October 05, 2009
Delavan Lake 3rd Quarter Update
Sales of Lakefront and Lake Access Property on Delavan Lake continue to struggle in 2009 with sales limping along and prices continuing to fall.
HOME SALES
For the nine months of the year, there have been seven lakefront properties sold and 19 lake access properties sold. The least expensive lakefront sale was a $280,000 three-bedroom home on the Delavan Inlet while the most expensive sale was a $2,420,000 estate on South Shore Drive. The lake access properties ranged from a $38,000 foreclosed cottage to a $395,000 four-bedroom home in Assembly Park. Last year at this time, there were nine lakefronts sold and 19 lake access properties sold.
CONDO SALES
The Delavan Lake condominium market is even more depressed. There have only been five sales compared to 14 by this time last year. The sales range from a $91,000 condo/hotel unit on South Shore Drive to a 2-bedroom unit on the Delavan Outlet for $259,000.
CURRENT MARKET HOMES
There remain 91 single family homes on the market with lakefront or lake access on Delavan Lake. This is up from 75 at the beginning of the year, but down from 95 at the end of last quarter. The lake access properties start at $70,000 for a two-bedroom cottage and increase to $600,000 for a four bedroom home with lake views and a swim pier. Lakefront homes start at $349,000 for a three-bedroom home on the Delavan Inlet and progress to $2,499,900 for a six-bedroom, five-bath home on North Shore Drive.
CURRENT MARKET CONDOS
In the condo arena, there are 55 units still available with lake access on Delavan. This is down from 79 at the beginning of the year and 86 at the end of last quarter. The drop is a result of listings being taken off of the market without a sale. The properties range from a $95,000 one-bedroom condo/hotel to $750,000 for a yet-to-be-constructed two-bedroom suite.
BEST VALUE LAKE ACCESS
The best value for a lake access property on Delavan is a 3-bedroom ranch located in off of South Shore. Listed at $114,900, this three-bedroom home has been remodeled with a new kitchen and includes a swim pier and boat launch.
BEST VALUE LAKEFRONT
The best value for a Delavan lakefront is a four-bedroom, two-bath lakefront on 50 feet of level frontage. The home features a large front yard, spectacular views and an oversized pier. Listed at $699,999, this home was originally on the market for $849,000.
Posted by:
Ryan Simons
Tagged With:
delavan,
delavan lake,
homes for sale on delavan lake,
lake access homes
and lakefront homes
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