December 29, 2008

Delavan Lakefront Prices Down 20%

Posted to Ryan Simons

By all accounts, the price of Delavan Lakefront Property is off 20 percent from the recent highs of 2006 and 2007. With only six true lakefront properties sold in 2008, the volume has been reduced drastically from 2007 when 18 lakefronts were sold.

In 2008, sales of lakefront properties, on the main body, consisted of the smallest with 35 feet of frontage all the way up to the largest that had 150 feet of frontage. The lakefront with 35 feet of frontage was originally listed for $429,900 in 2006, and eventually sold for $299,900 in 2008. This represents a 30% reduction.

Some of the larger properties faired better. For example, a new construction on South Shore Drive, was originally listed for $2,350,000 and sold for $2,180,000. This lakefront contained over 6500 square feet and offered a magnificent view.

Two others off of Willow Point Drive on the north shore sold just over $1.4 million. One, with three homes on the property and 83 feet of lakefront, sold for $1,429,000 after being listed at $1,795,000; a 20 percent reduction. The second, a sprawling ranch with 150 feet of lakefront, initially was listed for $2,195,000 and sold for $1,425,000 in early December; a 35 percent drop.

The last two sales, were one with 72 feet of lakefront on North Shore Drive that was initially listed at $1,095,000 and selling at a 10 percent reduction of $980,000 and one with 50 feet of lakefront on the south shore that sold for $385,000 which was a 20% reduction from the initial price of $479,900.

What does it all mean? Very simply, this is a great time to buy a Delavan lakefront property.

Posted By: Ryan Simons

Tagged With: delavan wi, lakefront homes and waterfront home pricing
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