New Lakefront Listing

New Lakefront Listing

There’s a new condo listing this morning to talk about. It’s a one bedroom lakefront unit at Bayshore in Williams Bay, one of only 4 lakefront one bedrooms in the development. This is a unit I know well

It’s listed with the Coldwell Banker office in Lake Geneva, but I hope I’ll be the agent to find the buyer. The unit is a one bedroom, one bath, with a list price of $439k. Yes, the price is a little heavy, but the unit fits a unique niche in the market, and allows for a vacation seeking couple to have a great little place right on the shore. There’s sort of a boatslip and there sort of isn’t. Allow me to explain. Bayshore bought the old Kirsch’s restaurant as well as the lakefront piers and parking lot from the original developer about 5 years ago. This platted parcel within the development was called the “core unit”. The association purchased it for around $1.5MM (with a fat special assessment for each owner of $50k+ to boot!) so that they could control the piers. In doing so, they now own their own piers through an LLC, but cannot assign each unit a boatslip per the DNR. So the association essentially rents a slip to each unit owner each year. So you have a slip, but it can’t be considered transferrable, even though the declaration allows the for every owner to have the first right of refusal on a slip each year. How many agents in Walworth County could have told you all that? You’re right.

Here’s the last Bayshore sale, a one bedroom that I sold a few years ago. Closed at $299,900, it reflects that an average one bedroom in Bayshore is probably currently worth around $325k, with a premium paid for the four lakefront units, like the one just listed today. Two bedroom units in the complex would go for high $400k’s in this market, the last two bedroom sale was a unit I sold a few years ago as well, but at that time they were only high $200k’s. Overall, Bayshore represents a great vacation destination with slips available, a beautiful new swimming pool, and tremendous proximity to the Williams Bay restaurants. Low taxes and low dues make ownership a little less arduous than it can be at other lakefront associations. (I’m talking about you Vista Del Lago).

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