Following the national trend, homes on Geneva Lake continued to rise steadily throughout the first two quarters of the year. With a shortage of inventory and high buyer demand, new listings were met with multiple offers and bidding wars. As we approached the middle of the third quarter when interest rates were on the rise, we saw buyer demand begin to soften, and the soaring home prices starting to cool off. Seasonal buying tendencies also contributed to lower buyer demand as we entered the fall market. For the first time since the pandemic, price reductions were commonly occurring.
Inventory was at an all-time low this year and it resulted in only 16 lakefront home sales, compared to 28 sales that we saw in 2021. Included in the total number of sales were two homes on the Abbey Harbor, a few homes with association or shared lake frontage, and a home that was auctioned by the Federal Government. While the number of home sales were down 43%, the total volume, $113,822,500, was down by only 5% compared to the previous year. This was due to a pair of record setting sales: the Driehaus Estate (W3450 Snake Road) selling at $36,000,000 and Villa Hortensia, aka the Swift Estate (W3415 Snake Road), selling at $17,000,000. I was fortunate to represent the buyer on the Villa Hortensia sale. In all, the average selling price on the lake was a staggering $7,040,000, the highest of all time, which was up almost 40% over 2021.
The average market time was only 51 days, which was down 64% compared to 142 days which we saw in 2021. Most of the offers written by buyers occurred during the second half of the year, the opposite of what we saw in 2021. In all, we saw a sharp decline in the number of sales under six million dollars and an increase in sales over that price point. This was the first time we saw two lakefront sales over $10,000,000 in one year.
The price per linear foot of Geneva Lake frontage was $49,410 and surpassed the record setting year we had in 2021 which came in at $46,296. In calculating the average, I removed the harbor front sales as well as those with shared or association-owned frontage. While tracking the price per linear foot of lake frontage is useful, other factors need to be considered when applying the valuation to other properties. The square footage of both the land and house, as well as the location, and improvements all impact the value.
While across the country inventory is beginning to rise, we are still experiencing low inventory on Geneva Lake. As we enter 2023, there are three available listings: a single-family home, a new construction spec home, as well as a lakefront lot. The three properties are listed between $3,600,000 and $4,690,000. If you have interest in learning more about these properties, please let me know, as I would be happy to share more details.
Despite it being a year with very few sales on the lake, I am thankful to have had two lakefront closings this year and sales over $30,000,000. I live on the south shore and find so much enjoyment connecting buyers and sellers on our lake. I believe there is no better place to live and raise a family.
2023 will be a year of change for me on a professional level. It was recently announced that d’aprile properties is going to be acquired by another real estate franchise and I decided it would be best for my business to make a move to Sotheby’s International Realty. By aligning with their international brand that includes a global network of real estate offices, as well as the Sotheby’s auction house, I am able to offer a wider range of services to my clients and provide exposure to international buyers. With Sotheby’s involvement as the co-listing broker on the sale of the Driehaus Estate this year ($36,000,000), combined with the sales I’ve had at 590 S. Lake Shore Drive (Oak Lodge) in 2021 ($12,750,000) and Villa Hortensia in 2022 ($16,000,000), Sotheby’s and myself now share involvement in the top three highest priced sales on Geneva Lake of all time.
For those of you who are new to receiving this report, I welcome you! I monitor national and local market trends with the goal of keeping you aware and well-informed. Please feel free to share your thoughts and ideas so I can continue to improve this report each year. If you know of anyone who should be added to this mailing, please let me know, as well as any address changes that I may need to make.
In closing, I ask for you to consider me for your present or future real estate business. My focus is to serve the Geneva Lakefront community and to provide a full-service experience that exceeds the expectations you have from a real estate service. I respect the working relationships that you may have with others but if this isn’t the case, I would look forward to the opportunity to work with you. If your property is currently listed with another agent, please know that this is not a solicitation for your business.
Thank you to those of you who have chosen to work with me over the years. I value your business and am grateful that you chose to work with me. I wish you all the best for a healthy and happy 2023!
