September 17, 2009
Delavan Lakefront Price Support Broken
Two years ago, it used to be that the rule of thumb for pricing on Delavan Lake was $13,000 per foot of lakefront. This was reasonably based on the sale of a vacant lot on South Shore Drive for $1,300,000 that had 100 feet. Similar sales were also cited.
Over the last two years, we have seen a steady decline to this rule of thumb. There is a vacant parcel now on South Shore with 100 feet available for $999,900 and a recent reduction has thrown the ruler, out the window.
A lakefront estate, granted an older lakefront estate, with 203’ of level frontage has been reduced from $1,995,000 to $1,195,000. The property sports a six-bedroom house, 2.6 acres and a boathouse with magnificent views. Within days of the reduction, the home received an accepted offer.
Are we near the bottom? I believe so. Demand for other Delavan Lakefront homes is picking up. Other offers are being written, and the most recent sale… $1,500,000 for a five-bedroom estate with an in-ground swimming pool and 100 feet of frontage.
Posted by:
Ryan Simons
Tagged With:
delavan wi,
homes for sale in delavan wi
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