Lake Geneva Waterfront Amassing $8 Million-Plus Home Sales

Homes on Lake Geneva’s waterfront are selling at gold-medal speed, as two more mansions priced north of $8 million traded in recent weeks.

The Wisconsin resort town is forecasting a record year for its most exclusive stretch of shoreline.

Four lakefront homes have closed at $8 million and up this year, with three more under contract, according to Crain’s. Four homes hit that price point last year, including the $22 million sale of the storied Aloha Lodge.

The latest deals underscore just how fast buyers are snapping up lakefront inventory. A five-bedroom, 7,500-square-foot home at 835 Bayview Drive hit the “coming soon” section of listings Sept. 13 with for $8.5 million, or about $1,130 per square foot. A contract was signed Sept. 22, listing agent Gina Nocek of @properties Christie’s International Real Estate told the outlet.

Five showings occurred soon after the listing, and multiple offers came through, she said. Nocek would not disclose the contract price, but the speed suggests buyers bid up.

Another home is right behind it: a new-construction, 7,800-square-foot, eight-bedroom house on Lake Shore Drive with an asking price just under $10 million, or $1,282 per square foot. David Curry of Geneva Lakefront Realty, who’s marketing the property, said it’s already drawing strong interest ahead of showings.

“The momentum in this market is out of control right now,” Curry told the outlet.

In late August two lakefront homes were listed for nearly $10 million each, located at 620 South Lake Shore Drive and N2224 Bonnie Brae Lane. Those properties — along with 835 Bayview Drive — were rare public listings for the hot market and would rank among the priciest homes sold in high-end Wisconsin getaway this year at that price.

Recent trades highlight the frenzy. A mansion that sold in June fetched $20 million after only three days on the market. In August, another closed for $10.1 million in an unsolicited deal struck directly between buyer and seller. The price worked out to $1,442 per square foot.

While brokers cite stock market gains and wealthy buyers’ indifference to high borrowing costs, Curry added another driver: FOMO (fear of missing out).

For more than a century, Lake Geneva has been the summer playground of Chicago’s elite. But even seasoned brokers say the pace of today’s trophy-home market is unprecedented.

“Five years ago, you’d have been out of your mind to build a $9 million spec house. Now it makes sense,” Curry said.

— Eric Weilbacher