Lake Geneva Lake Access Market Update

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I had a call last weekend from a new client who pointed out that I’ve been ignoring the middle price segment of our lake access market. My immediate explanation was impromptu but probably accurate, when I described to him a market that doesn’t have a lot of buyers at the moment, nor a lot of attractive inventory. That reasoning made sense to me, but I wanted to see if I had indeed been blatantly ignoring this segment. I took a look at some previous posts, and it turns out he was right, which should come as absolutely no surprise since the customer is always right, except for that pesky percentage of time when they’re wrong.

The middle bit of our lake access market, defined today as homes with lakerights to Geneva priced from $400k to $700k, has had an interesting year. There have been plenty of sales, but by plenty I mean not very many. Of the 27 available homes matching this description, none appear to be with contract at the moment. When the upper tier lake access market went on its stellar fall run, this mid-market segment seemed more interested in pulling up the covers and hiding its face in the pillow. No word on whether or not it went to Panera Bread for a cream ladened cup of coffee and delicious Cobblestone muffin later. Year to date there have been eleven MLS recorded sales in this particular market, twelve if you count my sale in Belvidere Park, which I do, so twelve. As I bend my right arm awkwardly around my fleshy left shoulder and commence a TSA pat down, four of those twelve sales were mine.

And so we’re back to my comment from Saturday. I said the market wasn’t exactly full of buyers, and it wasn’t exactly full of deals either. I’m personally working with a child sized handful of buyers in this individual market right now, but they feel largely underwhelmed by the available inventory. In this price range it’s a good idea to find a slip, even though the homes priced in the sub-$450k range will generally not have one available. It’d be nice to find a view as well, even though the magical combination of slip and view won’t usually be available in this range either. So what should someone look for in this price range? If the goal is to spend $500k or so at Lake Geneva, where should your energy be channeled?

I’d start by figuring out if I need a slip or not. If I do, I’m going to take a serious look at the available inventory in the Lake Geneva Club, an all time favorite of mine. I’d also look towards Glenwood Springs. Of particular note in Glenwood is a home that has been reduced all the way down to $650k at the moment. The home needs work, but it’s in a great neighborhood and has its own pier. Not a shared pier, not an association pier, but it’s own pier. It’s a pretty cool arrangement for someone who doesn’t mind handling a thorough renovation or completing a tear down. If I need a space for my boat, those are some great options. As is the home on North Shore Drive that I like near Aspen Lane. It’s a bit pricier at $740k+, but it’s a ton of house for the money.

I doubt we’ll see a big move in this particular market before the end of the year. Typically this market would benefit from low interest rates and a fair amount of inventory, but the buyers that have been active this year have often been paying cash, and they’ve been buying the unique offerings in this price range. Right now there are some deals out there, as I mentioned above, but nothing that hasn’t been picked over for a while. Then again, if you’re subscribing to my belief that the next three weeks is the ideal time to negotiate the purchase of a Lake Geneva vacation home, it’s the picked over properties that can provide the best value. For now, I’m off to the dentist. Crap. Wailing and gnashing of teeth is certain to follow.

About the Author

I'm David Curry. I write this blog to educate and entertain those who subscribe to the theory that Lake Geneva, Wisconsin is indeed the center of the real estate universe. When I started selling real estate 27 years ago I did so of a desire to one day dominate the activity in the Lake Geneva vacation home market. With over $800,000,000 in sales since January of 2010, that goal is within reach. If I can help you with your Lake Geneva real estate needs, please consider me at your service. Thanks for reading.

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