2009 is not going to go down as a banner year for the lakefront condo on Geneva Lake. In fact, it’s probably going to be an easily forgettable year for all except those condo owners who are trying to sell their units. The lakefront condo market is just plain terrible. I’ve written on this before, and most of my lakefront condo updates this year probably read exactly the same, just with different adjectives to describe the market. There’s a malaise affecting this market, and I really can’t quite figure it out, although I’m afraid I have a pretty good idea what’s going on. Buyers are trending towards single family homes, and lakefront condominiums are no longer competing evenly with the lake access home in the same price range. The battle should be skewed in favor of the lakefront condo, after all, the condo usually has a boatslip and lake view, to say nothing of ridiculous proximity to the water. Yet, for all the benefits, the mood of buyers has decidedly migrated away from the lakefront condo.
As of today, there are offerings in several lakefront buildings, including Fontana Shores, The Fontana Club, Bay Colony, Vista Del Lago, Somerset, East Bank and the Harbor Watch. Geneva Towers has some inventory, but I always pause at calling that a lakefront condo. Lake views yes, lakefront, not so much. The price range is pretty much the same as it’s been for the past 5 years, meaning a one bedroom (Fontana Shores) will run you between $350k and $400k, a two bedroom between $450k and $550k, and a three bedroom anywhere from $550k to $1.7MM. There are some quality units on the market right now, and among the lakefront condo inventory, there appears to be only one contract pending. That one pending contract actually provides a little glimmer of hope for me, and I’ll pretend for now that the pending sale is a trend. It’s probably not, but here’s to wishful thinking. If you’re a buyer of a lakefront condo, there really are some tremendous opportunities out there right now. Sellers are motivated for a deal, and if you’re willing to play ball, you just might find your rear end positioned firmly in the drivers seat.
The condo market in the area as a whole is fairly healthy, and although volume is down across the board, some developments, like Abbey Springs, are having fine years. I don’t think the trend away from the lakefront condo is going to last, I just think the condo market is suffering more than the overall market in terms of liquidity. For all the negative volume figures for the lakefront condo market, pricing is holding firm on the listing end, meaning that in the struggle between affluent buyers and affluent sellers, the sellers are still holding their cards firmly against their chests.
2009 is going to be a really, really bad year for the lakefront condo market on Geneva, but I maintain hope for 2010. 2009, it’s only July and I’m thinking you’re already dead to us.