Another week of dealing with a most miserable shut down of our once vibrant economy, another sale in Cedar Point Park. The things aren’t related, after all, as home searches can be the sort brought about by the immediacy of a global pandemic and the thought of a summer spent cooped up at home, or they can just be normal vacation home searches brought about by a desire to be part of this scene. While I understand the influx of pandemic buyers seeking something different for this year, I am most impressed by the buyer that came about this decision on their own without the prodding that comes from a government mandate to stay home.
This property isn’t one you knew about. In fact, only this one buyer knew about it. The buyer was searching for something that the market didn’t readily offer. Something close to the lake, maybe with a view. Something with lake access, but a slip wasn’t absolutely necessary. Something turn key, or maybe not. After a few months of searching and at least one failed bid to purchase something that someone else beat us to, something had to be done. In this case, that something was for me to seek out a direct seller and work on a direct, one party basis, sale. I obtained owner permission, showed the house, negotiated the contract, and on Monday closed. $665k for a delightful lake house in Cedar Point Park with views of the lake, stylish, upper end finishes, and remarkable proximity to the lakefront park and pier system.
As with the Parkway sale the week before, these direct deals are becoming more common, especially during the Virus. Sellers are reticent to list since multitudes of these vacation home owners are finding great value in using their homes and they generally dislike the thought of parading buyers marching through their personal germ-free-zones. But some owners are still sellers, for myriad reasons, and in the case of the past two deals I have been able to plug in my buyers to these rare situations. There is a market story in here, but the real story is one of representation and the way you’re going about your vacation home search.
You could sign up for some direct email stream where you’ll receive listings as they hit the market. That’s fine. But there is a step beyond that and it’s obvious if you look at these last two sales. You have to work with an agent who knows what’s happening beyond a cursory morning glance at the updated MLS inventory. This isn’t proprietary or otherwise unique to me in the lakefront and lake access market at Lake Geneva. This is the case in Lincoln Park and in Telluride and in Austin. This is the case everywhere. If you’re looking for something in Geneva National that’s not available on market, you should check with an agent who works in GN every day (as much as I appreciate GN and work in there several times a year, I am not showing and selling GN every day). If you want something in Abbey Springs and want to know if there is anything available that isn’t on the MLS, check with an agent that focuses on Abbey Springs. This isn’t rocket science, and no matter how irritable the MLS might become over direct sales, they are a fact of the business of real estate, and they will continue to increase.
The market at the lake has been robust of late, especially after that beautiful weekend we just experienced. You’d think buyers would be less triggered by something as simple as a blue sky and bright sunshine, but you’d be wrong. Over the weekend I put two more contracts together, one property that is listed and yet another one that isn’t. The rest of the market sold a few homes as well, including that lakefront cabin in Wooddale. Showings are holding steady, and all price segments are now being touched by this activity. Expect the trend to continue, and root for the states to continue along their return to normalcy. I’ll let you keep me cooped up during March, but June?
Thanks to this seller who allowed me to work this direct deal in Cedar Point, and a heartfelt thank you to the buyer who allowed me to help them in their search. I’m certain that weekends spent lakeside are going to be far more meaningful than weekends spent in the suburbs.