Blog : Abbey Ridge

Abbey Ridge Sells

Abbey Ridge Sells

When shopping for a car, most shoppers narrow the search at some point. What started out as a search for a mid-size SUV with all-wheel-drive, has turned into a search for a BMW X5, the one with the 5.0 engine, black on black, with the 21 inch wheels, because the stock 19 inch wheels look like they belong on a rental car at the Akron Airport. This is the way a search evolves. Initially it’s just about accomplishing some general goal, like transportation, but it ultimately turns into a fine-tuned search for personal perfection. Housing searches are like this, too.

I spent the past two years with a buyer in search of something unique. Well, it’s unique now, but it wasn’t always unique. A general lakefront house, in a general location, nothing too fancy, with budget aplenty. The search had ups and it had downs, far more downs than ups, really.  After so much time searching for something specific, the search arrived at a crossroads. Should this buyer continue searching for what they really wanted, or should they acquiesce to this tight market and buy something that, at least, gets them here? They wanted to be in this place in a certain variety of home, but maybe just being in this place would suffice, for now.

This week I closed on a three bedroom condo at Abbey Ridge. It was a homecoming of sorts for me, as I used to spend considerable time in this condominium development listing and selling these two, three, and four bedroom condominium units. The condo was a nice enough three bedroom with a bit of a harbor view and a generally pleasant disposition. $560,000 was the ransom for this space, and we secured it in turn key fashion, down to the bottle openers and fake bird statues near the fireplace.

Abbey Ridge, for those who haven’t been paying attention, is hot again. Hotter than hot. Infrared. I sold a unit there last December (off-market), and didn’t bother to write about it. That unit sold for $555,000.  A four bedroom unit overlooking the pool sold last October for $485,500. A three bedroom unit listed at $635,000 is pending sale. The only available unit at Abbey Ridge today is a two bedroom first floor unit listed at $360,000. Abbey Ridge is bucking the soft condo trend and printing peak numbers, and for this, we should stand and applaud.

But what of these buyers, what of this particular condominium bent, of this desire to find a condo in Fontana without any particular form of lake access? Are these buyers that have only aspired to this form of vacation home ownership? I’d say yes, some are, and a nice condominium in a nice lakeside village in this nice place is a very nice thing. But I have a feeling that several of the other recent buyers aren’t here because they desperately want to be. They’re here because there’s nothing available that truly fits their eye. Abbey Ridge might be benefiting from the tight housing market on the lake and just off, and as a result, sales are printing and prices are escalating.

I wrote a piece a few weeks ago about buyers making hot-market-mistakes.  This was a bit about the buyers who find the bread and butter vacation home segment to be too hot, too scarce, too expensive, so they retreat to areas where prices are lower and value seems evident.  They’re often making mistakes by buying vacation homes in non-vacation home settings, which sets them up for crushing price declines should the market one-day adjust downward. A safer play for these sorts of buyers is to do what my buyer just did. Find a place in Abbey Ridge. In the Villas. In Willabay or Bayside Pointe. Find a condo that might not be what you really want, but it’ll help you live your best life this summer.

Notable November Sales

Notable November Sales

The month of November came in like a lion, or so I remember, and then it went out like a lamb. A tender, delicious lamb. Those early quitters found themselves baking in southern Florida, or dodging scorpions in Arizona. Others went on vacations to tropical locales, to avoid the dull of November.  These people missed out. November wasn’t terrible. November wasn’t awful. November wasn’t even tolerable. November was incredible. A perfect blend of fall and winter, a bit of cold here and some cold there, followed by sunshine and sunsets that would make July blush. November was quite a month at the lake, and like every month, there were sales that we should review.

The most expensive closing last month wasn’t really so expensive. $1.7MM for the house in the Elgin Club. This was my listing, as you’ll recall, but a buyer from a prior listing came back and bought it, so even though it closed my children still need new shoes.  The sale when viewed through a price per front foot prism is high ($34,000), but that’s because smaller properties always look high when judged by this blended average. The sale at $1.7MM was a terrific value. The seller decided it was time to move on, and the buyer took a flyer. The Elgin Club is an ideal spot on the water, and if you’re a buyer under $2MM and can find your way into the Elgin Club, you’re doing very well for yourself.

Next up is a dated modern house on a hill overlooking, at least from the top floor, Fontana Bay. The house on North Lakeshore Drive closed for $1.575MM, and the rumor around town is that this home will be torn down. If that’s the case, I will refrain from comment. No matter how hard it is for me to keep quiet, I won’t say a word. No, in spite of having so many things to say, so many cutting, terrible things to say, I won’t say a word. Not a peep from me, about this sale for $1.575MM. No boatslip here, by the way. But that’s all I’m going to say. Nothing more.

A home in Academy Estates closed for $950k, this one possessing a slip, and a pool, and some deferred maintenance. The price is okay, not great, not the worst thing I’ve ever seen. The house was one of those homes that couldn’t aspire to more than this price, so in that, I’d say the market provided a price that the seller felt acceptable, and that, is that. Academy Estates is a nice association to the East of the South Shore Club. If you’re an off-water buyer, there are far worse places you could end up.

The most interesting sale of the month was in the Lake Geneva Highlands. Earlier this year, I sold a small lakefront house for $925k. That was, at the time, the lowest price lakefront sale of the year. The house next door to that one just sold for $850k. That’s a nice price, no matter how difficult the house. I say it often, and I’m not wrong: the lake is running out of sub-million dollar homes. That’s because when one of these homes sells (perhaps one lakefront every other year sells below $1MM), the new owner rarely stands pat. Instead, they undertake some form of renovation. Perhaps a huge renovation, maybe an addition, maybe they tear it down.  No matter the course, a $900k lakefront home is rarely the same home a year or two after that low print. When that home comes back to market improved, it now commands a $1.5MM asking price, which removes one more sub-million dollar home from our lakefront. That’s why these low priced lakefronts are almost always a good idea.

Rounding out the activity that matters, I sold two smaller properties last month. In October I listed a ranch with a boatslip and dynamite proximity to the water in Oak Shores. Last month I sold that home for $610k. The home needs a bit of cosmetic updating, but it was a nice house in a wonderful location, and it made complete market sense.  Last week I sold a large townhouse in Abbey Ridge, near the Abbey Harbor, for $555k. That was a beautiful condominium, offering loads of square footage and upgraded finishes. Abbey Ridge is a unique creation in our market, as it offers two, three, and four bedroom condominiums in a resort setting for a reasonable price.

I was pleased that both of these sellers chose to list with me this fall. In doing so, they made the smart decision to not wait until Spring to list. That’s the common refrain at this time of year. Wait ’till spring. That refrain sounds nice only because it sounds familiar.  Sell to your competition, not to the season. This isn’t Door County. This isn’t Harbor Country.  Lake Geneva doesn’t close just because the temperatures drop. We just put on some sweet boots and play in the snow.

Affordable Lake Geneva Vacation Homes

Affordable Lake Geneva Vacation Homes

Some would say that title is impossible. After all, load into a tour boat and take a trip around these shores and there’s very little that looks particularly affordable. Even the homes that look affordable come with seven figure asking prices, albeit low seven figures. Lake Geneva has historically been home to significant wealth, and the trend in recent years has only accelerated that status.  Several years ago a $10,000,000 home on this lake was viewed as a fortunate albatross.  It was neat, and lavish, but it didn’t make any particular sense, even for the wealthy. Today, a $10,000,000 home would be met with immediate buyer interest, as the liquidity that traditionally dried up around $5,000,000 now meets little resistance up to and through double that amount. Yes, Lake Geneva is for the wealthy, everyone knows that.

But that’s not where the story ends. Because Lake Geneva isn’t just for hedge fund managers and successful entrepreneurs. It’s for anyone who desires something different. It’s for everyone who wakes up on a Saturday morning in the summer and wonders what they’re going to do that day. It’s for those who are stuck in traffic on a Friday night, but not in the northbound lanes. It’s for those with the means to change their weekends and change their motivations, even if that doesn’t allow for a lakefront home or a lavish off-water spread.

Yes, you could buy a cottage in one of our area towns for $80k and use that for your summer house. That’s perfectly acceptable, and encouraged. But let’s assume you’re not looking to buy squalor. Let’s assume you want something easy, something low effort, something large enough to contain your family and/or friends in some form of luxury. If you’re thinking I’m going to suggest a tiny home, please read this bit on the folly of the tiny home. No, I’m suggesting a condo. A simple, easy, two or three bedroom condo. Something affordable. Something in the scene. Something that allows a weekend to be entirely and completely different from the 9-5. If you’re looking at Lake Geneva, as you should be, these condos have names and well defined price brackets. If you can spend $180-250k, you’re in luck. Lake Geneva has sensible, stylish options for you, too.

I’ve written about this particular segment often, because it deserves inclusion in any vacation home discussion. The condominiums that I find appealing in this segment include Abbey Hill, Abbey Villas, and Willabay. There are others, for sure, but these are the three that fit into this lower price point while still offering some meaningful value. When times were bad, these small condo associations were chock full of inventory. Too much inventory, some slight foreclosure activity, and overall malaise. Today, these complexes have recovered completely, and they offer some of the easiest value in our broad market. Let’s take a look at each one to see what’s happening.

Abbey Hill is perhaps my favorite. The complex isn’t right in town, like the Villas, but I appreciate the privacy. There’s a basic swimming pool and some nice topography here, all less than a mile from downtown Fontana. Today three units are available, priced from $199k to $255k. One of those three units is pending sale.  The condo fees at Abbey Hill are around $350 monthly, and taxes run around $3k annually. Factor in a 70% mortgage and you’re looking at a delightful vacation home for the cost of one long weekend rental at the Abbey Resort. Best of all, the units are all a bit tired, so a basic surface renovation can make a dramatic impact.

The Abbey Villas are adjacent the Abbey Resort on the harbor. That harbor is being renovated this off-season, so look forward to a beautiful new harbor (if there is such a thing) by next summer. The villas have a series of swimming pools, and are undeniably in the heart of the action. The beach, restaurants, and parks are all just a short walk from these units. Inventory swelled during the crisis, but today there are just two units available in the MLS, priced from $230-272k.  Some units here can sell into the $400s, if they are harbor front.  Taxes are similar to Abbey Hill, though assessments are a bit higher. Pets are not permitted here, so if you hate dogs and cats, you’re in luck.

In Williams Bay, Willabay fits into this particular segment. If you like being close to the water (short walk), but dislike the bustle of Fontana on a summer weekend, then Willabay might be a better fit. There’s a pool here and some tennis courts, all close to the Williams Bay lakefront and beach. There are five available units priced between $179-235k, with one unit pending sale. Taxes are similar to the Fontana units, and assessments are, on average, a bit lower than Abbey Hill. These units come with one car attached garages, as do most of the Abbey Hill units (the Villas lack garages).

If you love the Lake Geneva scene, and you’d like to be part of it, I’d gladly sell you a $5,000,000 lakefront house. I’d be happy to, really. But if that’s not in the budget, and a $200k condo near-ish the lake sounds more appealing, just let me know. You have solid options here, and I’m happy to guide you to the best value.