January 09, 2009

Delavan Lakefront 2008 Summary

Posted to Delavan

Sales of Lakefront and Lake Access Property on Delavan was substantially depressed in 2008 as the general economy and housing slowdown filtered into our area.

HOME SALES
For the entire year, there were 11 lakefront properties sold ranging from a three-bedroom cottage on the Inlet to a five-bedroom show-piece on South Shore Drive. The Inlet property was a bank foreclosure and sold for $164,000 and the South Shore Drive property was newly constructed and sold for $2,180,000. There were also 22 lake access properties that sold in 2008 with the least expensive being a two-bedroom cottage in Delmar Subdivision that sold for $60,700.

CONDO SALES
The lake access condominium market was equally slow for Delavan. There were a total of 17 sales of condos with lake access on Delavan for 2008. The sales ranged from a one-bedroom condo/hotel unit for $108,500 to a three-bedroom condo with a pier and boat slip for $415,000.

CURRENT MARKET HOMES
There remains 75 single family homes on the market with lakefront or lake access on Delavan Lake. The lake access properties start at $90,000 for a small two-bedroom cottage. Lakefront homes start at $299,000 for a three-bedroom home on Delavan Inlet and progress to $3,500,000 for a lakefront estate on South Shore Drive.

CURRENT MARKET CONDOS
In the condo arena, there are 79 units still available with lake access on Delavan. The properties range from a $95,000 one-bedroom condo/hotel to $750,000 for a newly constructed two-bedroom suite.



BEST VALUE LAKE ACCESS The best value for a lake access property on Delavan is located at 4325 East Drive. Listed at $164,900, this remodeled two-bedroom home has a swim pier, one-car garage, boat launch, park, and beach area. It is ready to move in and enjoy.

BEST VALUE LAKEFRONT The best value for a Delavan lakefront is located at 1824 North Shore Drive. This five-bedroom, 2.5 bath home has 60 feet of lakefront, a private pier, third floor recreation room and a 2.5 car garage for toy storage. Listed at $1,150,000, this home is $200,000 less than its closest competition.

Posted By: Ryan Simons

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