Dear Algore,
It is raining again in Lake Geneva. It’s cold too. In fact, our weather men are sheepishly telling us that it might only make it up to 43 degrees today. It’s April 22nd today Al. This is not normal, nor is it appreciated. I plan on leaving my car running in my office driveway for most of the day today, just so I can do my part to warm up this climate a bit. Thanks, David
As difficult as the weather is making things, the Lake Geneva market is indeed picking up. Buyers are busting out umbrellas and braving the cold in an inspiring attempt at making this summer different than the last. These are wise buyers who understand that five weeks today marks the start of a Lake Geneva summer that they’ve read about but never fully experienced. I’ve had more showings this week than I’ve had during any other week this year, with buyers seemingly active in all price segments. There have been entry level lake access showings and expensive lakefront showings, and there have been showings of homes with boatslips (Brand new listing today on the south side of the lake. Vintage home with slip. It will be sold within the week. Better email me now.) There are contracts pending, and offers being written. I personally wrote on two properties this week, both in the mid-range lake access market. One deal worked, another did not. The funny thing about the two possible deals from this week- one seller negotiated, one seller did not. The seller who negotiated will have a nice check bearing their name in a little while, the seller who did not will most likely embrace a future where she’ll still have a sign in her yard and imagined dollar signs dancing in her head.
There are showings today, and showings tomorrow, and Easter on Sunday. There is activity in the market, but it doesn’t just include new activity. There are closings too. Closings on the lake and closings off the lake. One of the two Wrigley homes in Lake Geneva sold yesterday, just a touch under $1.5MM as I understand it. No, I didn’t think it was a good deal, but that’s just my personal, if magnificently enlightened, opinion. There is a Fontana Shores condo pending sale, which is nice seeing as how the lakefront condo market is in dire need of a jolt of sales energy. Fontana Shores seems to have worked through some of the market issues that plague the broader condo market right now, and I’m thinking it’s because the units have incredible views, reasonable price points ($400ks for the most part), and moderate association dues. The pending sale is great for the lakefront condo market.
Let’s swing back to Wrigley in Lake Geneva and take a look at the other two residences that are part of that three-unit condominium plat (they’re single family homes, with condominium zoning to allow for the density that was created and the shared access points). The original home that sat far off the lake went back to the bank some weeks ago, and the bank has an accepted offer on that property already (list price was $850k, we’ll see what they close at). The other Wrigley residence up front is also under contract. It’s nice to see this little enclave turn the corner and get off the MLS, as market times were counted in years not months.
If you take nothing from this abbreviated, distracted holiday weekend post, learn a lesson from the market. There are deals being made. Some, obviously, are better than others. There are stubborn sellers who refuse to turn their calendar from 2006 to 2011, and there are buyers who refuse to understand that some properties will sell quickly no matter if they’ve had sufficient time to consider the pros and cons of a deal that obviously reeks of pros. The key to all of this is to get off the couch and make a play. There’s no way to know if that seller would take your miserable offer unless you write that miserable offer and have me smack them over the head with it. I’ll be working today and Saturday, so feel free to come up to the lake for a look-see. Have a terrific holiday weekend.