A quick study of 2008 YTD sales versus the same period in 2007 was quite revealing, and may point to a bottom in the market. From 12/31/06 to 2/21/07 there were 8 transactions involving properties with lakerights to Geneva Lake. These 8 properties sold for an average of 93% of their asking prices. A similar look at sales from 12/31/07 to 2/21/08 revealed 5 transactions selling for an average of 97% of their asking prices. Granted, it’s a small segment, but it should show buyers and sellers alike that while fewer properties are selling, prices are stable. In fact, the larger gap from list to sale during last years sample shows that prices have made an adjustment and are now being sold closer to their asking prices. The assumption would be that prices have softened some, and buyers have responded by paying closer to asking prices. Just a thought…
About the Author
I'm David Curry. I write this blog to educate and entertain those who subscribe to the theory that Lake Geneva, Wisconsin is indeed the center of the real estate universe. When I started selling real estate 27 years ago I did so of a desire to one day dominate the activity in the Lake Geneva vacation home market. With over $800,000,000 in sales since January of 2010, that goal is within reach. If I can help you with your Lake Geneva real estate needs, please consider me at your service. Thanks for reading.