As a basic function of human opinion, it should be understandable that Realtors usually favor certain locations. Even on a lake that is surrounded by golden real estate, there are prime locations, and others that I view to be roughly as sub-prime as a loan to an unemployed astronaut with a 521 credit score. There are locations on this lake that I find captivating, and others that bore me to tears. Having grown up on the water, my instincts are far more honed than nearly any other agent out there, and in my case, my feelings of value have, at times, as much to do with nostalgia as they do statistics. My sale at 6 Upper Loch Vista last week was a confluence of those two emotions, as the property screamed value only slightly louder than the location screamed nostalgia.
I grew up in the Loch Vista Club, and as a result, I’m highly opinionated on the value of that location. I understand the lake extremely well, but I understand that location even better. There are indicators of quality in a location like this, even if they are so nuanced that 99 out of 100 Realtors wouldn’t have the time or the inclination to notice them. Like what? Well, like the way Conference Point sticks out just far enough to the south to provide sheltered water here. While southwest winds lash out at Cedar Point and much of the North Shore, those on the leeward side of Conference Point (Congress Club through Summer Haven) experience quieter, calmer waters. The proximity to town is favorable, with shore path journeys roughly 35 minutes to Fontana and 15 to Williams Bay, yet not so close that pedestrian traffic creates even the slightest disturbance. There’s the level nature of the lakefront here, not so level as to create possible water table issues, but not so high that oxygen tanks and rappelling equipment are necessary inclusions in your trip to and from the pier. It’s a valuable location, and the house that I sold last week here was a true gem in this market.
With an original asking price of $2.5MM, this wasn’t attractively priced at the outset. There were some difficult family situations that unfortunately led to the sale of this house, and the family who had spent the previous 20 years here wasn’t selling because they necessarily wanted to. Strenuous circumstances preceded this sale, but the end result is one owner who has now moved on and another who gets to begin their own life at the lake. The lakefront home closed for $1.61MM last week, representing value no matter how you slice it. The home is large, though not cumbersomely so, and the view from the home is better than any view, anywhere. Seriously. Find me a better view of the lake from a non-elevated lot, and I’ll buy you an ice cream cone. If I’m feeling particularly benevolent I’ll even buy you some ice cream to put in the cone.
While I was honored to have worked on this sale, I can’t help but feel sorry for the family who left. Having grown up as near neighbors, I knew this family well. I’m pretty sure I even cut their grass a few times. I know how much they loved this location, and cherished their house. Signs at lake houses that read “welcome to the lake”, or “life’s better at the lake”, might look simplistic and cliche to those who don’t understand the value owning a house where such a sign can be hung. The owners of this home truly understood that. The gentleman who built and lived in this house for the past twenty years understood the value of a life at the lake, and never stopped seeing the value in it. Circumstances change, and one tragic change essentially forced this sale. While I am deeply sympathetic for the owners who have had their piece of the lake removed from their life, I am indeed excited for the new couple who gets to start a new chapter there.
As for the market, the sale was pretty much in line with the value expectations that I have moving forward. The flurry of activity on the lakefront this year is significant, but it’s not without flaws. Some have been keen on telling you that Lake Geneva is different. That the market is somehow immune to the pitfalls that have been so prevalent in other markets. The reality is that this is simply not true. Lake Geneva the market isn’t different, as is evidenced by a new short sale offering that has hit the market today (email for details), and the REO sale at the South Shore Club, and the sheriff’s sale purchase this fall. The market isn’t much different, even if it has performed well in the face of a difficult national market. The market isn’t different, it’s the lake that is. And I’m giddy with excitement for the buyers of 6 Upper Loch Vista as they now get to find out just how different it really is. To the seller who trusted me with this sale, I’m supremely grateful. To the Realtor who brought in the buyer to put this deal together, much thanks. And to the couple who purchased this home, I wish you as much happiness as the previous owners so effortlessly achieved in this lakeside oasis.