Blog : Woodstone

Woodstone Sells

Woodstone Sells

Woodstone, prior to last week, was a nice subdivision in Linn Township with mostly architecturally pleasing homes and a delightful little wildflower corridor. Prior to last week, the development was in decent shape, though it’s taken more than a decade to fill in the few existing homes that you see. Prior to last week, the top sale in the association was around $670k.  Then, last week, things changed.

I listed a home in Woodstone in June, and then I sold it last week. The price was $900,000, including an adjacent vacant lot that wasn’t included in my initial list price of $845k. For the sake of discussion, we’ll assume that lot was thrown in for consideration of $60k or so, leaving the home sale at $840k. This was fine for my seller, fine for the buyer, and fine for me.  Who won here? The market at Woodstone.

With construction prices ratcheting higher and higher, neighborhoods are having a hard time justifying the new built values. If you buy a lot for $50k in a neighborhood that traditionally sells for $325k, that’s fine. But if the new build costs you $400k, then you’re a fish out of water. Neighborhoods need new comps to prove that the increased building costs still allow a buyer margin. That’s exactly what Woodstone just did, and it did it in a big way.

Now consider the new math of Woodstone. Buy a lot for $80k or so. Build a 2500 square foot house for $500k or so. Be all in sub-$600k. Prior to last week, that still made sense. There was a tiny margin. But now? There’s proof that the market has some room to run, and if you build the right house and add a swimming pool, you, too might be able to sell north of $800k.

Speaking of swimming pools, the market loves them now. Craves them. Can’t live without them. If you’re building a new house on the lake or in the country and the market supports the extra investment, add a pool. You’ll thank me when it comes time to sell. Unless you don’t sell until such a time when the culture hates pools, then you can blame me.

Congratulations to the seller who was kind enough to let me represent their lovely property. And congratulations to everyone who lives in Woodstone, or who might one day live in Woodstone. The market just got a whole lot better. Address Thank You Cards to me, at my office address.

Woodstone

Woodstone

The thing about houses, is they’re all the same. A few bedrooms, some bathrooms. The number of each signaling the value, sometimes.  A kitchen down the hall from the dining room, or a breakfast room if space is scarce. The living room, that’s something every house will feature.  A tiny house even has one, with the wheels  and the hitch and the fold out table. Look, the dining room!

Woodstone Lake Geneva

What makes houses different, or better, is where they’re located and what else they offer. If I have a basic house, older and damp, with a roof needing tending to, but that house and that old roof are located on the lake, then I’m in luck. It’s valuable.  Further, if my house isn’t on the lake and it still needs the roof but it’s on 80 acres with incredible rolling hills and a small stream in the valley, then I still have something that others will value.

Woodstone Lake Geneva
Woodstone Lake Geneva

The home at 1593 Woodstone Lane is a nice house. It’s really nice. Built in 2013, there’s nearly 5000 square feet of nice. I won’t insult your intelligence by describing each nice thing. There’s nice wood floors, two fireplaces, a deep and wide screened porch. The kitchen is super sweet, the first floor master bedroom suite both convenient and, perhaps, someday necessary. There are three more bedrooms, bunches of bathrooms. One bedroom has been made into a bunk room with the help of some snappy carpentry. Oh, and the finished, walkout lower level has a large rec room, full bar, and exercise and theatre rooms. See, it’s nice.

Woodstone Lake Geneva

But it’s the extra here that matters. The landscaping is lush, irrigated, and full. For an off-water home, the views of the surrounding wildflowers and hills and deep, dark deciduous border, all divine. Walk out of that large screened porch and onto a stone patio, where umbrellas and lounge chairs surround a private, in-ground swimming pool. Barrington Pools installed this pool, complete with automated cover, to the exacting specifications of the owner, and what a pool it is.

You could buy a lot in Woodstone and build a house. There’s nothing stopping you. But what you’ll do is spend more money to achieve a lesser than result. Why build new and abide the aggravation, delays and expense,  when you can buy this for less than it would cost to replicate? You wouldn’t, because you’re smart. Use as an affordable primary home close to Lake Geneva but with low Linn Township taxes, or continue using as the current owners have: As an ideal vacation home close to downtown and the Lake Geneva Yacht Club.   Available for private tour this weekend. $845,000.