June 29, 2011

The Week in Review -20 Single Family Homes Sold!

Posted to Geneva Lake Area

Twenty single family homes sold in the Walworth County – Lake Geneva area last week (6/19/2011-6/26/2011) according to the Metro Multiple Listing Service. Of those properties sold, four were foreclosures and two were short sales. Several sales were transacted to settle an estate, but estate sales which transfer property via a Personal Representative’s Deed or Trustee’s Deed are not necessarily distressed sales – an important point to keep in mind.

So, let’s take a look at what went to the closing table. Thirteen of the properties sold for under $200,000, two sold in the $200,00’s, two sold in the $500,000’s, two sold in the $700,000’s and one lakefront property on Geneva Lake sold for $1,761,500. The average cumulative days on market for the sold properties was 209 days. Keefe Real Estate participated in nine of the sales and was both the listing and selling broker in three sales. Average sale to list ratios can be misleading because several factors impinge on the this ratio, however, it’s good to see that ratio remaining above 92% for the second week in a row.

What does this information mean for sellers and buyers in the Walworth County-Lake Geneva area? Like many statistics, the numbers are only worthwhile if you stand back and look at the big picture. The good news is that 20 closings in a week is good news for sellers and buyers – particularly when some of those sales are in the higher price brackets. The Geneva Lake lakefront property that sold in Cedar Point Park, Williams Bay, Wisconsin, was originally part of a larger property. The current seller purchased that property several years ago, divided the property into two parcels, remodeled the existing home on one of the parcels and built a new construction residence on the other. While he certainly didn’t realize the profit he had originally expected to see, nonetheless, the recent sale was a boon to the lakefront market. For buyers looking to buy a lakefront home on Lake Geneva the message is clear: this is the year where excellent values will be the norm rather than the exception. Two recent entries into the lakefront market, a completely remodeled home in Bay View Estates off Snake Road with 99’ of gorgeous, level frontage and two stunning lakefront parcels on the north western shore of Geneva Lake in Fontana, Wisconsin, should receive a lot of attention in the coming weeks. Stay tuned for more news about Lake Geneva properties in the days ahead. If you are buying or selling Lake Geneva property or property in the greater Walworth County area, I’d love to help.

Posted by:  Janis Hartley

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