I know the year isn’t over yet, but there aren’t any lakefront condominiums pending right now, and typically we have more than two days from offer acceptance to close, so I’m going out on a limb here. This is your 2008 year in review for the Geneva lakefront condominium market. This review only considers actual lakefront condominiums, not the Abbey hotel units, not Abbey Springs, not units incorrectly listed as lakefront by other agents. Just lakefront condominiums on Geneva including (working counter clockwise from Williams Bay) Bay Shore, Bay Colony, Bay Colony South, Fontana Shores, Fontana Club, Somerset, Vista Del Lago, Stone Manor, East Bank, Harbor Watch, Geneva Towers (GT, I let you into the group in spite of your across-the-street-location).
2008 was a down year for the lakefront condominium, as I’ve written many times already this year. Public records reveal only 5 total lakefront condo sales all year. Not cool, and certainly not robust. Complexes with sales were Vista Del Lago, Geneva Towers, Bay Colony, and Somerset. Average sale price was $655,200, off of a $727,460 average list. That’s a 90% list to sale ratio, which is about what should be expected in this slow market. There weren’t any firesales to speak of, with the possible exception of the two bedroom sale at Bay Colony that closed at $507,500. This was an inheritence situation, and the sale didn’t follow the $600k sales price of the previous two Bay Colony sales. That buyer got himself a good deal and bought into a great lakefront condominium. Well done Mr. Buyer.
Overall, it was a year where the lakefront condo market took a breather, after being one of the hotter segments in our market over the past 5 years. The lakefront condo still affords you, as a buyer, a tremendous opportunity to get on Geneva Lake for an affordable price. Inventory on the lakefront is pretty low, but I’m guessing that we’ll add 4 or 5 lakefront units to the market over the next 120 days. There are currently a couple of lakefront condos on Geneva that are primed to be bought at a great value to the buyer. If you’re an owner of a lakefront condo, let’s get that place on the market in the next 5 weeks. As the leading transaction agent since 1999 (per MLS) for all Geneva lakefront condominiums, I’m just the guy to help. Sellers would be wise to review 24 months worth of sales, and price their unit in line with the low end of the suggested price range.
A bold prediction for you here… Lakefront condominiums in 2009 will hold steady in terms of both valuation and volume. We won’t see dramatic volatility, nor will we see a rebound in overall volume. I’d guess that we’ll see between five and seven lakefront condo sales during 2009, and average pricing will remain stable. You can help me start the new year off right by buying my fabulous lakefront condo at Fontana Shores. Listed at $599k, it’s definitely worth a look. Regardless of where you want to be, I’d love to be your Lake Geneva condo connection.