And so it goes, the easy rhythm of a Lake Geneva summer, and the seemingly easier rhythm of sales at Abbey Springs. As another yawn inducing August real estate market draws to a close, Abbey Springs seems to be the only one enjoying themselves. August is, quite simply, a month made for fun. It is not a month made for selling real estate. While agents have been busy, we haven’t exactly been setting the world on fire as we store up our meager acorns for the long months that span my calendar from fall through spring. The sales lull is normal, even expected, and we’ll get a better sense of how soft the market is after reviewing the September and October combined numbers later this fall. Even so, with slow sales and sluggish buyers, Abbey Springs continues to inspire and excite those who revel in the thought of a Lake Geneva vacation home.
As of this morning, the MLS shows 27 active condominiums and single family homes in Abbey Springs priced from around $150k to nearly $1.2MM. This inventory number is a really good sign for the development, as the available inventory represents merely 4% of the total inventory at Abbey Springs (592 total units, or thereabouts). In order to put the number in perspective, Geneva National has roughly 10-12% of its total built inventory on the market at any given time. The low inventory is key to the appearance of a solid market, and in the case of Abbey Springs, we actually have sales to credit for that appearance as well.
There are two properties pending sale in the association at the moment, an Alpine priced at $359,900 and an Oakwood townhouse priced at $439k. These two pending sales, assuming they close, will bring the YTD sales total to 14, which is a respectable number no matter what year we’re looking at. Consider that the 2009 YTD total was 12, and 2008, the year we drew our curtains and pulled our duvets over our faces, there were only 4 YTD sales. 2010 is looking like a pretty solid year at Abbey Springs, and like a stock rising on a day when the broader market is falling, it’s a sign of strength that should inspire confidence in this Lake Geneva stalwart.
It’s not to say that Abbey Springs is the best option for everyone, in fact, it’s really only a small percentage of buyers that would seek out this particular property. While there are amenities galore (golf, tennis, pools, restaurants, beach, exercise facilities, marina, etc), those amenities come at a fairly steep monthly association price. The monthly fees are not cheap, so I think it’s imperative to use the association amenities if you do indeed purchase a vacation home in Abbey Springs. If you’re not going to use the beach or the pools or the tennis courts, there’s really no point in paying for them. If you want to sit in the woods, save your money and buy at Abbey Hill. You still get the Abbey name, so that’s something. If you want to crank your vacation into high gear and fill your weekends with activities and opportunity, buy at Abbey Springs. To be specific, buy my house at 125 St. Andrews. But now I’m starting to sound like a Realtor again.