Delavan Lake Foreclosure May Signal Price Bottom

     The recent listing of a Delavan Lake foreclosure may signal the bottom of price declines on Delavan Lake.  Located at 1401 South Shore Drive, the property has 100 feet of frontage, three older structures, and a swimming pool on an acre of land.  None of the structures are particularly attractive on the outside, but one of them has value beyond its first impression. 

     The main house, built in 1920, is a four-bedroom, two bath farm-house style with a large kitchen area that features a bar for entertaining and lake views.  In the living room is a "70's-cool" lava-rock fire place just waiting for black lights to be added.
     Upstairs are the four large bedrooms, three with lake views and one with a balcony off the back side.   All of the bedrooms share a single bath.
     The property has a two car detached garage with a two-bedroom apartment above.  The apartment is in rough shape without central heat and porous windows sure to invite winter drafts.
     At the lakefront is the gem of the property.  Here stands the boathouse (or "lido" as the prior owner called it) with a natural fireplace, built-in bar, half bath and spectacular views of Delavan Lake.  The entire lake, from Island to Lake Lawn, can be absorbed while cozying up to the bar enjoying a summer refreshment.

     Placed on the market for a mere $495,000, the property received numerous bids the first week and had an accepted offer within days of hitting the market.  Previously on the market for $965,500 just a year ago, the steep discount as a foreclosure generated plenty of interest and confirmed that there is definite demand for lakefront bargains.

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