Lake Geneva Inventory Update

As I sit cocooned in my office, shielded from the bitter cold that has swallowed this humble wooden structure, I have one eye on the paradox that is my calendar. It will be March less than three weeks from now, and while March tends to be a cruel and unpredictable mistress, March can be a surprisingly pleasant month. I know we’re close, and I know March will be here soon, but for today, for now, February is all that I can handle. Thankfully, there are other issues that demand my attention. I wrote last week about the early arrival of our Lake Geneva spring market, and while an early arrival of buyers is wonderful, those buyers must have enough inventory to keep them engaged. Buyers must be fed inventory, and without a continually refreshed supply of chow, they’ll turn a cold shoulder to a market that they view to be too exclusive (as if there is such a thing).

The inventory numbers at Lake Geneva are growing steadily, and they will continue to do so over the next six weeks. This increase in inventory is a vital component of our resurgent market, and when I cast my eyes back over the last month, I see the burgeoning trend that is a spring listing build up at the lake. Just how much inventory is building? Not enough to cause problems on the supply side, but also not enough to fulfill the varying whims of buyers who seek summer homes. In order to really capitalize on the increased buyer traffic, the inventory must continue to build throughout the spring. So far, it’s building, but not overwhelmingly so.

Over the past month, there have been ten new Geneva lakefront and lake access listings hit the open market- eleven if you count the listing that shows in the MLS that it has lakerights, but in reality has none (better work with me- at least I know what homes actually have lakerights…) Of those ten, four are private lakefront homes. To further break down the number, just five of the ten “new” listings are actually new. The remaining five are retreads from the previous year, including my listing at 521 Wilmette that I let expire earlier only to return it to market as a “new” listing with a new price of $359k. The pricing trend is one that I’ve discussed at length, and sellers need to avoid re-listing in 2011 at their stale 2010 prices. Doing so will seize up our market nicely. The five new listings look to be priced without aggressive aim, so we’ll see how the market responds to these listings.

The lakefront condo market is also adding to its relatively sparse inventory totals. I’ve brought three new lakefront condominiums to the market in the past couple weeks, including a fabulous townhouse at Somerset that looks like a condo on paper, but plays just like a private lakefront home ($1,199,500 with private slip). I also brought my old Bay Colony unit back to the market, this time with a reduced $579k price, making it the cheapest unit in Bay Colony by more than $150k. It’s a potential value, but the owner has to either thoroughly and joyously embrace the 1970s, or they have to be able to make some cosmetic changes. Either way, $579k buys a huge lakeview, a fully transferable boat slip, and an indoor pool.

While both of those listings had previous stints on the MLS, my new listing at Vista Del Lago is just that- new. The owners are looking to buy up in the market, and would love to have you buy their completely updated, impeccably maintained, painfully clean, two bedroom townhouse. This unit has a private slip, a private exterior entrance (townhouse, remember?), and privacy that is not typically enjoyed in a condominium setting. Perhaps best of all, the unit is priced at $469k, making it the cheapest available unit at Vista Del Lago. In keeping with our theme of locating value, wouldn’t it be prudent to buy the most economical condo in a development, particularly if that unit has already been renovated and presented to you in turn key condition? I think we both know the answer to that mostly rhetorical question.

Abbey Springs has been adding inventory at an increasingly steady clip, which should bode well for buyers who have drawn and shaded a bright red heart around that fun development. There have been ten new listings in the past month, ranging in price from $169k to over $1MM. Several of the units were previously on the market, but some are indeed new. This inventory build makes me wildly jealous, as I wish the same inventory build was taking place on the lakefront at the moment.

We’ll be sure to watch the inventory over the next six weeks, as it will vacillate at times while riding an overall increase as we grow closer to spring. The snow and cold outside cannot put a damper on my hope that spring will arrive soon, and with it, the promise of a rapidly approaching Lake Geneva summer. If your palms grow sweaty at the thought of gripping a steering wheel and taking countless summer boat rides, then put down your TPS reports (we’re putting coversheets on those now) and email me with a description of what your perfect Lake Geneva vacation home looks like. I cannot keep you posted on exactly what your heart desires if you hide those desires from me and remain an anonymous reader. I’m pretty terrific at real estate, but even I cannot, as of yet, read minds. My mind is now flooded with thoughts of summer, and this video serves as an elixir for my winter worn soul.