It appears to me that the real estate market in 2020 is going to be strong for sellers of lake homes in the Alexandria Lakes Area. The inventory of lake homes is still very tight. Being February, this isn’t unusual but lake properties that aren’t having a chance to hit the open market are being snapped up and lake properties that had languished on the market for more than a year are in the process (pending sales) of being purchased.
A few examples. I have to be fairly opaque on details as I am not allowed to share specifics until the transactions are closed and public information.
Earlier this week a Lake Geneva home that has been on and off the market since 2012 (at a price above the median sale price for The Chain of Lakes) is under contract with an Inspection Contingency.
At Lake Ida and also earlier this week, a townhome that has been on the market since late in 2018 went under contract with an Inspection Contingency.
A listing of mine at Lake Miltona that had been withdrawn for the winter went into escrow. It was listed late last year and the owner received multiple offers but there wasn’t an agreement. The decision was made to withdraw the listing from the MLS until spring. We did this with the knowledge that Realtor members of Alexandria’s MLS would be able to see the listing was withdrawn and not cancelled. Experienced agents know there is a strong probability that the property is still available for showings. With a tight inventory, a local agent did some searching and contacted me to see if the Lake Miltona home was still available. Long story short, the property is in escrow.
There are a few more examples but the three I referenced above are unusual for the month of February during my eighteen years.