Wednesday, December 29, 2010

Delavan Lake Trail Sale Firms Pricing

A solid sale of a property with a deeded boat slip on Delavan Lake indicates there may be some firming of pricing in the area.  This sale, along with a recent lakefront sale on the Delavan Outlet, may confirm a pick up in demand for lakefront and lake access homes.
Selling for $290,000, this three-bedroom two story, is the smallest home in the subdivision and closed for $42,000 above the assessed value.




The home has three upstairs bedrooms, a remodeled kitchen, wrap around porch, master balcony with lake views and a large screen porch off the back.

Thursday, December 23, 2010

Second Sale in Second Half for Delavan Lake

Only two sales have now been completed for Delavan Lakefront homes in the second half of the year.
The most recent sale, located at 2116 Lake Trail Drive, is situated on 139 feet of frontage on the Delavan Outlet.  The home was completely remodeled, tastefully landscaped and has three bedrooms and three baths.
The sale price was $425,000.  This represents a discount of 7.5 percent from the asking price of $459,900.  This discount is about average for sales around the Delavan Lake area.
Year-to-date, we now have 12 lakefront sales compared to 11 at this time last year.

Friday, December 10, 2010

Eleven less than a million

It used to be hard to find a Delavan Lakefront Property for less than a million dollars.  Now there are eleven available on the main body.
Yes, some are in a bit of disrepair and there is one foreclosure, but the pickings are getting better and better on Delavan Lake.  This could be signaling a buying opportunity.
Examples of these less-than-a-million gems include:
1. 5BR, 3BA cottage on 75 feet of South Shore frontage for $649,000.
2. 3BR, 3BA fixer-upper on 50 feet of North Shore frontage for $689,000.
3. 3BR, 2BA on 50 feet of North Shore frontage for $749,900.
4. 6BR, 4BA foreclosure on 60 feet of North Shore frontage for $802,900.
5. 3BR, 1BA cottage on 100 feet of South Shore frontage for $899,000.   This one is really selling for the price of the land with little or no value being placed on the house itself.
It's all about the view, the rock and sand bottom, and the gently sloping yard.

Monday, December 6, 2010

Snow Falls and Market Stays Cool on Delavan Lake

The first snow has fallen in the Delavan Lake area and the Delavan Lakefront activity remains cool.
There remains only one sale since June on the lake with only two lakefront properties showing accepted offers.

In regards to lake access properties, three properties have accepted offers.  Price adjustments are limited, however, as most home owners seem to be content to wait out the rest of the year at their existing listing price.

The lake condo market is ice cold.  None of the 47 available properties have accepted offers.  Much of this may be due to the uncertainty of Lake Lawn Resort's future.  The resort is scheduled to close over the next week unless a suitor emerges to rescue it from bank ownership.

Prices for Delavan Lakefront and Lake Access properties range from $50,000 to $1,800,000 with some of the more expensive lakefront properties "resting" for the winter months.

Tuesday, November 30, 2010

Delavan Lakefront Foreclosure Creates Opportunity

The foreclosure of a Delavan Lakefront Property has created the unique opportunity to purchase a lakefront home for less than half of the assessed value.  Located at 2316 North Shore Drive, the property is situated on 60 feet of shoreline and features over 5,500 square feet of living space.  This listing price is $802,900 while the assessed value is $1,7361,600.

The home was built in 1991 by a family that wanted a large lakefront yard and a modern design.  The architect developed the plan for the house based on a barn and silo.  As unflattering as this may seem, the interior was an open and spacious floor plan with six bedrooms, four bathrooms, art studio, exercise room and lakeside sunroom.  The home has a boat house with screened sitting area, children's play house, lakefront deck and remote controlled window coverings in the great room.
 The home was used primarily as a summer residence and fell into disrepair over the last few years culminating in the foreclosure a few months ago.  As a result, potential buyers need to be aware that they will be purchasing the property "as is" without a real estate condition report from the bank.  Visible areas of concern include the roof, some of the siding, moisture accumulation in the lower level, and the use of "robins egg" blue paint throughout the entire house.


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Saturday, November 20, 2010

Delavan Lakefront Condo Attracts New Buyers

A new Delavan Lakefront Condo is attracting buyers at the entry level price point. 
Listed at only $169,000, this one bedroom, one bath unit is a remodeled retreat.  The unit features wood floors, a gas fireplace, granite counters, and a private lakeside patio.  The complex features an outdoor pool, tennis courts, basketball court, and piers with boat slips.  There is also a one car garage and boat launch for the unit.
Priced $15,000 less than a comparable unit in the same Delavan Club complex, buyers are continuing to benefit from the slow real estate market around Delavan Lake.

Friday, November 19, 2010

Buyer acitivity picking up on Delavan Lake

The buyer activity is picking up on Delavan Lake.

As has been the case over the last two years, there is an influx of buyers interested in Delavan Lakefront Property in the fourth quarter.  Showings are up.  Inquiries are up.  And there are three accepted offers on Delavan Lakefronts.

One of these properties is a five bedroom, five bath, new construction on South Shore Drive.  Originally placed on the market at $2,499,900, the property has been reduced to $1,795,000, and most likely will sell for a bit less.  This is typical of many Delavan Lakefront Properties that are on the market.

Overly aggressive agents priced the properties above an overheated market only to be forced to slash the prices to get buyers interested.  Prices are now close to the assessed value and the assessed  value appears to be a good indicator of the true value for Delavan Lakefronts.

For example, the five bedroom mentioned above, is assessed at $1,800,000.  With the property coming on the market 33% higher, the reduction follows the overall price decreases we have seen in the Delavan Lakefront market.

Friday, November 12, 2010

Delavan Lake Pier Registration

As a result of pier regulations adopted by the state of Wisconsin in 2007, some piers on Delavan Lake will need to be registered by April 1, 2011.

Most of the piers on Delavan Lake are grandfathered, however, owners of Delavan lakefront property will want to visit a site provided by the Wisconsin Realtors Association to help determine whether or not action will need to be taken.  The site is located at http://news.wra.org/story.asp?a=1316.

A pier can be registered with either the DNR or with the register of deeds.  If a pier is not registered, it could be considered illegal and subject to removal by the DNR.

Elements to consider for your pier include:
Width
Length
Platform Size
Interference with neighboring piers

A visit to the Wisconsin Realtors site is a great way to make sure you are in compliance.

Monday, October 25, 2010

Sale on Inlet is first on Delavan Lake for Quarter

Finally, a sale of a Delavan Lake property.
The sale of a four bedroom, one bath home on the Delavan Inlet is the first transaction since the end of June 2010.  Although relatively small in dollar amount, only $300,000, the sale confirms the pricing on the inlet.  The most recent sale was situated on 75 feet of frontage, had a large front yard, deck and walk out basement.
The price is the same as another sale that took place earlier in the year.  That sale, also for $300,000 was on 75 feet of frontage, contained three bedrooms, two baths, and a two car garage.
With two more Delavan Lakefront properties currently under contract, hopefully the flow of sales will start up again.

Saturday, October 23, 2010

Taste of Delavan Lake November 12

The Taste of Delavan Lake will be held November 12, 2010 at the Delavan Lake Yacht Club.
Proceeds from the taste are used for the Delavan Darien School District Foundation that provides scholarships annually at Delavan Darien High School.

Tastes will be provided by the Apple Barn Orchard and Winery, Brick Street Market, Brown Box Cheesecakes, Culvers, Greenies Club House, Hernandez Restaurant, Riga-Tony’s, Shrimp House, Sonoma Cellars, Sorg’s, Staller Estate Vineyard and Winery, Stinebrink’s Piggly Wiggly and the Waterfront.

The event will be held from 5 pm to 8 pm and tickets are available from Bradley's Department Store and Community Bank for $20 per person.

Friday, October 22, 2010

Delavan Lakefront Condo Prices Continue to Fall

     Prices of lakefront condos on Delavan Lake continued to fall this week.
     A three bedroom unit in Delavan Gardens Estate, located off of North Shore Drive, was reduced from its initial listing price of $425,000 to $375,000.  The completely remodeled unit, featuring 3 baths, master suite, 2-car garage, and patio, comes with a boat slip and boat lift.  This of one of three units for sale in the complex and contains new appliances, fixtures and window coverings.

     Additionally, a three bedroom townhouse in the Delavan Club complex was reduced from an initial listing price of $250,000 to $234,900.  This association includes a boat launch, pier, club house, swimming pool, tennis courts, fitness course, and basketball courts.  The three-bedroom, three-bath unit has also been remodeled and has three levels of living including two decks and a patio.
     A similar unit was listed for $299,000 in 2009. 

Tuesday, October 19, 2010

Town of Delavan Votes Down Address Change

The Town of Delavan Board voted not to move forward with an address change proposal that would have meant a new address for all Delavan Lake residents... for now.

The town held a special meeting this evening on the matter at the town park. The purpose of the meeting was to gather input from residents and allow them to voice their concerns. All but one of the residents spoke against the address change. Police and fire representatives spoke for the change.

Key reasons cited for the change were safety and the uniformity with the county numbering system. The main points against the measure were the costs that the residents would have to bear if all of the addresses were changed.

A motion from Town Chair Dorothy Burwell to proceed with the address change at the Town Board meeting died for a lack of second.

A second motion, was then presented, to not pass the ordinance and to refer the matter to the Committee of the Whole for further discussion and brain storming.
This motion passed.

So for now, the addresses will stay the same around Delavan Lake.

Monday, October 18, 2010

Delavan Lake 3Q Real Estate Summary

Sales of Delavan Lakefront and Lake Access properties came to a crawl in the third quarter of 2010.

HOME SALES

From July 1 to September 30, not a single lakefront property sold. Last year, there were three sales during this period. Year to date, there have been nine sales of Delavan lakefront properties compared to seven in 2009.

Sales of Delavan lake access properties fared better with nine sales for the three month period. Nine were also sold during the same time frame last year. Year to date, there have been 19 lake access sales compared to 23 last year by this time. The sales for the quarter ranged from a $40,500 foreclosure to a $210,000 four-bedroom in Assembly Park.

CONDO SALES

The lakefront condo market declined in the third quarter. There were only two sales this year compared to four last year. Year to date, sales were 13 compared to only five last year. The sales for the quarter consisted of one two-bedroom, two-bath Delavan Club unit and one two-bedroom, three-bath Geneva Landings unit.

CURRENT MARKET HOMES

There are 99 single family homes on the market with lakefront or lake access on Delavan Lake. This is up from 91 last year. The lakefront properties start at $335,000 for a three-bedroom home on Brown’s Channel and progress to $2,499,900 for a six-bedroom home on the north shore.

CURRENT MARKET CONDOS

In the condo arena, there are 43 units for sale, which is down from 55 last year. The properties range from a $59,500 one-bedroom condo/hotel to $399,000 for a completely remodeled three-bedroom with a pier, boat lift and boat launch in Delavan Gardens.

BEST VALUE LAKE ACCESS

The best value for a lake access property on Delavan is located at 4325 East Drive. Reduced from $165,000 to $129,900, this two-bedroom home has a pier, boat launch, park, and beach.

BEST VALUE LAKEFRONT

The best value for a Delavan lakefront is 2510 Manor Lane. This four-bedroom, two-bath lakefront, has 100 feet of level frontage, a wrap-around deck and a 2.5 car garage. It has been reduced from $999,000 to $949,000.

Cost of Delavan Lake Access Continues to Fall

One new listing and one price reduction on Lake Trail Drive, Delavan Lake has made lake access properties much more affordable in the area.

The new listing, located at 1817 Lake Trail Drive, just came on the market for $324,000. The three-bedroom, two-bath home has a deeded boat slip just off of North Shore Drive, a remodeled kitchen, and attached two car garage. Last year, similar properties were being listed for $399,000.

The second listing, located at 1943 Lake Trail Drive, has just been reduced from $349,000 to $319,000. The property also includes a boat slip and has now been on the market for 208 days.

Friday, October 15, 2010

Delavan Lake Considers New Address System

The town of Delavan and Delavan Lake is considering changing all of the addresses for town residents.

The proposal, from the town chairperson, would change all of the addresses in the town to follow the numbering system followed by other Walworth County municipalities.

Citizens have urged the town representative not to change the addresses and will be meeting with town officials on October 19, 2010 at 6pm at the Community Park for a hearing on the matter.

The Community Park building is located at the corner of Highway 50 and South Shore Drive in Delavan.