Today, for the first time this year, I had that feeling. I walked into Walmart to buy some poison ivy cream for my afflicted son, and had a very familiar, very exciting feeling wash over me. The sun was warm on my arms, and without the faintest hint of a breeze 60 degrees felt more like 70. This was the sort of day that Geneva Lake was made for, and I plan on indulging her later this afternoon. For now, there is a 9 am appointment to think about, and before that, this market update.
The single family market surrounding Geneva is still fairly subdued. There are signs of life in the entry level lake access market, with four homes pending- all of which are priced under $375k. The rest of the market is sleeping, with the exception being the lakefront market. Even that market isn’t lighting the world on fire, as the MLS currently shows only one pending lakefront. It should be noted that the pending property is priced in the high $3MM’s, and has gone under contract after only a few weeks on the market. There is some motivation in this market, particularly when buyers find exactly what they’ve been looking for. Such was the case with my Harvard Club listing, as I found a perfect buyer for that idyllic property within a month of that listing date as well.
New inventory has slowed, though there are still one or two lake access properties hitting the market each week (on average). The inventory has swelled since January, but it hasn’t swelled to unmanageable levels, and there are quality offerings in just about every individual segment of the market right now. I just listed a new lakefront condo over the weekend that will more than likely sell within a reasonable time frame, and when you take a look at the view (pictured above), it’s not hard to imagine why. That view, for the record, was not manipulated. I didn’t zoom in, or crop out trees or electrical wires. I just walked onto the balcony, and pushed the button. The price of this three bedroom penthouse is $499,900, which is in line with the most recent sale in that building (a unit I sold last October for $455k). This unit is owned by the family of the original builder of Fontana Shores, which means that when the builder had first choice to pick the best unit in the building, this is the unit he picked. From the unit you have views directly East all the way to the city of Lake Geneva, and the southern windows provide views of the Fontana lakefront, including Gordy’s, Chuck’s and Reid Park. I’m not even sure if it’s still called Reid Park, since my kids just call it “the red park”. Perhaps I should check…
Overall, the market appears to be moving at a steady, if deliberate pace. List prices, on average, remain elevated, but there are still deals to be had. With Memorial Day weekend so close I can taste it (it tastes eerily of hot dogs), there is motivation in the market now that is based on the understanding that each summer is important, and there’s no reason to waste another one just because the price of the property you want might be 3% too high. That 3% will be long forgotten when you’re on the boat this summer with family and friends. Trust me. I’m a Realtor.