Perception is an interesting thing. For instance, when I’m in front of a mirror with no one around me, I think that things are looking pretty good. When I hang out with certain friends who are more un-fit than I am, I feel pretty good about this, too. But then when I spend time with friends who are extremely fit I think that I shouldn’t spend so much time out in public. Depending on where I am and who I’m around, things just seem different. The market is like this, without all the shame. If you took a boat ride around the lake this weekend, as I suspect you’ll do, you might think you’re noticing lots of lakefront homes for sale. In fact, you’ll see many with my name on them and you’ll think to yourself that this cannot be good. You’ll think it’s good for me, but then you’ll think that it must also be bad for me, because of so much unsold inventory and so many sellers leaking patience like the back left tire in my fishing truck that has not one, but two screws stuck into it.
But just like my solo mirror perception, your perception of the lake would be wrong. Dead wrong. In fact, there are just 23 single family homes for sale on the lake, including one in the South Shore Club. There are others, homes that aren’t quite lakefront but feel like lakefront- the chief example being my listing for $1.295MM on South Lakeshore Drive. There’s a Congress Club listing playing like lakefront, and a new listing on Sybil that I didn’t think would be valued quite so high (no slip for $1.295MM). But the lakefront itself, it’s limited. There are two lakefront lots available, my listing in Loramoor that you’re only going to be able to resist for so long, and a big property on Black Point.
The activity on the lake has been spotty this year, but that should be expected given the low inventory. There are the three lakefronts that I sold in June, and now there are two more than I have fresh contracts on. The large lakefront property known as Pikewood on North Lakeshore Drive ($4.295MM) is under contract now, as is my beautiful listing at 1014 South Lakeshore Drive ($7.95MM). Of course fresh contracts are not sold properties, but it’s a pretty important step in the closing process. There’s another new contract on a large lakefront property in Fontana that isn’t currently on market. If you look at these sales, it proves there is liquidity in the upper reaches of our market, if only you’ll be patient enough for it to arrive.
There’s another new contract, that on a new listing in Geneva Bay Estates for $2.85MM. I showed this home last week, and while it was a nice home it wouldn’t have blown your mind. It went under contract so quickly in part because of the market’s newfound desire to be close to town. Downtown Lake Geneva used to be a poison of sorts, and now it’s as a bowl of sweet honey set outside on a hot summer day and we, the bees. New inventory should be coming to market in the coming weeks, not because I have any secret insider way of knowing this (I do), but because it’s bound to happen. Sellers will notice this lack of inventory and if they’re considering a move up or down in this market, they’ll look for opportunities. Speaking of moving up, there’s a new listing at $16.45MM on Snake Road. What a beautiful property this is, but beautiful alone doesn’t convince someone to part with $16MM (I’m assuming a slight discount off ask). I’ll be very interested to see if the market can produce a buyer in this strata. I’m guessing it won’t happen.
For now, enjoy the weekend. Be safe. Don’t tow your kids on tubs during the middle of the day on Saturday, Sunday, and Monday. Just don’t do it. If you go out for the fireworks, don’t boat drunk. If you light fireworks, don’t blow off part of your hand. That’s a terrible way to celebrate our Independence.