Blog : Oak Shores

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.

Oak Shores

Oak Shores

When thinking of lake access associations, it’s best to think first in terms of the obvious. Once the obvious is understood, then it’s time to progress to the nuance. With this process in mind, it’s in the nuance where the good and bad decisions should be made. The obvious, in the case of the Geneva lake access market, pertains to location. A good house a million miles away from the lake is not as good as a bad house right next to the lake. This is generally the understanding. But even this understanding has some departures, as a large lot far from the water can indeed be superior to a tiny lot near the water. Still, closer is generally accepted as being better.

In the same way, smaller associations are generally better than large ones. This aligns under the obvious. The reasoning here is that pier systems tend to be similar in size, and so sharing a pier with 25 neighbors is better than sharing it with 125 neighbors. You might love neighbors, but I usually don’t. And so smaller associations are better, and closer homes within those smaller associations are better. These things are simple to understand, even for people who prefer to vacation in Michigan.

Along the nuanced lines, there are things that many buyers fail to take into consideration. Proximity to the lake is wonderful, and meaningful, but in this is a steep walk downhill something that we’d like between our lake house and the water? If you prefer the steep walk downhill, I won’t necessarily disagree with you. But it’s the walk back uphill that I consider an offense.  If closer is better and smaller is better then surely level is equally as important.

And if we’re looking for close and level and small, then shouldn’t we focus our attention on associations that match up with these preferences? Sadly, there are few associations that meet these criteria that are affordable. That’s because these are the more desirable attributes, and desirability leads to pricing power, and pricing power leads to $9handles on lake access homes. That’s not attainable for many, which leads us to the doorstep of my newest listing. Oak Shores. $624,900.

This listing combines these rare lake access attributes, and does so in an easy to understand, easy to manage, easy to improve package. The house is three bedrooms and three baths. It’s around 1940 square feet. It has a two car garage. It’s been well maintained. Best of all, it’s 714 feet from the house to the lake. Those 714 feet are level, making the walk more a stroll, the stroll more a saunter. At the lake, there’s a fully transferable boatslip with plenty of water depth for ease of boat maneuvering. If you squint through some trees, there’s even a lake view. The association is small, the ground level, the only thing between you and the water is a small association road that feels more like a private driveway.

This is an easy house. It’s easy to buy and easy to own and easy to have fun with. The current seller has enjoyed it for decades, and it’s now time to pass the torch to another family who wishes to enjoy this lake in an entirely different way. If you’re a buyer and you understand that countertops can be changed but location is forever, then let’s chat.

Shore Haven Sells

Shore Haven Sells

The single lane associations on the south shore of Geneva are some of my favorite lake access associations. These are not large associations like Cedar Point Park or Country Club Estates, rather they’re intimate skinny lanes with a handful of homes, perhaps 30, perhaps 50, rarely more and rarely less. These associations generally offer one thing that the larger associations cannot- transferable boat slips. Excepting Sybil Lane, the other three in this stretch- Shore Haven, The Lake Geneva Club, and Oak Shores, all offer each home a fully transferable slip. Some slips are larger and others small, some shallow and others deep, but if you’re a buyer on these streets then you’re going to be buying a boat slip, and that is always a good thing.

Some buyers don’t want boat slips. I’m not a boater, they say. I don’t even own a boat, why would I want a slip? Considering I’m a sage old Realtor at this point, I can tell pretty early on if the buyer is the sort who claims to not want a slip but who will, at a later date, wish for one. If a buyer wishes to spend $300k on a lake access home, that’s terrific news. But that buyer won’t be buying a boat slip for that sort of money. The home they can buy will be nice enough, with lake access through an association park and pier system, but a transferable slip will not be possible at that price range. However, if a buyer is looking at $500-600k lake access homes and doesn’t think they need a slip, I’ll always encourage that buyer to consider homes with a slip first. To vacation at Lake Geneva and not have access to a boat is like sitting down for a dinner at your favorite restaurant and not being allowed to order.

Last week, I closed on my listing in Shore Haven for $675k. This was a nice house with terrific proximity to the lake, but that’s not why it sold. It sold because of its wonderfully large and deep transferable boat slip. Today, the home next door to that one is closing to a customer working with me, and that home will be selling because it’s cute, sure, but mostly because of that slip.  Today, buyers searching for sub-$800k homes with boat slips are not going to be overwhelmed with the multitude of options available to them, but they are going to have options. As of this morning there are 6 homes with transferable slips (or pier) for sale priced under $800k, including my rare offering in Ara Glen listed at $775k.

The next home to sell on this list will likely be my painfully cute cottage in the Lake Geneva Club listed at $609k, pictured below. That home has a nice slip, a double lot, and all sorts of cottage charm. If you want to pull up to your lake house and feel a deep sense of contentment, then email me and let’s make a deal.  It’s May 1st, which means summer isn’t some far off thing we’re quietly dreaming about. It’s right here, right now, and before you know it you’ll be sitting in your Saturday suburban back yard wondering where all your cool neighbors went.  The time is short, but there’s still plenty of it. Buy this house, be in for Memorial Day Weekend, then wonder how you ever spent Memorial Day Weekend anywhere else.

$609k, with slip.