Blog : Sybil Lane

Lake Geneva Market Update

Lake Geneva Market Update

I brought a new property to market a week or so ago, and if you’re looking for a vacation home with transferable boat slip, then you’re in luck. As you hopefully know, certain price ranges come with certain expectations. For instance, a lakefront home priced at $1.4MM doesn’t need to have a garage to be desirable, but a lakefront home priced at $4MM probably should have one. In the same way, a lake access home with a slip priced in the $600s will generally be marked by what it doesn’t have, as much as by what it does have. These homes are often known by their tight yards, lack of garages, lack of remarkable proximity to the water, and overall condition. In short, they’re usually small cottages that leave all but the most motivated buyers unenthusiastic.

N1525 Oak Shores is in, you’ve already guessed it, Oak Shores. This is the boulevard association along that South Shore stretch that also features The Lake Geneva Club, Shore Haven, and Sybil Lane. This Oak Shores home not only has a transferable slip, but it has a large lot with spacious, level front lawn. It has loads of parking via two driveways and an attached garage. And inside the home, it has something else that most of these association homes won’t have: space. This is a four bedroom, three bath home with more than 2700 square feet of above-grade living space. It might need a bit of cosmetic updating, but this is a property you should consider. $649k and it’s yours.

Around the lake, activity abounds. I have a new contract on my Bay Colony condominium listing, you know, the one that everyone knows is likely the nicest standard condo on the lake ($799k). I have a new contract on the $495k condo offering in the Old Boatyard Condominiums, a small association that you likely only know about if you’ve lived there or also lived there. Other lake access activity is through the roof, as buyers are showing a particular fondness for wildly overpaying for off-water homes without slips…

Speaking of overpaying, there’s an interesting angle in the market this year that warrants discussion. The market is, without any doubt, hot. It’s hotter than it was in 2018. And 2018 was hotter than 2017. You could play that game going back all of the way to 2013, in case you’re bored. Because the market is so active, buyers are doing lots of really dumb things. They’re proving that they value immediate fulfillment above lasting value, and they’re once again back to buying homes For Sale By Owner because they think they’re somehow getting a deal by avoiding a dreaded real estate agent. I’ve heard of several off-market FSBO deals this winter and spring, and every deal I’ve heard about has sold for far over the actual market value. This is tremendous for the sellers, but incredibly terrible for the buyers. Do you, a random buyer, think you know this market better than me? If you answered yes, I implore you to buy a For Sale By Owner. You’ll do great! If you’re a buyer who is also smart enough to know that the answer is a resounding No, then why aren’t we working together? Beware the For Sale By Owner. It’s often listed that way because the agents told the owner that the property was worth $X, but the seller wants it to be worth $X + 20%. And you’re going to be the buyer who waltzes up and pays that premium, all because you think you know the market? For deep and lasting shame.

For now, it’s raining at the lake, and I have an office fire burning. But the snow has melted and the rain is warming the soil and soon it’ll be morel season. After that comes lilac season and after that comes Memorial Day. It might be miserable now, but blink a few times and it’ll be summer. As we prepare for that glorious condition, don’t forget that your choice in agent representation matters. Don’t forget that a For Sale By Owner isn’t automatically a deal. Don’t forget that this market has only one top agent (as considered by total individual agent sales from 2010-present, highest average sales price 2010-present). And don’t forget his name is still David Curry.

Shore Haven Sells

Shore Haven Sells

The single lane associations on the south shore of Geneva are some of my favorite lake access associations. These are not large associations like Cedar Point Park or Country Club Estates, rather they’re intimate skinny lanes with a handful of homes, perhaps 30, perhaps 50, rarely more and rarely less. These associations generally offer one thing that the larger associations cannot- transferable boat slips. Excepting Sybil Lane, the other three in this stretch- Shore Haven, The Lake Geneva Club, and Oak Shores, all offer each home a fully transferable slip. Some slips are larger and others small, some shallow and others deep, but if you’re a buyer on these streets then you’re going to be buying a boat slip, and that is always a good thing.

Some buyers don’t want boat slips. I’m not a boater, they say. I don’t even own a boat, why would I want a slip? Considering I’m a sage old Realtor at this point, I can tell pretty early on if the buyer is the sort who claims to not want a slip but who will, at a later date, wish for one. If a buyer wishes to spend $300k on a lake access home, that’s terrific news. But that buyer won’t be buying a boat slip for that sort of money. The home they can buy will be nice enough, with lake access through an association park and pier system, but a transferable slip will not be possible at that price range. However, if a buyer is looking at $500-600k lake access homes and doesn’t think they need a slip, I’ll always encourage that buyer to consider homes with a slip first. To vacation at Lake Geneva and not have access to a boat is like sitting down for a dinner at your favorite restaurant and not being allowed to order.

Last week, I closed on my listing in Shore Haven for $675k. This was a nice house with terrific proximity to the lake, but that’s not why it sold. It sold because of its wonderfully large and deep transferable boat slip. Today, the home next door to that one is closing to a customer working with me, and that home will be selling because it’s cute, sure, but mostly because of that slip.  Today, buyers searching for sub-$800k homes with boat slips are not going to be overwhelmed with the multitude of options available to them, but they are going to have options. As of this morning there are 6 homes with transferable slips (or pier) for sale priced under $800k, including my rare offering in Ara Glen listed at $775k.

The next home to sell on this list will likely be my painfully cute cottage in the Lake Geneva Club listed at $609k, pictured below. That home has a nice slip, a double lot, and all sorts of cottage charm. If you want to pull up to your lake house and feel a deep sense of contentment, then email me and let’s make a deal.  It’s May 1st, which means summer isn’t some far off thing we’re quietly dreaming about. It’s right here, right now, and before you know it you’ll be sitting in your Saturday suburban back yard wondering where all your cool neighbors went.  The time is short, but there’s still plenty of it. Buy this house, be in for Memorial Day Weekend, then wonder how you ever spent Memorial Day Weekend anywhere else.

$609k, with slip.