First $1 million Delavan Lakefront sale for 2011

     The first Delavan Lakefront sale of $1 million or more for 2011 took place yesterday.  Located at 3311 South Shore Drive, this 5000 sq ft two-story sold for $1,250,000.

     The property came on the market in 2008 at a list price of $2.8 million and fell victim to the decline in prices that have affected the entire area.  The original price of $2.8 million was very aggressive since the assessed value at the time was only $1.9 million.  Had the property been properly priced, the 30% reduction in area real estate prices would put the home near its actual selling price.

     The home features 102 feet of prime South Shore frontage, a great room with soaring ceilings and a wall of window.  There are five bedrooms, four baths, a lakeside office, billiard room and walk out lower level.
     With this sale, there have been twelve sales of Delavan lakefront properties for 2011.

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