Lake Geneva house sells for $8.6 million after only 11 days on market

A beautiful lakefront home in Lake Geneva sold for $8.58 million after being on the market for just 11 days, Crain’s Chicago Business reports. The property on Bayview Drive first appeared as a coming soon listing on Sept. 13 with a price tag of $8.5 million. Buyers quickly showed interest, and the home went under contract by Sept. 24.

The final sale price came in at $80,000 above the original asking price, showing how competitive the market is for waterfront properties. The house sits on less than half an acre of land, about a mile and a half from downtown Lake Geneva. According to Crain’s Chicago Business, the property includes 102 feet of lakefront space, two private piers, and five bedrooms spread across roughly 7,500 square feet. Built in 2018, the three-level home features a primary bedroom suite on the main floor with water views from nearly every room.

Buyers searched for months before finding home

The Real Deal notes that the buyers had been looking for a lakefront property for six months to a year before finding this one. Jay Hicks from Compass Wisconsin-Lake Geneva represented the buyers and explained they jumped on the opportunity when they saw the listing. The seller's agent, Gina Nocek from @properties Christie's International Real Estate, received two offers within just two days of showing the home.

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The quick closing time suggests the buyers may have paid cash, avoiding the usual delays that come with mortgage approvals. This sale marks the fifth Lake Geneva property this year to sell for $8 million or more, as reported by The Real Deal. Last year, only four homes in this price range sold in the area. Two more expensive properties are currently under contract and expected to close soon, which could bring this year's total to seven high-end sales.

Record-breaking year for Lake Geneva real estate

State property records show the home was purchased by a Lake Geneva-based entity from a revocable trust located in Naples, Fla., Biz Times reports. The property features five bathrooms and a three-car garage, along with its five bedrooms. Another nearby home on Geneva Lake's north shore sold for $8.7 million during the same week, according to Biz Times.

The strong market reflects the limited number of lakefront listings available in Lake Geneva, which is 85 miles northwest of Chicago. Wealthy buyers from the Chicago area continue to seek vacation homes in this resort town, creating intense competition for waterfront properties. Real estate agents say this fall sales season has been unusually active compared to recent years, with premium homes selling quickly and often above asking prices.