moreover, not something you should buy unless they feel like discounting the price, like by 50%. Only my humble opinion of course.
The lakefront condo market is very low on inventory right now. That’s a great sign of a stable market folks. I wonder how many condos are for sale in Harbor Country, or Door County. There are no public offerings at Bay Shore, Bay Colony, Bay Colony South, Stone Manor, or the Fontana Club. The best deal on the lake in my opinion continues to be a three bedroom I have at Fontana Shores, as well as the three bedroom unit at Somerset in Lake Geneva for $1.1MM. That’s a property that if bought right, can literally be had for 2003 pricing. It’s a beautiful fall day to go look at some houses. I’ll tuck my shirt in if you make the drive up.