Lake Geneva Mansion Sells in 11 days for $8.6M

The Lake Geneva luxury market just surpassed last year’s record of homes sold for more than $8 million.

A newly-built mansion at 837 Bayview Drive sold Oct. 21 for nearly $8.58 million, after spending just 11 days on the market before going under contract last month. It fetched about 1 percent above its $8.5 million asking price, Crain’s reported. The 7,478-square-foot home sold for almost $1,147 per square foot.

Listed Sept. 13 as a “coming soon” offering, the five-bedroom home quickly drew multiple bids and was under contract by Sept. 24. The deal closed for $80,000 over ask, a clear sign of the competition for scarce waterfront listings. Agents declined to confirm whether it was a cash deal, though the closing timeframe suggests that’s possible.

The home sits on less than half an acre about a mile-and-a-half from downtown Lake Geneva, with 102 feet of lake frontage and two private piers. Built in 2018, the three-level property includes a main-floor primary suite and water views from nearly every room, according to the listing.

Compass agent Jay Hicks, who represented the buyers, said his clients had been searching for six months to a year before seizing the opportunity. Hicks told the outlet the buyers jumped on the listing. The sellers, represented by @properties Christie’s International Real Estate agent Gina Nocek, fielded two offers in two days.

The Bayview sale marks the fifth Lake Geneva property this year to close at $8 million or more, already surpassing last year’s four, with two more high-end homes under contract. Lakefront listings remain rare, and affluent Chicago buyers continue to treat the resort town about 85 miles northwest of the Loop as their pandemic-era refuge-turned-permanent playground.

“We haven’t had a fall sales season like this in a long time,” Nocek told the outlet.

At least two additional Lake Geneva properties priced at $8.69 million and $9.8 million are set to close in the next two weeks, both snapped up within days of listing. Whether they’ll join Bayview in closing above the ask remains to be seen.

— Eric Weilbacher