During any one of the past four years, you would be more likely to find me in Abbey Springs than in Geneva National. On any given day, with any given resort buyer, Abbey Springs would be a probable showing location. During 2009, when all things real estate were rendered practically taboo, Abbey Springs had volume, a significant share of which I played a role in. During the same time, Geneva National was mired in a deep funk, and to buy real estate in 2009 within those gated boundaries was to catch a falling knife. But this year I’ve been in Geneva National early and often, and Abbey Springs hasn’t garnered a single showing from me to a prized client.
Why this is the trend for 2012 I cannot know, but I can recognize a shift in buyer activity when I see one. Perhaps the reason is because a $650k home in Abbey Springs would cost around $375k in Geneva National. That’s probably the beginning and end of the list of reasons, and for buyers who recognize value when they see it, that reason and that reason alone are enough. But Abbey Springs moves on, plowing forward, with or, more commonly, without me.
Today you can buy a small condo in Abbey Springs starting at $159k or a great big home on the golf course for $899k. There are 27 options in between at every price point along the way. The inventory is varied, and while much of the inventory in Abbey Springs is tired and in need of some cosmetic surgery, for a buyer with a touch of vision and a keen tendency to paint some dark brown wood white, there is value. The single family home thing for $600k+ I don’t necessarily get, but to scoop up a two bedroom condo for between $200k and $300k seems to be a nice idea for a vacation loving, amenity craving buyer.
There are just two units pending sale; a small condo in the $200k range and a single family home around $640k. There have been six YTD sales here, from a bank owned condo for $110k at the low end to a single family home for $535k at the high. Those six YTD sales obliterate the 2011 pace of just two YTD sales and are the most sales during the first quarter of any year since 2007 when eight properties changed hands. The market here has returned from a volume low, though the volume low wasn’t that far off the peak volume high, which means that not much has changed. Abbey Springs remains stubbornly opposed to the concept of a stagnant market.
The low interest rate environment has helped Abbey Springs, and should continue to add volume to the currently torrid sales pace as we move deeper into 2012. The most common complaint about Abbey Springs remains the relatively high association fee associated with each individual unit. That fee can sting (dues range from $400ish to $650ish per month, which is not dissimilar from GN), but mostly if you’re a buyer turned owner who doesn’t use the property to the fullest extent of its capabilities. If you utilize the incredible array of amenities here I think it would be nearly impossible to feel as though the monthly fees are not warranted. With indoor and outdoor swimming pools, a sand beach on Geneva Lake, tennis, golf, restaurants, and boat marina, there is no single association in the Midwest that can offer as much lakeside fun.