You know the market I’m talking about, those homes with deeded lake access to Geneva Lake, some possessing a lake view, some a slip, some a buoy, some have access to a private sand beach, others access only to a simply park and pier. Regardless of the attributes of the association, they all fall under the lake access category, and here’s what that particular market is doing as of the third week of April.
While showings are up across the board, showing activity in the lake access market varies greatly depending on the price range. In this market, we have entry level lake access homes priced fom $250k to $500k, mid range homes priced from $500k to $800k, and the upper end of that market priced from $800k to $1.4MM. The upper market homes typically include a boatslip, lake view, sometimes both. This upper end market is also where many of the severely overpriced homes in our market lie. This upper end isn’t experiencing nearly the number of showings that the entry level market is experiencing, and that’s obviously for good reason. There are a lot more people who can afford a $350k summer home than can afford a $1MM summer home, but you didn’t need me to tell you that.
Inventory has been steadily building in the lake access market over the past several months, to a point where we now have 91 such homes on the market as of today, priced from $209,900 to $1.695MM. Of the 91 homes, only 1 is marked as pending in the MLS. Not good. This list may not be entirely accurate, as some Realtors still don’t understand what associations have lake access and what associations don’t. It’s a shame really, and it’s too bad that the sellers are choosing to be misrepresented by their own broker. Victorian Square- No lakerights. Mill Creek Condominiums in Fontana- No lakerights. Lakewood Trails in Williams Bay- No lakerights. Folks, please work with me if you’re looking for a lake access home, it’ll be easier for all of us.
I just listed a new home in this lake access market that you may find appealing. Priced at $389,900, it’s down in price from the original offering last summer at $439,900.
This home is a substantial two story home with lake access to Summer Haven association in Williams Bay. Hardwood floors, fireplace, formal living and dining rooms, 4 bedrooms, and a beautiful manicured lot. Summer Haven has a great sand beach, large lakefront park, and is walking distance to downtown Williams Bay. Gage Marine is right next door, so you can use their in/out service for your boating needs.
For buyers in these categories, be active in the market right now. Summer will be here in 6 short weeks, and you’ll be stuck in the city or suburbs again, bored out of your mind. There are values in this market, and there are also hysterically overpriced homes that should be avoided at all costs. The overpriced ones are easy to identify when you look at subdivision comps, but if you’d rather just find out which ones without all that research, just ask me.