Geneva Lakefront Condo Update

I suppose today the Abbey Villa harbor front units are not going to count as lakefront. And why should they? That might be a harbor in front of those units, and that harbor might find it’s way under a bridge and into Geneva Lake, but anyone who might think that harbor water is the same as the lake water needs to readjust their thinking. Harbor front is not lakefront any more than the condominiums that flank Van Slyke creek- that creek that flows into the Abbey Harbor on the south side of it- are lakefront. Even if the water in Van Slyke creek is of a more pure nature than that water in the harbor. Either way, I’ve decided it now and am firm in my decision, the Abbey Villas that line the harbor are not lakefront.

And now onto the rest of the lakefront market that consists of condominiums that truly are lakefront. The activity that has blossomed in the residential market of late, and has carried into Abbey Springs and even found its way into Geneva National has not so much brushed against the leg of the lakefront condo market. This upsets me. There is inventory- plenty of it- though not so much that the market is unwieldy and saturated beyond salvation. There are offerings in Vista Del Lago, many of them. Cheap ones even, including one listed for just $355k. There are many others as well, but Vista continues to suffer from association dues that are not in line with market expectations and a tax bill that places the combined carry a touch out of reach for the typical buyer that might want to part with $350k to purchase a weekend retreat. Even so, Vista Del Lago has a whole bunch of amenities and each unit has a boat slip, so that’s more than something.

There have been two sales in Geneva Towers this year, and those two sales comprise the beginning, middle, and end of the Geneva lakefront condo story for 2012. Those two sales, at $450k and $499k respectively, are wonderful for the market but I’m not so sure they make complete sense from a pure value standpoint. Units in Geneva Towers do not sell with a boat slip, and even if they do the slip requires a stout little boat that might easily slip under the bridge that stretches the span between where little tiny Lake Geneva harbor meets big blue lake. While I wouldn’t necessarily be a buyer of a Geneva Towers unit in that price range, value, much like beauty, is mostly in the eye of the beholder.

There isn’t anything currently available in either Bay Shore or Bay Colony, though I do expect to be bringing offerings in each of those buildings to market in the near future. Continuing our counter clockwise path around Geneva we’ll come next to Fontana Shores. I have the big, bold, beautiful first floor unit on the market there for $995k, but new in recent weeks has been the decision by the owner of that double unit to offer it as individual units as well. So instead of requiring one buyer for $995k, I could have one buyer in the low $400ks and another in the low $500ks, and I can sell that unit back in its original two unit configuration. The alterations required to bring the unit back to standard will be minimum and at the seller’s expense, so for a buyer this new arrangement can provide lakefront value alongside lakefront luxury. Now ask me if I’d rather own a unit at Fontana Shores or one at Geneva Towers. My refusal to answer should speak volumes.

The Fontana Club may or may not have an offering today, a confusion owed to the fact that the unit is not listed properly in our local MLS but does appear to be listed with some Illinois firm. The unit in question may be a double unit of impressive size offered somewhere around $900k, and if you’re interested I’d be more than happy to find out the details on that possible offering. This is not the only large unit on the lakefront, as one exists at the Harbor Watch, another at Stone Manor, and I have my listing in Somerset for $1.295MM. These are cavernous units that compete well with private frontage for owners looking to replicate the lakefront experience in a lower maintenance situation.

If market activity continues at a pleasing clip, the question for the first quarter of this year is whether or not that activity will leech into the lakefront condo market. I’m betting that it will, though as a betting man I would not be willing to be entirely too much money, which should tell you my confidence is not as high as I’d like it to be. There seems to be no reason the condo market shouldn’t move a bit more, and recent sales at Geneva Towers prove there is still interest in the lakefront condominium.

Photo by Ideal Impressions Photography.