December 12, 2008

Whitewater Lakefronts Smash Thru The $1MM Level

Posted to Mick Balestrieri

2008 was a banner year for high-end lakefront sales on Whitewater Lake. According to the Milwaukee Metro MLS, the previous high sale on Whitewater Lake was $850,000 set back in June of 2005 for N7592 West Lake Shore Dr, an older estate on 380’ of radiating frontage. Since then several magnificent homes have been constructed but never brought to market.

First to break the $1MM threshold was N7935 Cty Hwy P. In late February, I was approached by the owner to procure a buyer for their newly constructed log masterpiece on the northeast end of the lake, having sold this client the vacant lot a couple years earlier, I was excited to be selected find a new owner. After a few calls and private showings, we had a buyer. N7935 Cty Hwy P came in at $1,250,000 with final landscaping and driveway construction to be the responsibility of the new owner. This 5 BD, 3.5BA, 3 car garage custom built log home was set on 3.465 wooded acres with a gentle slope to the water and 100’ sandy frontage. Features included 2 story lofted great room, with hand scribed wood floors, F-T-C windows, soaring fieldstone fireplace, 1st floor master suite, gourmet kitchen, and screen porch & deck with panoramic lake views. The finished lower level walkout featured radiant in-floor heating, open recreation room, theatre room, bath and 2 additional guest bedrooms. A bonus room over the garage offered nearly 800Sf of additional flex space for the future.

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December 09, 2008

Lakefront Investments On Lake Geneva Offer “Safe Haven”

Posted to Geneva Lake Area , Mick Balestrieri

Often referred to as the “Newport of the Midwest” with its multi-million dollar mansions and 23 mile shore path, Lake Geneva, WI has long been considered a “safe haven” for lakefront real estate investments, especially during economic downturns. The financial meltdown of 2008 seems to be no exception, lakefront investments on Geneva Lake continue their “flight to safety” status, with equity markets seeing losses in the 40-50% range, premier lakefronts have actually shown remarkable resilience and modest appreciation.

Recent sales activity on Geneva Lake (fall/early winter 2008) includes two pending sales on Geneva’s south shore, W4484 Basswood Dr., Linn and 1020 S. Lakeshore Dr, Fontana and numerous closed sales including N1878 Black Point Rd, Linn which closed on October 15 for $4,050,000 after only 71 days on the market. What’s amazing about these sales is that even with the recent financial turmoil and lingering sub-prime mess, premier lakefront properties are still selling at a pace akin to that of the recent boom years, sometimes with multiple buyers in tow. Listed at $3,400,000, W4484 Basswood Dr received an accepted offer within 41 days of coming on the market, not bad for a modest 3 bedroom, 2 bath ranch on a 2.87 acre wooded lot with 117’ level frontage. Likewise, 1020 S. Lakeshore Dr, priced at $2,750,000 with only 40’ of level frontage was on the market for a mere 7 days before receiving an accepted offer!

Another premier property poised to sell in short order is Keefe Real Estate’s new listing at 831 Bay View Dr., Lake Geneva, attractively priced at $4,395,000, it is located off prestigious Snake Rd. in Geneva Bay Estates on Geneva’s sunny north shore. New on the market yesterday, this beauty was custom built in 2007 and boasts 100’ level frontage with dramatic great room, gourmet kitchen, screen porch, 5 bedrooms, 5 baths, and finished lower level w/media room, 2nd kitchen and rec. room on nearly a 1/2 acre of lush landscaping.

While no real estate is completely recession proof, Lake Geneva’s premier waterfront properties lie within a short drive of Chicago’s wealth and offer a safe haven second to none. If you are in the market for a lakefront property in the Geneva Lakes Area, please contact me at 262-949-3996(m) or Email me at mickb@keeferealestate.com and I would be happy to send you a list of all active listings as well as arrange a private tour of these exquisite properties.

Posted By: Mick Balestrieri



December 05, 2008

Freeze For Life Fundraiser, Santa In Town – Lake Geneva Saturday Dec 12th, 2008

Posted to Area Attractions & Events, Mick Balestrieri

Ever felt the urge to water ski, wakeboard or wake surf the frosty waters of Lake Geneva in the middle of winter? I bet not, but if you do, or just like to see some crazy stunts while helping to raise money for the Kevin Waldeck Charitable Trust and the American Cancer Society, stop down to Lake Geneva’s Riviera Beachfront on Saturday, Dec. 6th 2008 between 10am – 4pm. For more information on how you can participate or donate click on http://www.freeze4life.com.

While you are in downtown Lake Geneva getting a start on holiday shopping and watching crazy stunts, you may want to bring the kids and camera along to shoot your own family portraits in front of Santa and Mrs. Claus at Keefe Real Estate’s downtown location (corner of Main St. & Center St., across from Starbuck’s). Santa and Mrs. Claus will be on location from 11am – 2pm Saturday, Dec. 6, 13th, & 20th.

I will also be partaking in the pre-holiday activities by hosting a Lakefront Open House at 463 Wrigley Dr., Lake Geneva, Saturday, Dec. 6th from 12noon - 3pm (kitty corner from the Riviera).

Posted By: Mick Balestrieri



December 05, 2008

Lake Geneva, WI - Lakefront “Flight to Safety” Creates Opportunities for Country Retreats

Posted to Geneva Lake Area , Mick Balestrieri

The proximity and popularity of the Geneva Lakes Area’s numerous lakes to the Chicago metro area has created a Mecca for resort homes in Walworth County. As lakefront popularity gave rise to a run-up in prices thru the mid 2000’s, a sub class of resort properties known as “country retreats” emerged as an affordable alternative.

Country retreats are typically located in wooded or rural areas flanking our lakes, rivers, and ponds and range in size from 1-40 acres or more. They are characterized by custom built homes with a resort flair, and are typically zoned for agriculture, recreation, woodland and wetland conservancy. Popular uses include hiking, biking, 4-wheeling and snowmobiling, as well as horseback riding. Relaxed zoning typically allows for auxiliary buildings for workshops, hobbies, horses and storage for recreational vehicles.

While sales have slowed and inventory has grown for all types of resort properties, there seems to be a disproportionate decline in prices and popularity for country retreats vs. the premier lakefront properties (which have generally maintained their peak values, and in some cases continue to appreciate). This lakefront “flight to safety” has not been as pronounced in the country retreats where we have seen large increases in inventory, time on the market and significant price declines.

Country retreats offer some of the best bargains; in particular I have a nearly new, 2.3 acre retreat on the flanks of Whitewater Lake, in the heart of the Kettle Moraine Forest. Previously listed for $529,000, it is now listed for an unbelievably low $399,900. This 4 bedroom, 3.5 bath custom built home (2 bed/bath suites) is in an enclave of newer homes and features wooded and pastoral views, park like grounds, boat slip lease for the 2009 season, 3.5 car heated garage and a 30’ x 48’ pole barn.

Country retreats are a natural for those wishing to escape the city life or downsize from their more expensive lakefront homes. With interest rates testing 30-40 year lows, years of price adjustments and a wonderful selection of properties, buying opportunities couldn’t be better… please call me at 262-949-3996 to schedule a tour of value priced country retreats.

Posted By: Mick Balestrieri