Unless you’re a real Lake Geneva lover, or a frequent traveler of South Lakeshore Drive in Fontana, you might not know much about the Harvard Club. I’m in my 14th year of selling real estate full time, and I’ve only seen a couple of properties in the Harvard Club change hands during my tenure. There is currently an offering in the Harvard Club, and it’s a downright deal. What makes it such a deal? Well, for starters, the price is $575k, which is down roughly $200k from the list price earlier this year. The home needs some updating, but who doesn’t. As you know, my mindset is one of location and value first, studs and shingles last. The location of this home is pretty hard to beat in this price range, particularly when you throw in a boatslip and a first class lakefront park. It’s so class in fact, that the Harvard Club lakefront would get my vote as prettiest association lakefront as viewed from the water. The association is amongst the oldest on the lake, and everything from the old wood sign at the road, to the brick path that leads to your home, down to the grassy lawn that sprawls from your doorstep all the way to the water is just about as idyllic as it gets. So why doesn’t this home sell? Well, because the Harvard Club isn’t all brown paper packages tied up in strings, that’s why.
The association is a leasehold ownership arrangement, which means that you don’t get a deed to the property, rather you essentially get stock in the corporation that is the Harvard Club. Membership is permitted via vote, and of course, payment for the property. For city folks, the ownership is similar to a co-op that you might see in multifamily buildings downtown. The taxes and fees are incredibly low, with a rumored figure for an entire year of fees and tax share coming in at around $5k. That’s dirt cheap, and that’s a benefit of this leasehold form of ownership. For all you foreclosure lovers, this is an association that just won’t see the sort of bank influenced market changes since the club is cash only, so there’s no real fear of foreclosure here given the cash position of the owners. The limitations on financing present a pretty significant obstacle to the sale, but given the relatively low purchase price, it shouldn’t be a problem for a substantial number of buyers.
The Harvard Club isn’t the only leasehold club on the lake, as similar ownership structures are in place at the Congress Club in Williams Bay, and Belvidere Park in Fontana. The Congress Club currently has an offering in the mid $1MM’s, making that the most expensive of the three leasehold associations on Geneva Lake. The reality of the Harvard Club is that the property is absolutely beautiful with 4 acres of land, 250′ of relatively level lakefrontage, and an historical aura that is hard to replace. The home that is on the market comes with a garage, a transferrable boatslip, and a location that is toward the lake end of the East line of cottages.
It’s a winner, and I really wish you’d consider coming up to see it with me. I’m available all weekend, and I can’t help but think that the Harvard Club would be a wonderful vacation getaway for you and your family. I’ll see you at the lake.