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A Sight You Don't See Every Day on Lake Geneva

by Bob Webster
Home in Fontana Overloooking Abbey Harbor being Torn Down

Here's something you don't see everyday in Lake Geneva.  This home is located in Fontana overlooking the Abbey Harbor and was in the process of being torn down when I drove by it yesterday.  Because vacant real estate comes at such a premium in the Lake Geneva area, especially if it is on or near the lake with a view of the water, often homes with prime locations are torn down and rebuilt by the current owners or in some cases purchased for just the land and then rebuilt by the new owner.

Lake Genedva Real Estate Update for March 2010

by Bob Webster

The good news for today is the sun is shining in Lake Geneva and the Cubs are playing baseball on the radio this afternoon.  Even if you’re not a Cubs fan, that’s good news because it means that the worst of the winter is behind us and Spring can’t be too far away.  But it’s probably a little early for putting away the winter coats and boots just yet.  I’m guessing Mother Nature has a least one more sizeable snowfall for us before winter is officially done. 

As I’ve indicated the last few weeks, the signs of an increase in calls and inquires continues and I think we will see that resulting in more showings in the near future, but it hasn’t really happened as of yet.  Knowing that the average time between accepted offer and closing tends to run between 30 and 45 days, it is still too early to have any measureable signs of an increase in the actual closings YTD. 

I’m having lots of conversations with potential Buyers of various types of property and various price ranges in the Lake Geneva Real Estate market and there continues to be a concern by many about whether this is the right time to move forward with a purchase.  I even had a conversation with an appraiser yesterday who called me looking for some help with a refinance appraisal he was working on and he came right out and asked how we are able to come up with price recommendations these days with such mixed signals in the market and a lack of actual recent sales to go by.  It’s actually a good question. 

I had occasion to sit in on a speech this week given by an economist for Stewart Title whose credentials includes a PhD in finance with a minor in statistics and a master’s degree in land economics and real estate from Texas A&M University.  He had some very interesting things to say about the real estate market, not all of it positive and many comments about what’s going on in Washington these days with spending.  His outlook for the future of commercial real estate was extremely negative but he had a rather mixed message for residential real estate.  I don’t tend to put too much stock in prognosticators these days but his talk was filled with a lot of very specific charts and statistics.  His main point of focus was on the number of home sales as a leading indicator of the future and not on average sale prices, which is what much of the media tends to focus on.  His point being that with a high number short sales and bank owned property being sold, it is only natural that the averages will go down as those sale numbers are reported.  Getting that inventory sold and off the market is actually a good thing and it doesn’t necessarily mean that overall values are declining.  If you have any interest in viewing his Power Point presentation, drop me an Email message and I’ll be happy to pass it along.

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