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.