A couple of new sales this week to tell you about. The first is a sale on South Lakeshore Drive on the south shore of geneva. A lakefront home that I wrote about a couple months ago when it was first listed for $2.75MM. This home sold for $2.7MM after just 8 days on market. EIGHT. The seller of this home was a move up seller, who in turn purchased the fabulous lakefront on Basswood that we talked about in the fall. This is a unique home, but once again the sale proves that buyers on Geneva adore newer construction. The really tight list to sale price ratio obviously shows a motivated buyer who fell in love with this beautiful home.
A lake access property in Cedar Point Park also closed this week. I think the buyer of this property purchased a great home for a great price in a highly desireable location. I sold this home in 2003 for $340k, and another broker just sold the property for $430k. That $430k sale price is down from an original January ’08 list price of $519k. The buyer did well to seek out a terrific property and negotiate an even better deal. This Cedar Point sale is representative of the sort of deals that are in the market right now, if only buyers would brave a little cold weather and identify these values now, while their negotiating power is at its peak.
Buyer activity in the market appears to be on the increase right now, as this week I had several showings on a wide range of product. The listing end is picking up as well, which may be a blessing or a curse. If sellers are wise and adhere to their brokers advice, we could very well add some wonderful inventory at prices that buyers will undoubtedly find attractive.
Public record sold information.