“The typical buyer will spend two or three weeks a year in their condo, so it’s in the rental pool the rest of the time. Return of income is the motivation for many buyers,” said Michael Peterson, developer of both Lake Geneva properties and president of Chicago-based Diversified Real Estate Concepts Inc.
He added that 95 percent of buyers have been from the Chicago area.
Mill Creek’s one-bedroom units sold for $145,000 to $190,000. Nightly rentals are $160 to $275. The units have fireplaces and covered balconies. Amenities include underground parking, an indoor/outdoor pool and fitness center.
At Timber Ridge Lodge, the one and two-bedroom condos cost $175,000 to $250,000 and nightly rentals are $150 to $370. The units have fireplaces and covered balconies.
Built in a Pacific Northwest motif on 15 acres purchased from Marcus Hotels and Resorts, Timber Ridge Lodge will have a fitness center, two restaurants and a general store in addition to the 50,000-square-foot water park.
Lake Geneva has long been popular with Chicagoans. Victorian mansions ring the lake. Property directly on the 29 miles of lakefront costs $1 million or more.