Cedar Point Park Market Update

Cedar Point Park may very well be one of the most well known lake access associations on all of Geneva Lake. Why that is, I’m not really sure. It may have something to do with the ample size of the development and the plethora of cottages that were made available for rent over the past six or seven decades. Illinoisans looking for a vacation rental at the lake would find many options in Cedar Point Park, and unlike some other associations, the rents were cheap, while the memories were just as powerful. The easily recognizable phrase “Cedar Point Park” might also be attributed to the geographic point that shares the same name as the association, minus the “Park” of course.

Whatever the case for the high level of name recognition, Cedar Point Park is a pretty attractive association. The development makes up the entire eastern shore of Williams Bay, and extends east along the north shore a few homes past Cedar Point, until it fades to single family estates that in turn border Knollwood. Cedar Point Park is unique in that the association offers its members seven different access points through grassy lawns affectionately referred to as parkways. While most associations offer one main park as a launching point for lakeside fun in the Lake Geneva sun, the layout of Cedar Point Park beckons for a more accessible design. While there are seven access points, there are only three true, classic parkways. These grassy lawns are lined with homes, and you’re never going to believe what we call those homes… parkway homes. We’re cutting edge here.

While the numerous parkways and piers should make for easy access to the owner members, the cold reality about Cedar Point Park is that unless you’re West of Cedar Point Drive (lakeside of the road), you’re probably not going to be too happy about the lake access options. The thing is, for all the access points, CPP has very little in terms of parking down at the lakefront parks. This limited parking, combined with public roadways (no golf carts), create a bit of an access issue for those homes further off the water. Streets like McKinley, Garfield, Jackson, Cleveland, Washington, might all enjoy famous names, but they don’t exactly enjoy glittering proximity to the waterfront parks.

This geographic divide is pretty obvious when you consider pricing as well. While lakefront homes do make up a good portion of the development, as do the pricy parkway homes ($750k to $1.4M), the easiest way to divide the market here is by looking at homes that are west of Cedar Point Drive, and therefore easily walkable to the lakefront, and those that are west of Cedar Point Drive. Streets that run perpendicular to Cedar Point Drive are Glenview, Wilmette, Highland, Park Ridge, so if you’re looking for lake access in CPP, combined with terrific proximity to the waterfront, look for those names first.

The market in Cedar Point Park has been fairly strong this year, with 8 sales YTD, ranging from an entry level home on Washington for $230k to a lakefront that sold this fall for $2.575MM. For some context, CPP only had 4 sales YTD for 2008, and 6 sales YTD in 2007. It hasn’t been since 2006 that a sales figure was higher than 2009’s, when 14 properties sold through the MLS. I would guess that Cedar Point Park is off roughly 20% from the market highs, meaning several properties are values, but there are no true barn burners here- yet. There are two foreclosures in the works in CPP that I’m aware of, and while those properties won’t have a significant adverse impact on the overall association market, they will most likely represent value should they come to market as REO.

I have one listing in Cedar Point right now, and it’s the Dave Curry staple that is a rough little cottage in a tremendous location. This cottage is listed at $499k (though we’re weighing a reduction), and it’s located just one home off the lake. No proximity issues here, and there’s a lakeview for a little added enjoyment. If you’re in the mood for a classic cottage that’s silly close to the water, this just might be the place for you. Even if a little cottage doesn’t float your boat, Cedar Point Park has endless possibilities for the vacation home buyer. Current inventory ranges from $249k all the way up to $2.5MM, and includes both off water cottages, parkway homes (1), and lakefront (5). If you’ve been looking for entry level lake access, or entry level lakefront ($1.295MM for the cheapest house on the lake), Cedar Point Park is worth a look.