December 05, 2008

Lake Geneva, WI - Lakefront “Flight to Safety” Creates Opportunities for Country Retreats

Posted to Geneva Lake Area , Mick Balestrieri

The proximity and popularity of the Geneva Lakes Area’s numerous lakes to the Chicago metro area has created a Mecca for resort homes in Walworth County. As lakefront popularity gave rise to a run-up in prices thru the mid 2000’s, a sub class of resort properties known as “country retreats” emerged as an affordable alternative.

Country retreats are typically located in wooded or rural areas flanking our lakes, rivers, and ponds and range in size from 1-40 acres or more. They are characterized by custom built homes with a resort flair, and are typically zoned for agriculture, recreation, woodland and wetland conservancy. Popular uses include hiking, biking, 4-wheeling and snowmobiling, as well as horseback riding. Relaxed zoning typically allows for auxiliary buildings for workshops, hobbies, horses and storage for recreational vehicles.

While sales have slowed and inventory has grown for all types of resort properties, there seems to be a disproportionate decline in prices and popularity for country retreats vs. the premier lakefront properties (which have generally maintained their peak values, and in some cases continue to appreciate). This lakefront “flight to safety” has not been as pronounced in the country retreats where we have seen large increases in inventory, time on the market and significant price declines.

Country retreats offer some of the best bargains; in particular I have a nearly new, 2.3 acre retreat on the flanks of Whitewater Lake, in the heart of the Kettle Moraine Forest. Previously listed for $529,000, it is now listed for an unbelievably low $399,900. This 4 bedroom, 3.5 bath custom built home (2 bed/bath suites) is in an enclave of newer homes and features wooded and pastoral views, park like grounds, boat slip lease for the 2009 season, 3.5 car heated garage and a 30’ x 48’ pole barn.

Country retreats are a natural for those wishing to escape the city life or downsize from their more expensive lakefront homes. With interest rates testing 30-40 year lows, years of price adjustments and a wonderful selection of properties, buying opportunities couldn’t be better… please call me at 262-949-3996 to schedule a tour of value priced country retreats.

Posted By: Mick Balestrieri

Sorry, comments are closed for this article.