Blog : Abbey Springs

Golf Lake Geneva

Golf Lake Geneva

I haven’t cared about golf for a long time. To be honest, I never particularly cared about golf. I was on the golf team in high school, which, at first blush, might sound like I was a reasonably good golfer then. The truth is the Faith Christian School golf team didn’t have any barrier to admission. If you owned a set of clubs, or felt like using a set borrowed from one of the teachers who liked to golf for free and was, as a result, labeled the golf coach; then you were on the team.  At the start of one match, I teed off on the 10th hole of George Williams and ripped the drive straight down the middle.  My opponent acknowledged my immense skill, to which I replied in a golfing sort of way, “that’ll probably be the only good one I hit all day”. It was.

Into my twenties I played some golf. At one point in time, I counted myself as a good enough player. The summer I twice shot 80 was the summer I hurt my back, and just like that, my golf career was over.  I still play from time to time, and I still think I might have a shot at being decent if I were to practice, but interests have pulled me in different directions now. Those different directions didn’t stop me from flipping to the last few holes of yesterday’s Masters finish, and what a finish it was. I felt genuinely pleased for Sergio. I felt somewhat strange watching the announcers handle him as though he was a washed up old veteran who had finally broken his personal curse. I felt that way because at his old age he’s younger than me.

And that finish got me to thinking about golf again, about the courses and the options and the Lake Geneva golfing scene. There are plenty of reviews of local courses available. I’m sure you can read all about slopes and handicaps and the like, but this isn’t like that. This is the abridged version of local golf as seen through these two eyes, and as experienced by this one-time-marginally-proficient-golfer.

In my mind, the king of the local golf courses is Geneva National. It doesn’t matter which of the three courses it is; this is the best golf in the area. The Player course is the most scenic and involves the fewest number of houses. Trevino is the easiest of the three. I once teed off on a Trevino par three. There was a group just leaving the green who had stopped to watch my shot. There was another group behind my group, watching. The pressure was on. I gripped the eight iron and swung. Clean. Beautiful. High. It looked good, like it might go in. When the ball landed on the green and rolled towards the hole the green-side group through up their arms and hollered in celebration. A hole in one! At least it seemed like that was the case, until I walked up and the ball was three or four feet from the hole. The green-side group must have been more easily triggered to celebrate than most.  The Palmer course is nice, but I despise the finishing few holes. Geneva National is the king. If you want high quality golf, play here.

The Grand Geneva would beg to differ with that prior opinion, as their Brute and Highlands courses are indeed very, very nice. But the Brute from the tips is just awful, a terribly difficult endeavor suited for truly great players. The Highlands has some spongey, swampy holes that I don’t like. I played the Grand Geneva often when I had a good friend who was the tennis pro there. We’d play and he’d beat me and I’d realize how much I hate the game of golf. The Grand Geneva is worth playing, and you may like it, but I don’t.

Abbey Springs is a curious little course. I don’t think it gets the respect that it deserves. Yes, it’s short. Yes, the driving range is short. Yes, there are condominiums and houses throughout the course. But it is a beautiful track, capable of flustering the best golfer. There are views of Geneva Lake, wonderfully manicured fairways and greens, and if you own a lake house in the Bay or Fontana, it’s right next door. I dislike the layout of a few holes, but when you’re tucking a golf course into a residential development, creativity can suffer. Still, play Abbey Springs and be happy you did.

In Delavan, you’ll find Delbrook Golf Course. I’ve never played there. But I drive by it sometimes and I think about how some golfer apparently killed a turtle with his club and I cringe. What a terrible thing to do to a turtle. I’ll never play Delbrook, but I’m sure it’s just fine. Evergreen Golf Course in Elkhorn is where we played some high school matches. It has some ponds with bass in them. I’ve fished for the bass before, but I don’t remember the course. It’s green and there are some flags. It’s fine, probably.

Hawk’s View still feels like a new course to me, though it’s been here for nearly two decades. In the 1960s, this was Mount Fuji, a ski hill that really was just a hill. Now the beautiful grounds host an 18 hole par 72 course and an 18 hole par 3 course. The par 3 course is ranked as one of the top ten in America, according to someone. Hawk’s view is well maintained, close to Lake Geneva, and it’s more affordable than the larger courses in the area. A Saturday round in July will run you $85, while the same round will go for $115 at Geneva National. The Par 3 at Hawk’s View is very nice, and comes highly recommended if you’re playing with a kid, or you’re just crunched for time. I haven’t played that course in a few years, but I just talked myself into it.

Obviously we have private courses in the area- The Lake Geneva Country Club, Big Foot Country Club, and Lakewood. But these aren’t the topic for today. I’ve played all three courses, and they each offer something unique, but today isn’t about the country club set. It’s about people like me, people like you, people that like to golf but haven’t made it their obsession. This summer, play a bit of golf. If you’re at all like me, it’ll remind you of the reasons you no longer play.

Abbey Springs 2016 Market Review

Abbey Springs 2016 Market Review

There’s a common theme amongst these 2016 market reviews. Yes, the markets we’ve reviewed so far all preformed quite well in the year just ended. And, yes, each market is low on inventory to start 2017. But beyond that, we have a very similar ratio of performance to inventory in each and every one of the markets we’ve reviewed to date. Abbey Springs had a tremendous 2016, which is not something especially rare. Abbey Springs tends to have good years often, and if you’ll remember when the broad market stalled it seemed as though Abbey Springs kept churning forward.  Abbey Springs has a way about it, and that’s because it’s the only association of its kind in our market. Country Club amenities with resort features and actual frontage on Geneva Lake. It’s rare, it’s special, and the market knows it.

There were 40 (per MLS) sales in Abbey Springs during 2016.  Lest you think that’s somewhat normal, 2015 featured just 20 sales. That’s double the volume year over year.  In 2015 there were five sales over $500k, and in 2016 there were seven such sales. As we enter 2017, inventory is low, with just 19 active listings and one pending sale.  The top end inventory is a bit heavy, with nine homes over $450k available this morning.   Current inventory starts in the $150k range and runs all the way up to $1MM. It’s a unique association that can function and thrive with such a diverse grouping of condominiums and single family homes.

With 40 sales last year and just 19 homes available, those numbers mirror the lake access and the lakefront supply ratios. In all of these markets we have approximately six months of inventory. That’s a healthy ratio no matter the market, though I’d really prefer we have 8-10 months of inventory so that buyers can feel a bit better about their choices.  I think it’s a testament to our broad Lake Geneva vacation home market that we can have such solid activity across all price ranges and all ownership types. Why did Abbey Springs have such a dynamic 2016? Was it because of interest rates or inventory choices or all that summer sunshine? It’s likely due to all of that, but the simple truth of Abbey Springs is that it is without equal in our market and rare inventory will always find an audience.

Abbey Springs will follow the same path as the rest of our local markets. If inventory allows, sales should be solid. If inventory stays low, there’s no way we’ll have a repeat of 2016. That seems obvious, but most markets cannot push their volume totals higher just because inventory exists. It’s a healthy market that can effectively consume as much inventory as it is dosed. Next up, Geneva National, which won’t feel nearly as good about itself after Monday’s post.

Abbey Springs Market Update

Abbey Springs Market Update

There’s a truth we need to agree on this morning. Abbey Springs is nice. That’s a truth. Abbey Springs has a golf course, another truth. I have hit many Abbey Springs houses with golf balls that were launched off of a club face under my “control”, super truthful. Also, the Abbey Springs beach on a sunny holiday weekend is less a beach and more a flesh blanket. It’s a flesh blanket. Mind if I lay my head on your stomach, because I can’t find any open spot of sand? Flesh. Blanket.

But this is unfair, because it’s a nice flesh blanket and it’s the only association of its kind that has a beach at all. It’s a miniature Geneva National but instead of being located on Lake Como, it’s located on our Geneva Lake. It’s also just 592 units in size, which makes it enormous but still about one third the size of Geneva National. In this size difference there is a key to the market. Instead of needing to print 60-100 sales per year to keep pace with market demands, Abbey Springs can leisurely print 18-25 sales per year and everything will be fine. Smaller associations are like that, and Abbey Springs has both a holiday beach draped in a flesh blanket and a really solid market. Let’s talk more about the market.

Last year at this time there had been 14 closings in Abbey Springs, with just one of those sales printing over $500k. This year Abbey Springs has closed 28 total sales with five over $500k, including two over $800k.  With that you know this: Abbey Springs is having itself an absolutely terrific year. The condominiums are selling, the houses are selling, the beach has a blanket of flesh and the golf balls are knocking roofs. The grounds are well maintained and the ghosts of large past special assessments all but forgotten. Abbey Springs might be having the best year of any individual association around this lake, and that’s a really good thing.

But the market isn’t without holes. There are issues here, chiefly the market’s relative difficulty in printing sales over $700k. Yes, this year there have been two over $800k, but look back and consider since 2010 there have been just 9 single family sales over $700k in Abbey Springs. That’s a little more than one per year, and that’s not terrific.  There are loads of Abbey Springs homes valued over $700k. Lots and lots of them. Yet the market still has a hard time absorbing that nicer inventory. For an association as strong as Abbey Springs, with the indulgent amenities, I’d expect a stronger market over that price point. For context, Geneva National offers bigger and better homes for the money, but GN has printed 15 sales over $700k since 2010, so GN has finally beat Abbey Springs at something.

I have plenty of buyers who contact me in search of some nice single family home in Abbey Springs priced around $500k. This is hard for me to say, but Abbey Springs around $500k in a single family home situation doesn’t offer much. It’ll give you a reasonably decent house that needs updating. If you’re looking to spend $500k and you want a Viking stove, better check elsewhere. This does create a market for the buyer who wishes to improve a built home, as nice homes with elevated, newer finishes in Abbey Springs generally start at that $700k mark and run upward from there. Looking to create value in Abbey Springs? Buy an older house and fix it up. You know, like they do on TV.

I’ll be working this holiday weekend, so if you find yourself at the lake and in need of some advice, fire away. Unless you want to call me at 11 am Sunday morning and you’re hoping to see seven homes at noon, then don’t call me. Just email me and we’ll see what happens. Have a terrific weekend at the lake.

Affordable Lake Geneva

Affordable Lake Geneva

Take to the highways and county roads this summer and you’ll notice plenty of things. You’ll notice that semi drivers often change lanes with relatively little warning, which is especially rude when I’m in the middle of writing a lengthy email. I’m beginning to think it’s not just texting and driving that’s dangerous, but also emailing and driving. Perhaps the public awareness campaigns will tweak their message. You’ll also notice motorcycles. I’m afraid of motorcycles, I admit it. My dad told me once that a motorcycle driver took a corner too fast near some house he lived in when he was a child. He said he had to go in the house to get towels and sheets to help his mom mop up the blood from the street. I find this to be implausible, completely and utterly so. There’s no way you’d worry about mopping up the street especially if rain was in the forecast. You’ll also notice campers and RVs and tow behind camping apparatuses. The world goes camping, even if we don’t.

There’s something else that’s common on these roads in this season and in the cars, trucks, and SUVs that are towing these camping things: The occupants of the car are generally in a fair mood. They’re going camping, with that pop up camper thing, and they’re happy about it. They’re driving someplace far, or someplace near, but they’re going to get there and then they’re going to set up their camper and they’re going to pop open their folding lawn chairs and they’re going to eat hotdogs around the fire. When night falls, they’re going to sleep in that camper, mom and dad in the bed part that sticks out over the bed of the truck, and the kids somewhere else. I’ve never been in one of these camper things, so I’m just imagining how it all works. But regardless of the cramped quarters, the lack of finesse, these people who do these things are content. They’re content because they’re getting away from their weekday lives and living differently, if only for awhile until the time comes to pay the park attendant the weekend rent and fold the camper back to its traveling form.

I’m never going to camp like this. Odds are, neither are you. But we can do things like this in a more comfortable way, and we can do them affordably. For every $7MM listing that Lake Geneva can offer you, there are 20 $189k vacation condos. For every $800k association home with a  boatstlip there are five $220k association homes with lake access. This is a market for the affluent, sure, but it’s a market for anyone who has a few extra dollars of disposable income and a feverish desire to get out of town on the weekends. Lake Geneva has always been the place, but it’s not just the place for business icons and those of affluence, it’s for everyone who wants to make a few sacrifices and spend their weekends living in a different place, in a different way, just like those happy campers who clog up in the interstate.

Along those lines, consider the economical Lake Geneva vacation condominium. I have some rules for this sort of purchase, and it includes avoiding condo-tels, because those are ridiculous.  You’re also not allowed to buy some condo in some absurd setting, like the condos that were created in the part of Williams Bay best left for lower value housing and commercial buildings. So let’s look at the condo market, and consider where you should be considering. Willabay Shores, this is an easy one. Priced from the painfully low $130s up through the $250s, these are simple two and three bedroom condominiums. They’re not new, so be ready to do some updating, but they’re walkable to the lake and the Williams Bay beach, and they have a pool and tennis courts and one car garages. You’ll feel part of the scene here, because you are part of the scene. Grab a fishing pole and walk across to the piers to fish. It’s terrific fun, and Willabay is still cheap.

Bayside Pointe is just up the road from Willabay, a bit farther from the water but still close. The units are newer, larger, so if you’re looking for newer and larger and you’re in the $200-300k price range, these are worth a look.  You won’t get any lake access with Willabay or Bayside Point, but you’ll be close. Can you tell that proximity matters? Walking distance to the lake is a good thing, and you should want it. Unless you’re considering Geneva National, in which case you’re not walking distance to any lake (Como doesn’t count in this context), but you’re tucked inside a beautiful enclave with what I deem to be the finest golf in the area. You needn’t be a golfer to vacation here, because who could hate beautifully manicured lawns, even if there are small holes with flags sticking out of them every so often?  If you’re a buyer in the $100-$300k range and you’re looking for a Lake Geneva vacation home, Geneva National should probably be the first place you consider. I have two condos in GN in this entry level range pending, and the buyers are making wise decisions. The values are still depressed, so there’s still value to be found. Yes, the market there is subject to some tumult, but you won’t mind so much when you’re living large in a very affordable vacation home.

In Fontana, affordability is nicely intertwined with the extremely unaffordable. In town, you can buy a condo for $700k. Or you can buy an Abbey Villa between $199-$299k. The villas are older, so they’re not huge and they’re not particularly high end (unless you find a renovated unit), but they will get you into the Fontana scene on the cheap. They’re sort of part of the hotel but mostly not part of the hotel, but you have pools to use and the beach a short walk away. You can’t bring your pets to the villas, so if you need to bring Fido each weekend, the villas won’t work. If you need to bring your dog, consider Abbey Hill. A bit farther from the lake, but still close to the scene. The units here are diverse, interesting, and I’ve always liked this place. In the $200-300k range, there’s no better option in Fontana.

Abbey Springs might take offense to that statement, and if they did they’d have a point. Want the whole scene in one development? The tennis, the golf, the pools, the beach, the restaurants, etc and etc? Then Abbey Springs is for you. Units between $140k and $350k offer a bit of everything, including some very odd floor plans.  The designs are a bit haphazard,  but they’re also fun and quite effective. I’d be considering Abbey Springs if I wanted an amenity packed association in the heart of the Lake Geneva scene.

If you’re looking for an affordable weekend retreat, skip the camper and the packing and the cramped sleeping arrangements, and just talk to me about a Lake Geneva vacation condominium in one of these terrific associations.

Lake Geneva YTD Performance

Lake Geneva YTD Performance

The year is young now, but not so young that we can’t judge it.  One year old children are young, so young that we shouldn’t judge them. But two year olds? Judge away. The market is now in its second month, and with a lifespan of only 12, our market is as a 7 year old, and we know very well that we can judge 7 year olds. If a kid is fantastically smart and sweet as a 7 year old, chances are that behavior will stick through his or her life. If the 7 year old is horrible, mean and ornery, we can, sadly, assume that this 7 year old will grow to be a horrible, mean and ornery adult.  The 2016 Lake Geneva real estate market is old enough now that we must judge it.

January was not a kind month to my biotech heavy portfolio, in fact, it was ruthless and homicidal. The year started with big index declines, and continued in this most miserable lower for longer pattern. The good news might be that the bottom seems to have held for now, so buyers have not been scared away in the same way that they would have if we remained in that free fall. Most segments are doing just fine today, with individual markets performing better than others. Remember, cheap oil means your portfolio looks awful and you won’t be retiring on time,  but never underestimate the life affirming power of $1.49 gasoline.

I had a closing last month in Geneva National. GN, as you may recall, had a fantastic 2015. The carry over has not yet been evident. Today, GN has the rare condition of owning 71 market offerings (single family and condominium) but not a single showing as under contract. I have little doubt that something is under contract there, but the MLS isn’t yet reflecting that. That’s rare, that’s odd, and it’s not good. Sellers in GN who entered 2016 thinking that things have been completely healed should rethink that supposition. The market is better, yes, but if a particular seller has not yet succumbed to the pricing realities that cemented in 2015, then don’t expect buyers to be rewarding GN with liquidity in the way they did last year. GN, pay attention and don’t get smug just yet. YTD Grade: D

Abbey Springs has somewhat high inventory at the moment, with 36 offerings. The good news for AS is that they also have at least five of those properties under contract. If GN boasted a similar ratio, we’d see 10 GN properties under market at the moment and everyone would proclaim the market as hot, hot, hot (Disclaimer: Many agents do this regardless).  Abbey Springs has just one single family home under contract, that of a reasonably nice home on Saint Andrews listed at $699k. It’ll be interesting to see if 2016 delivers some upper bracket buyers in Abbey Springs. That didn’t happen in 2015, but we’ll see if ample inventory provides a few of those rare $800k+ buyers to Abbey Springs. YTD Grade: A-

The lakefront condo market on Geneva has, since its heyday of 1998-2006,  stalled. Spurts of volume here and there do not heal a market particularly well. But alas, prices in this segment never cratered in the way that the residential lakefront market did, which always perplexed me. If you’ll remember back then, I was perpetually wondering why there weren’t more foreclosures in the lakefront condo segment. I was happy there weren’t, but still surprised. Today the lakefront market has some nice movement, with a bit of aged inventory in Fontana Shores under contract and a townhouse in Somerset that just closed this morning for $725k. Inventory remains light in this segment, which is good. The lakefront condo market chokes on inventory. So far, so good. YTD Grade: B

The lake access market surrounding Geneva is off to a quick start, with five properties pending sale today. A few new ones- a contract with buyer of mine on a Glenwood Springs property, and a new contract on an off-water home in Cedar Point. That home is listed for $825k. It’s a charming home, but off-water with no slip and a somewhat limited cottage design. It had sold previously in 2007 for $1.15MM. That was a peak price, and then some. Other pending properties are in the lower reaches, including on in Indian Hills in the $400s, and three more under $250k in Country Club Estates and Cedar Point Park. YTD Grade: B

Lastly, the king, the lakefront market itself. Inventory is tragically low, with just 23 true lakefront homes listed (and four vacant lots, including two that are my listings- Loramoor $2.34MM and North Shore Drive $4.475MM). Of those 23, six have contracts. That’s really quite remarkable, so let that sink in for a bit. Out of 600 or so lakefronts on Geneva, just 17 homes are for sale. If you think you’ve found an exclusive market somewhere in some mountain town, I assure you we belly laugh at your exclusivity. Pending today is the small odd home in Knollwood ($1.125MM). That home is proof that if you just wait forever and keep dropping your price, you’ll sell. Dartmouth Woods is pending ($1.35MM), and that’s a nice little place that I like quiet a bit. A newer build on LaGrange is pending just over $2MM. If you don’t know the house, it’s the one that sits in the shadow of Vista Del Lago.

Bonnie Brae has a pending sale in the low $2s, and once that closes we’ll have seen a rather significant turn over on that Snake Road street. In the past several years, the market has closed three other lakefronts on that short road, with this pending ranch about to become the fourth. That’s nice to see, as new owners generally undertake some level of beautification of the home, and the market benefits.  In the upper reaches, the old brick home in Williams Bay formerly known as Towering Elms (until Dutch Elm Disease killed them all) is pending with a $3.85MM ask. Expect that home to be knocked down once closed. Finally, I have my sale on Lackey Lane in the mid $4s pending to  buyer whom I’m proud to represent.  YTD Grade: A-

One small lakefront closed last month, that of the skinny lot on Outing, just to the West of George Williams. For $800k, a buyer snuck onto the lake. It’s a curious property sure, but it’s $800k and that, is that. The lakefront market won’t be making an encore of the 2015 volume totals if this inventory stays low.  I have some exciting lakefronts coming to market in the near future, and I expect other agents have their own off-market properties on their radars.  The South Shore Club continues to be absent a single offering, which means that club won’t be lending too much to our inventory totals unless there’s a sudden influx of inventory, which I’m betting there won’t be.

For now, so far, so good. No after school tutoring or behavioral sessions necessary for our little seven year old.

 

It’s Lake Geneva’s Winterfest Weekend, so please do come to the lake if you like cool things, like snow sculptures. It’s a really great weekend. If you’re planning on waiting in line for brunch tomorrow, you can do so much better.

2015 Abbey Springs Market Review

2015 Abbey Springs Market Review

If we had our druthers, we’d be Abbey Springs. That’s assuming we weren’t we, but we were in fact a large association of homes and condominiums. If that’s who we were, we’d do so very well to be Abbey Springs. We’d laugh at our friends, presumably they’d be other large associations as well, because we, as a large association, wouldn’t consider hanging out with smaller, lesser associations. We’d have our friends, those bloated associations just like us, and we’d sit around and talk about life, about associationy things.  We’d laugh about people who stand up and complain about dues, and we’d laugh about the association presidents who desired, for one reason or many others, to be an association president. We would have fun being this massive association, because if we were Abbey Springs we’d be revered among our peers.

That’s because Abbey Springs just is. It’s just the way it is, the way it’s been, and those ways have found reasonably routine favor with the vacation home buying masses that smartly find their way to Walworth County.  In the way that Geneva National has been sexy at times because of its feast or famine nature, Abbey Springs has just existed.  There was a blip when the association decided to spend trillions (millions) of dollars and update the facilities and grounds. That was a battle and in that there was some sizzle. But otherwise, Abbey Springs is just a 592 unit association on the southern shore of Geneva Lake that plods along without a whole lot of market adversity.

When times were really good, in 2006, Abbey Springs sold 28 total units. Of that mix of single family and condominium properties, just one closed under $200k and four closed over $794k, including one at $1.3MM. That was one heck of a year.  When the market re-set in late 2008, what followed was an adjustment that was necessary and needed. Prices corrected, volume slowed, and what wasn’t well known was how deep and how long this particular correction would endure. While Geneva National muddled along in those rough years, Abbey Springs jus sort of was.  There were 17 sales in 2010, 14 in 2011, 17 in 2012, and 22 in 2013. Abbey Springs, even though prices corrected and volume dropped, fared as well as any large association ever has.

2015 was a very good year for Abbey Springs, but it wasn’t remarkable, nor was it special. It was just a year and Abbey Springs was just Abbey Springs. There were 22 units sold last year, with five of those printing over $500k and seven closing under $200k.  In 2014, there were 20 sales, in 2013, 22. This is a pattern of normalcy at Abbey Springs, and the association should be rather proud of itself for producing such a steady and consistent flow of transactions. Geneva National should be envious of that stability (though Geneva National had a fantastic 2015).

While it’s understood that $300-500k buys a pretty nice condo in Abbey Springs, and that $450k-$900k buys a pretty nice house (including one on Saint Andrews that I sold last fall for $746k), the unique part of Abbey Springs is the lower end segment that thrives. If you came to the lake with $200k to spend on a vacation home, I applaud your sense of purpose. Many in that range would opt for a smaller, lesser lake, where they could buy a similarly small, lesser property. This would be their mistake. Abbey Springs will gladly take your $200k and offer you a small condominium with full access to the unrivaled Abbey Springs amenities, which include, as a reminder, the following: Indoor pool, outdoor pool, restaurants, sand beach, basketball courts, tennis courts, exercise facilities, racquet ball court, game room, in/out service, pier system, and 18 hole golf course.

If you’re looking for a vacation home here, and you’re amenity oriented, there’s nothing like Abbey Springs. The market is sound, the volume predictable, the prices easy to understand. 2016 should be a repeat of 2015, which was a repeat of 2014, which, oddly enough, was a repeat of 2013. Expect around 20 sales here, with stable prices. Low interest rates should encourage buyers, and left over buyers from 2015 should be pleased to find new spring inventory coming to the market this month and the next. If we were Abbey Springs, we’d be awfully proud of ourselves, but we’d try to keep it to ourselves for fear of coming across as too smug.

Abbey Springs Market Update

Abbey Springs Market Update

I don’t think I ever had cause to enter Abbey Springs before I was 18, maybe 19. As a kid, I surely knew Abbey Springs was there, over on that south shore that we didn’t dare take the Boston Whaler to, for fear that it was too far, too rough, to unknown. I didn’t have any friends who lived in Abbey Springs, so I would have never been to a birthday party or a sleepover inside those gates. I didn’t mow any lawns in Abbey Springs, mostly because the lawns there are primarily wood chips and an unkempt mix of poison ivy and buckthorn. And so it must have been, an entire childhood spent outside of Abbey Springs. Only when I started to play tennis was I attracted to this place, and I learned to play under my own tutelage inside that giant winter-time bubble they’d inflate over the courts. It was a treat to play, some phenomenon to know you were playing indoors in the winter, with just that thin bubble wall protecting you from the elements. What a thrill it was to shout out the score and have your opponent rarely hear it, the giant fan blowing and roaring to keep the tent warmish.

But that has nothing to do with this. Abbey Springs looks, from my eye, to be ready to yield value next month. The inventory is high, with forty available homes and condominiums, though far more of the latter. In fact, there are just eight single family homes available today. The market for single family homes in Abbey Springs was pretty slow over the spring and summer months, but late summer and fall proved active, and several homes, lead by my $746k sale on Saint Andrews, sold. Another listing on Saint Andrews was listed as pending, then listed as active, now showing as price reduced, so we’ll assume that either the listing office is dazzling us with their technology or the deal fell through and the home is now looking for a new buyer. Either way, the single family market is vibrant, and any buyer looking to steal a home in Abbey Springs will likely find themselves out of luck. Small condo buyers on the other hand have a distinct buying opportunity forming.

That’s because there’s a glut of condo inventory in Abbey Springs right now. Traditional inventory isn’t nearly this high, and because we’re the smart ones we know that ample inventory in a very specific segment can lead to falling prices. As of this writing, there are 25 condominiums listed in Abbey Springs under $300k. That’s a lot of inventory, and buyers can tactfully pit those owners against each other. Many of those sellers won’t be in a huge rush to sell. They’ll just sit until they sell, because that’s how real estate works. But if we have 25 sellers, we must have 5 of them that really would like to sell before the snow flies. That’s why a smart buyer in search of an entry level lake access condo would do very well to weed through the inventory and find those sellers that truly want to sell.

That’s really all I have to say about Abbey Springs this morning. The bubble bit and the fact that you could come up and steal a small condo with me next month. The other interesting market news of the week is a major price shift at Lakewood Estates Golf Club. This is the development that I wrote about on these pages earlier this year. It’s a small, gated enclave of higher end homes that ring a private lake and share access to a private, member’s only golf club. It’s an extremely unique property, and as with most extremely unique properties in Lake Geneva, it didn’t capture the attention of the market, even after my glowing review. With that market reaction in mind, the seller of these properties just dramatically reduced the asking prices, lopping $200k or so off of every available parcel. A development that was originally priced in the mid $400s and up can now be had from the mid $200s. This matters, and this should make a huge difference to anyone looking for a second home in the country. As with every property I represent, if you’d like more details and a private tour, all you have to do is ask.

The news last night said that Lake Geneva is now past our peak fall colors. I say bunk. That’s not the case at all, it’s just that there are equal amounts of fall colors in the trees as on the ground. Take a drive up to the lake this weekend, crunch some leaves. Walk the path. Enjoy fall because October has been an incredible month but it’s just about over.

Abbey Springs Sells

I built a real estate office at 57 West Geneva Street. I did this because I needed a place to work. You’d be surprised to learn, or maybe you wouldn’t, that Realtors often work from home. This work is equal parts appointments and office work, but the office work is just phone calling and typing, and if you own a home without small children clamoring about, you could easily do this from home. I have clamoring children, and so I have this office. I sit here and I type, I call, I sit on the couches and read. This is how I office.

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The traditional real estate office is nothing like mine. I use my office to work, whereas other agents use their offices to generate leads. This is why there are offices in downtown spaces that lack convenient parking. Who cares about parking when you have so many people walking by and in, seeking condominium rentals on the north side of Elkhorn? One step further, this lead generation is why there are offices at the entrance to Geneva National and Abbey Springs. These are offices engineered, successfully so, to dominate the activity in those developments where they reside. This is a good plan, and it works.

But what it doesn’t do is stop the effectiveness of outside firms within those gated boundaries. It is true, the broker that owns those two offices inside those two developments carries out the bulk of the business within those boundaries. Is this a good thing for the consumer? Is this the only way to find success within those gates? If property is owned in either GN or Abbey Springs is the only way to either buy and sell to employ the on site broker? Of course not.

This spring, I listed the home at 62 Saint Andrews Trail in Abbey Springs. It was a fine house, and I only represented the sale because I had previously worked with the owner on other endeavors. As those were successful undertakings, I was employed. Once employed, I struggled to find my bearings with that home. I struggled to understand the market, to understand how to incentivize other agents to bring me buyers. I struggled because I was an outsider. I struggled because I didn’t have an office inside those gates.

Just kidding. I didn’t struggle at all. I closed that sale last month for $746k, but only after fielding two offers one weekend and locking in the better bid. The same situation holds true for a property I recently listed in Geneva National. Outside agents, or so the story goes, can’t have success in the associations without access to the prized walk-in traffic. But that new listing in Geneva National found a buyer rather quickly, just like the Abbey Springs listing.

Moral of the story; sometimes an outside approach works as well as the standard approach. Find a competent agent. Hire the competent agent. Make sure your agent incentivizes the agents to sell your house. Then, sell your house. This isn’t really that hard.