May 26, 2009
Sales Jump Start the Delavan Lake Market
Two homes, with sales prices of over a million dollars, have given new life to the Delavan lakefront market. Coming on consecutive Fridays, the first listing closed on May 15 at $1,295,000 and the second on May 22 for $2,420,000.
The first sale, a newly constructed five-bedroom, with towering windows, wood floors and Italian influences closed at 90% of its original asking price. The nearly one-acre lot featured two separate garage structures, a walk-out lower level and a gourmet kitchen.
The second sale, situated on over five acres of private lakefront and 266 feet of shoreline, closed at only 70 percent of its initial asking price of $3,500,000. Compare the $2,420,000 sale price to the $2,180,000 a newly constructed five-bedroom sold for last year on only 75 feet of frontage. The comparison exemplifies the significant reductions such homes are facing in a slower economy.
The sales leave 21 lakefronts available on Delavan Lake listed at $1,000,000 or more. Many of these still need major price adjustments to the downside before they are properly priced for today’s market.
Posted by:
Ryan Simons
Tagged With:
delavan lake,
geneva lake area
and ryan simons
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