Another lakefront sale on Geneva to update you on. The Elgin Club lakefront on Geneva’s north shore closed this week. Asking price? $2.15MM, sale price $1.9MM.
The buyer negotiated 11% off ask, which is pretty decent for a mid-November lakefront sale. Well done buyer. Before you think the seller got beat up, consider that he purchased this property in 2005, at the height of bubble hysteria, for $1.65MM. He bought at what nationally we consider the top of the market, and still made a substantial profit. Trying doing that in Florida. Or Nevada. Or Arizona. Or Michigan. (That’s right Michigan, you heard me)
Another interesting side note to this sale is in the fine print. In this suffocating tumult of frozen credit markets and liquidity concerns, surely this must have been a cash buyer. Right? A buyer with so much extra cash that he doesn’t know whether to light it on fire or bury it in his back yard? Wrong. The buyer purchased this home with a new fangled, rarified loan product called a conventional 30 year fixed loan. And you thought buying a home was hard.
This lucky buyer will spend next summer, and countless summers after lounging at his lakefront home, and while you’re sweating away the summer in the suburbs, or… gulp, even worse, getting rained on in Michigan, he’ll be relaxing in his own personal utopia. Call or email me, and let’s go find that perfect Lake Geneva vacation home for you. Most days, the only thing cleaner than my car is my schedule.