Three listings to make note of this morning. First, a new listing in Glenwood Springs on the south shore of Geneva Lake. This is a classic old home with a great lakeview and level frontage. Remember, Glenwood Springs owns the 1800′ of common lakefront in that association, so there’s no private frontage with this home. However, the home does have a pier, and it is the first home off the lake so the feeling of a lakefront home is intact, without the lakefront taxes.
Second is another lakefront home in Williams Bay on the East bank of the Bay. This home is a great example of some of the quality new construction that has been taking place on the lakefront over the past several years. Priced at $2.95MM, it’s not a giveaway, but it is nonetheless a quality home in a good location. The lakefront market is clearly not interested in any of the price softening going on in the rest of the market. Prices remain steady and in many instances, higher than they were even last year. Better find a good agent to help you negotiate a great deal for you. (that would be me).
Last is a condominium sale at Vista Del Lago. A two bedroom unit located in building 1 sold for $577,000 this week. That’s a pretty decent price, though it reflects the softening in the market at Vista Del Lago. Of all the lakefront condominiums on Geneva, Vista Del Lago has probably seen the most sag in their prices over the past 24 months. In part because of relatively high dues and taxes, but primarily because of the readily available inventory in this 64 unit development. The amenities are still quite valuable, with tennis courts, indoor pool, garages, and a canopied boatslip for each owner. The 93% list to sale price reflects the truth that most listings in this price range are selling between 7% and 11% off their list price. This, in most cases, represents the opportunity for buyers to purchase homes in this price range for what are essentially 2005 prices. The best condominium deal on the water right now is at Somerset with unit 16 available to purchase for what would be 2004 pricing! It’s a great time to be a buyer!