Without Abbey Springs, Fontana just might shrivel up and die. Not really, but 2009 has been a tale of two cities to be sure. So far this year, there have been 11 condo sales in Fontana. All 11 sales have been in Abbey Springs, which means by default that Fontana hasn’t had a single condo sale outside of Abbey Springs all year. Really lame. Fontana is the premier municipality on Geneva, and the real estate here is indeed the prize jewel of all Lake Geneva real estate, so what’s the deal with the condo sales? This may surprise you, but I honestly don’t know. There is inventory at Abbey Ridge, Fontana Shores, Fontana Club, and at the Abbey Villas. Not a single sale at any one of those developments all year. The absence of sales might be further proof that buyers and opting for single family ownership over condominium this year, but it might also just mean that Abbey Springs is defying the greater market.
The only bit of softness at Abbey Springs appears to be in the entry level condo market there, with 5 units priced under $200k. These units in this price range are typically Holiday or Weekender models, units that are quite small. The rest of the market is thriving, with two more properties under contract, which will bring the total units sold to 13 probably before Labor Day weekend. There are currently units for sale at Abbey Springs ranging in price from sub $200k to nearly $1MM. The fall market is historically robust here, so I expect more sales in Abbey Springs before the end of 2009. Consider that all of 2008 yielded just 6 sales, and you’ll see that Abbey Springs is a model for what a volume recovery really looks like.
With indoor and outdoor pools, 18 holes of championship golf, three restaurants, yacht club, sand beach, swimming piers, playgrounds, tennis courts, work out facilities, and more, what’s not to like about the new and improved Abbey Springs? The best news for buyers is that in spite of the liquidity recovery there are still deals to be had, as prices remain roughly 15% off the market highs.
To the chagrin of my foreclosure loving friends, there aren’t any foreclosure auctions scheduled for property involving Abbey Springs, which means that out of a massive association of 590 units, everyone is finding a way to pay both their dues and their mortgages. That’s a wonderful sign of a stable market. The amenity reconfiguration has helped this year, but I think the market is really just making up for a lost 2008. With so many buyers in 2008 sitting on the sidelines, I think most of the 2009 activity is being driven by those previous buyers who finally found the motivation to stop lying around the suburbs on the weekends. Life’s too short to miss out on a Lake Geneva summer, and that’s just the plain old truth.
If Abbey Springs strikes your fancy, shoot me an email and we’ll talk about it a little further. I’d be happy to show you around and as always, boat rides are on the house.