Mick's "Geneva Lakes Real Estate Update"
2007 Another Banner Year For Real Estate In The Geneva Lakes Area!
The luxury market in the Geneva Lakes Area of Walworth County couldn’t be better. Sales of both Lakefronts and Country Estates remain heathy with values for vacant lakefront lots exceeding $23,000 per front foot on Geneva Lake and rural wooded parcels averaging $17-25,000 per acre in the highly sought after “Knobs” area of Lyons Township.
Real Estate values in the Geneva Lakes Area have grown steadily through the period 2001-07, unlike other vacation destinations around the world who’s values have seen stagnation in the wake of the tech stock crash, corporate malfeasance, terrorist attacks, and the sub-prime mortgage debacle.
Prime recreational properties, whether they be lakefront’s, country retreats, golf course properties or vacant parcels continue to appreciate. As an example, the average sales price of lakefront homes on Geneva Lake increased from $2,291,712 in 2005 to $2,722,333 in 2006, an 18.7% increase (MLS statistics) as the mortgage industry saw turbulence and many areas around the U.S. declined substantially. We have also seen a huge increase in the sales of vacant lakefront lots and tear downs on Geneva Lake since December of 2006, with the average lot selling for $22,000 per front foot.
Factors contributing to the real estate boom in the Geneva Lakes Area include the area’s close proximity to the Chicago-Milwaukee metro area, historically low interest rates, unpredictable stock market returns and the baby boomer generation’s growing confidence in real estate as an investment vehicle. Many “boomers” and Gen "X" buyers are returning to family values and spending disposable income on vacation home’s rather than risking it in the stock market.
The Geneva Lakes Area with its numerous lakes, resorts, golf courses, restaurants, shops and ski areas is the ideal vacation home destination, conveniently located just an hour from Chicago’s northern suburbs and 40 minutes from Milwaukee’s Mitchell International Airport, Lake Geneva has captured the hearts of many for well over a century.
Lake Geneva & Lauderdale Lake Sales Help Mick Close in on $20 MM for 2007!
Starting out 2007 with a Geneva lakefront "tear down" sale in the amount of $1.250 MM, Mick Balestrieri has pushed on to sell a $3.9 MM historical remodel on 204' of Geneva lakefront in downtown Lake Geneva. Additional sales of numerous Lauderdale, Delavan, Twin Lakes, Whitewater, Phantom and Beulah lakefront and lake access properties have helped Mick to continue his sales pace and reach for sales in excess of $20 Million in 2007 .
First To Achieve $15 Million In Sales!
In the year 2001, Mick set a company sales record by being the first Keefe Sales Agent to achieve $15 Million in annual sales. In 2002, Mick continued his sales dominance and became Keefe’s Top Producer* for the 7th consecutive year with sales of over $17.8 Million. (# Sales - Lake Geneva Office).
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