There was a lakefront foreclosure (sold at sheriff’s sale), two South Shore Club foreclosures, including one home that sold as REO ($1.75MM) and one lot that remains listed ($399k), and there was at least one lakefront condominium foreclosure, that at the Harbor Watch Condominiums in Lake Geneva. Of course it wasn’t all roses and kitten whiskers during 2010, as foreclosures did surface in all of these segments. Geneva National and Abbey Springs, boasting a combined inventory of nearly 1800 units beat back any significant infiltration of the REO, and ended 2010 just as they began it: stable.
The lakefront market itself, a market that might on the surface look to be heavily leveraged due to the enormous purchase prices of the past decade, showed just how un-leveraged it is when it yawned and rolled over as the foreclosure man knocked at its door. Market segments like lakefront condominiums with their relatively hefty monthly association fees ignored predictions and bank risk assessments and found a way to deflect almost every foreclosure bug that was intent on biting.
The Lake Geneva foreclosure market was boring in 2010, and it looks equally as eye watering in 2011.ĭevelopments that should have been flooded with foreclosures weren’t. While the Walworth County market may have endured a difficult year in terms of foreclosure activity (Elkhorn I’m brow staring dead into your Fair loving eyes), the Lake Geneva vacation home market has been spared in what amounts to either an act of divine intervention, or a simple indicator of the strength of the owners in this select group. If the foreclosure scene in Las Vegas is as crowded as a New Year’s Eve party at The Wynn, then the Lake Geneva foreclosure scene is roughly as crowded as a Thursday lunch at Scuttlebutts.
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