Lake-front homes are selling briskly in Lake Geneva, say local Realtors, due to city dwellers buying vacation homes.
"Sales in Lake Geneva this year have been brisk, especially with regard to the lake front market," says Realtor Bob Webster . "As a result, the lake front inventory has been reduced, but should begin to come back up after the beginning of next year. The least expensive home on Lake Geneva with owned frontage is $895,000 but most homes are going to be over the $2,000,000 price range."
Agrees Realtor Randy Erwin , "The south-central Walworth County land market, which I am identifying as the townships of Geneva, Walworth, Linn, and Bloomfield continues to be strong. Since 7/1/04 there have been five sales of land parcels of 27 to 146 acres. The average sale price was $8875/acre with prices ranging from $4904/A to $27,857/A. Land in the area sells for either development or residential estate use. Anything wooded or adjacent to municipal services enjoys exceptional demand with a majority of the Buyers coming from the Chicagoland area.
He advises, "If you like lots of specialty shops, large executive homes, and condominium complexes surrounded by Lake Geneva and surrounding lakes (for whatever your pleasure... fishing, sailing, swimming, pontooning), and enjoy living in a tourist area, this is it! We have the best of both worlds... old world charm and contemporary lifestyles."
Realtors Ron and Diana Dahlberg say, "Southeastern Wisconsin, Lake Geneva, is a fast growing market, especially because of its location between the larger cities. It is an area of many resorts, affluence, and opportunity. The housing market is ever growing... condominiums and new construction continue to pave the way! Many people come to Lake Geneva from the Illinois and surrounding Milwaukee County areas. Interest rates are still holding below the 6.0 percent percentile, a range that is encouraging continued home purchases. Buyers are being more particular and are looking at a lot of homes before making their purchase. The nicer homes are selling while the homes needing some sprucing up are stagnating in the market. There are a variety of special loan packages available to buyers today... so be sure to check with your lender about the special ARMs especially on 15-year loans! Now is the time to buy! Don't let this window of opportunity pass you by! We don't know what the future holds, but we do know the rates will not hold forever at these remarkable lows! An overall glance at the real estate market lends itself to an encouraged economy."
