It seems that the ever impressive South Shore Club on the south shore (apt) of Geneva Lake just can’t quite break out of the slump its been in since 2008. A quick MLS count revealed 6 homes for sale in the South Shore Club, and that doesn’t include at least one by owner property. The inventory isn’t really a problem, it’s just that the market there isn’t moving an ounce, and we haven’t seen a public MLS sales of a built home in the development for well over a year. The mid to upper bracket range ($3MM to $4MM) on Geneva has performed at least to some degree this year, but the SSC has yet to record a single 2009 sale. There is a vacant lot pending sale, which is good, but that still leaves 9 vacant lots priced from around $700k to over $1.5MM left on the open market as of today
Pricing for the built homes range from the mid $2MM’s to upper $5MM’s, with the majority of the property priced in the $3MM to $4.5MM range. The trouble with the South Shore Club is that I still think it’s a pretty decent value, depending on the property you buy. In order to arrive at that conclusion, you really have to compare the homes in the SSC with private frontage homes on Geneva. Once you do that, you’ll see that the homes are significantly better, with superior fit and finish, and impressive architecture. The residences aside, what really positions the SSC apart from the rest of the market are the amenities.
The amenities include a beautiful club house, inground swimming pool, tennis courts (har tru), putting green, pier system with private use of high end boats ranging from Boston Whalers to Cobalts, and a concierge service to make the whole thing even easier. The dues are indeed steep at $1650 per month, but as I’ve written before, when you contemplate the amenities, boating privileges, and reduced taxes, you’re almost certainly able to own in the South Shore Club for less money than you could own a private frontage home of similar value. Take a look at a cost breakdown I did here for further proof of that.
The way the yacht club works at the SSC is simple. They maintain a fleet of boats for owners to use. If you want to use a specific boat at a specific time, you simply call up the concierge to reserve the boat, and they’ll have the boat gassed, cleaned, and ready for your ride. It’s the easiest form of boating you can find, and you don’t have to snap the cover on at the end of every ride like I do. It’s easy, it’s included in your dues, and I don’t know about you, but I can certainly burn through a couple thousand dollars worth of someone else’s gas with unmitigated joy.
I think the biggest obstacle to sales remain those high dues, and without context, they’re definitely a deal breaker for many buyers. In the long run, the South Shore Club will turn out to be a good value and a strong performer in our overall lakefront market here. The homes are too beautiful, the location too desirable, and the amenities too plentiful for the development to be overlooked for long. If you’re interested in a tour of the property and available homes, I’m all yours.