Temptation

Temptation

Temptation

As I understand it, Door County is a place where you go because you want to eat cherries while spending the better part of a full day searching for a place that will serve you a proper espresso.  Door County is also a place where lake access doesn’t mean the same thing that it means here. That’s because the lake isn’t really a lake at all, rather it’s an inland ocean, which is beautiful to look at but also mostly unusable for the typical weekend warrior. The lake is different, the market is different, the cherries are good, the espresso absent. This is all you need to know about Door County.  You’re welcome.

The market here is very unique, as lake access or lake rights really means something. For years I’ve heard sellers explain to me the reasons that lake rights don’t matter. Coincidentally, the only sellers that undertake this attempted explanation are those that own homes that lack the attribute. They’ll opine how lake access isn’t important because of beaches, and because of launches, and because of parks and restaurants. They’ll work to convince me that they’re right, all the while we both know they’re wrong.

That’s because no amount of dialogue, no matter how impassioned, can change generations of market behavior. The market expects lake access, it wants lake access, and when someone emails me this week and wants to buy a vacation home at Lake Geneva, they’re probably going to ask me about lake access. Once they ask me, I’m going to tell them that they need it. In doing so, I’m furthering the generational standard, leaving very little room for wavering. If you’re looking Lake Geneva, you should be looking lake access.

When the market was hot, buyers moved away from this standard. They’d buy homes on Anystreet, Williams Bay, because of the beach and the launch and the restaurants. They’d buy a home on Oakwood Street because it’s a nice enough street, and they could pay $180k for a house that would have cost $319k in Cedar Point Park. I understand the economics of a non-lake access purchase, I really do, which is why there should be a discount paid for homes that are in otherwise boring locations that lack lake access. If you’re contemplating a vacation home purchase here, your vacation home should be surrounded by other vacation homes. It’s really that simple.

Now that the market is warmer again, buyers are returning to their old discount-seeking ways. The house in Cedar Point is $289k now, and the house on Oakwood is still $180k, so Oakwood wins. If that’s all your budget will allow, I completely and entirely understand the reason you’d entertain Oakwood. I honestly do. But if the budget allows for the $289k, please go that route. Not because I want your Realtor, who should actually be me, to make more money, but because I want your future appreciation tied to the vacation home market, not to the primary market.

There are exceptions to this rule of mine. Unique homes in special locations, those get a pass. Unique lots- oversized or featuring some sort of special view- I’ll let those slide as well. But if we’re buying a normal house on a normal in-town street, let’s first exhaust our lake access options.  Because once you buy that non-lake access house in town you’re pretty much going to spend every day from then on wishing you had a private association pier to hang out at. And if you’re not going to have a private association pier to hang out at, you might as well keep driving for another day and end up in Door County. It’s BYOEspresso, just so you know.

 

PS. I was at the Cub game last night, which means it is likely my fault that they lost. 

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