Over the past few months, there have been quite a few lakefront sales. Most recently, the $12.9M house in Lake Geneva closed for a whopping 1.15% off of the ask. That home, along with others from recent memory, are selling at prices that severely limit the new owner’s optionality. If you pay $5.5M for a home that’s worth $5.2M, what are your options? I suppose you could just move in and enjoy your new home, but we know that’s not really what happens here. Buyers buy and then they improve. They improve homes that seemingly need no improvement, and they improve homes that desperately need improvement. Improving homes is what we do here, and when you print a sale price at the top of an acceptable market range, what you’re doing when you’re improving is not something we wish to recognize. That’s because what you’re doing is pricing yourself out of your home’s ideal value category and someday you’ll end up regretting the things you’ve done.
Enter N1931 Solar Lane on the south shore just to the west of the Birches. This is actually the first home on Lackey Lane, that street that I love so much and have been lucky enough to sell rather often over recent years. If I were you write a typical real estate monologue, I’d tell you about the kitchen and the bathrooms and the light fixtures. But that would be boring and that wouldn’t explain to you why this property is unique and valuable. The property here has 94.5′ of level lakefront with 3.66 acres. To the west of the property, a massive estate provides privacy. But this isn’t really the unique bit, aside from that acreage and that privacy and how unique the two are together. The unique piece here is that this property consists of two tax keys with two houses. This allows a new owner to have a fully functioning guest house, which is exceedingly rare.
The two homes are immediately usable, but the true highest and best use here is to tear down the lakeside home and re-build down closer to the water to maximize your views. In a typical tear down situation, the new owner is going to be out of a lake house for up to two years while the new home is built. Because of the two home, two key set up, the new owner can avoid this fate and use the back house while the front one is rebuilt. And about that new build, how would it fit into the market? Well, it’s on Lackey Lane, and we know that Lackey can support strong built value. But beyond the Lackey Lane value structure, this built property would be on 3.66 acres with a full guest house. That’s why this is a rare property in our market. It doesn’t require the new owner to do anything in particular, but still gives that owner unique and valuable optionality at a time when optionality is nowhere to be found. $4,395,000, just listed.