Often referred to as the “Newport of the Midwest” with its multi-million dollar mansions and 23 mile shore path, Lake Geneva, WI has long been considered a “safe haven” for lakefront real estate investments, especially during economic downturns. The financial meltdown of 2008 seems to be no exception, lakefront investments on Geneva Lake continue their “flight to safety” status, with equity markets seeing losses in the 40-50% range, premier lakefronts have actually shown remarkable resilience and modest appreciation.
Recent sales activity on Geneva Lake (fall/early winter 2008) includes two pending sales on Geneva’s south shore, W4484 Basswood Dr., Linn and 1020 S. Lakeshore Dr, Fontana and numerous closed sales including N1878 Black Point Rd, Linn which closed on October 15 for $4,050,000 after only 71 days on the market. What’s amazing about these sales is that even with the recent financial turmoil and lingering sub-prime mess, premier lakefront properties are still selling at a pace akin to that of the recent boom years, sometimes with multiple buyers in tow. Listed at $3,400,000, W4484 Basswood Dr received an accepted offer within 41 days of coming on the market, not bad for a modest 3 bedroom, 2 bath ranch on a 2.87 acre wooded lot with 117’ level frontage. Likewise, 1020 S. Lakeshore Dr, priced at $2,750,000 with only 40’ of level frontage was on the market for a mere 7 days before receiving an accepted offer!
Another premier property poised to sell in short order is Keefe Real Estate’s new listing at 831 Bay View Dr., Lake Geneva, attractively priced at $4,395,000, it is located off prestigious Snake Rd. in Geneva Bay Estates on Geneva’s sunny north shore. New on the market yesterday, this beauty was custom built in 2007 and boasts 100’ level frontage with dramatic great room, gourmet kitchen, screen porch, 5 bedrooms, 5 baths, and finished lower level w/media room, 2nd kitchen and rec. room on nearly a 1/2 acre of lush landscaping.
While no real estate is completely recession proof, Lake Geneva’s premier waterfront properties lie within a short drive of Chicago’s wealth and offer a safe haven second to none. If you are in the market for a lakefront property in the Geneva Lakes Area, please contact me at 262-949-3996(m) or Email me at email@example.com and I would be happy to send you a list of all active listings as well as arrange a private tour of these exquisite properties.
Posted By: Mick Balestriery