A quick market update for you on this chilly autumn morning. I typically update the Geneva lakefront market, but here I’ll update you on the market involving homes with lakerights to Geneva Lake, and exclude the lakefront homes. Now, there’s much debate over what constitutes the term ‘lakerights“. My spell check tells me that it’s probably not even a real word. The term lakerights applies to homes and condominiums that have a deeded private access to the lake. The four municipalities around the lake all have access for their residents, but the vast majority of the homes in those municipalities do not have private lakerights. For MLS searches, advertising, and for this study, the term lakerights means only homes with unique, private, and deeded access to the water. That access may include a boatslip, a buoy, or it may only include access to a waterfront park or pier. I spell this out here because even many Realtors in our community do not understand what “lakerights” means. Many agents. Way too many in fact. For the record, Victorian Square in Lake Geneva, does not have lakerights. Neither does the Pheasant Ridge development in Fontana. Too many Realtors are getting this wrong, and it’s sad to see buyers entrusting their home search to these hacks. And there is no I in Realtor. You know what I’m talking about, the dreaded Realitor pronunciation. It’s Realtor, no I. You are not a Realitor, you’re a Realtor. If your Realtor calls himself a Realitor, perhaps you should get a new Realtor. Oh, and the city is Lake Geneva, the body of water is Geneva Lake. Silly Realtors.
Back to the updating… The market involving homes with lakerights to Geneva is quite soft right now. In particular, homes priced from $400,000 to $800,000 are completely stagnant. This opens up values for buyers who can now expect to purchase many of the homes in this price range for as much as 10% to 15% off asking prices (obviously this will vary). These homes range in value from the low $100’s all the way up to $1.695MM. The home at $1.695MM is, coincidentally enough, one of my favorite properties on the market right now. But you already knew that.
Looking back at 2008, we’ve had 53 sales involving Geneva lakefront and lake access single family homes. That number is down slightly from previous years, and is more on pace for a 2002 type year. 2002 was still a good year.
Now you’re up to date, and you should have some historical perspective as well. It sure does look like a great day to hunt down a value around Geneva Lake. I promise to only show you homes with lakerights that actually have lakerights.