Thursday, July 25, 2013

Value Listings Fill Void on Delavan Lake

     With the sweet spot of activity in the $600,000 to $800,000 range, the listings on Delavan Lake recently dried up as all the offerings were snatched up by value conscious lake buyers.
     The drought was ended with the addition of three properties, all in the $600,000 range coming to the market.  All have less than 50 feet of frontage and all have their pros and cons.
     First is a repeat listing at 2504 North Shore Drive.  This three bedroom, four bath home, was originally put on the market in 2010 for $899,000 and has now been relisted for $699,900.  The property sits on a tight 43 feet of frontage with close neighbors and no front yard.  It is in excellent condition, however, and has been completely rebuilt on the site of one of the oldest homes on Delavan Lake.
2504 North Shore Drive
     Next is the value listing at 1907 South Shore Drive.  Offering stellar views of the entire lake and a large front level lawn for outdoor enjoyment, this three bedroom home has 49 feet of lakefront and a solid seawall with boat house on the shore.  The lower level has been remodeled into a lake retreat feel and the sunsets are breathtaking from the wrap around enclosed porch.  Listed at $649,000 this property offers an enticing entry point for lake living.
1907 South Shore Drive

     The third home is located at 2505 South Shore Drive.  With four bedrooms and 45 feet of frontage, this property sits far back on the lot but still enjoys sunsets and a large front lawn.  Priced at only $634,900, this home is the least expensive of the three but also requires the most updating on the inside.
2505 South Shore Drive

Tuesday, July 9, 2013

Delavan Lake Real Estate 1st Half Summary - 2013


Sales of Delavan lakefront properties are up slightly for the first half of the year while inventory continues to fall.  The drop in inventory has created quick bids on both lakefronts and lake access homes with some recent listings getting accepted offers within a week.

HOME SALES

For the first six months, there were seven lakefront properties sold and 15 lake access properties sold.  Last year at this time, there were six lakefronts sold and 15 lake access properties sold (the same as this year).  The lake access properties this year ranged from a $53,000 two-bedroom foreclosure in the Delmar subdivision to a spacious $250,000 three-bedroom ranch with a finished basement and boat slip in Lakewood Estates.  The lakefronts ranged from a $267,000 three-bedroom on 90’ of Delavan Inlet waterfront to a $915,000 five-bedroom, four-bath South Shore property with 49’ of lakefront.
Inlet Shore three-bedroom sold for $267,000

CONDO SALES

Delavan Lake condominium sales are ahead of last  year.  There have been 11 sales this year compared to eight last year.  Sales ranged from a $55,000 condo/hotel unit to a $240,000 three-bedroom, three-bath unit in the Delavan Gardens that included a boat slip and an attached two-car garage.

CURRENT MARKET HOMES

There are 88 single family homes on the market with lakefront or lake access on Delavan Lake.  This is down from 100 last year.  The lake access properties start at $68,900 for a two-bedroom in the Highlands Subdivision and increase to $429,000 for a four-bedroom, four-bath home with a boat slip in the Windtree Association. 
Windtree four-bedroom with boat slip on main body.
 
Lakefront homes on the main body start at $395,000 for a two-bedroom at the end of Lake Shore Drive to $1,799,900 for a four-bedroom home with 124’ feet of frontage on South Shore.  There are four homes on the main body listed for under $500,000.

CURRENT MARKET CONDOS

In the condo arena, there are 24 units for sale, which is down from 59 last year.  The drop is due to Lake Lawn Resort units being removed from the market. The properties range from a $23,000 one-bedroom condo/hotel to $309,000 for a three-bedroom with a pier, boat lift and boat launch in Delavan Gardens. 

BEST VALUE CONDO

The best value for a condo on Delavan is located at 2157 Landings Lane.  Listed at $170,000, this remodeled one-bedroom home has laminate floors, gas fireplace, pier, boat launch, swimming pool, and club house.  In addition, there is a detached one-car garage.

Best buy condo - 2157 Landings Lane
BEST VALUE LAKEFRONT

The best value for a Delavan lakefront is located at 1617 Cedar Point Drive.  This estate features 132’ of breathtaking frontage, a main house with five bedrooms, a guest apartment and two four-car garages.  Listed at $1,599,000, this custom-built home features a flowing waterfall, expansive gardens and high-end finishes.
Best buy lakefront - 1617 Cedar Point Drive