Improving economy uplifts lakefront land
Many suburban residents desire lakefront property either as a weekend getaway or when planning for retirement.
To combine two popular sayings, life is good and the living is easy at Lake Summerset in northwest Illinois, located two miles south of the Wisconsin state line between Rockford and Freeport.
This lake community weathered the Great Recession better than most real estate, as expected with much-desired locales.
"Home sales at Lake Summerset have been slower than they were during the boom years, of course, but traffic has been picking up lately and we have high hopes for 2015," said Nancy Weaver, a broker with Best Realty LLC in Davis. "And we were hardly touched by foreclosures. They were not a factor here."
The 2,300-lot community was subdivided and developed by Boise-Cascade in 1971 and is about half built up, Weaver said. Single-family homes built over the past 44 years rest amid lots of trees on rolling terrain that surrounds this 285-acre, spring-fed lake.
Houses fronting the lake range in price from $198,000 to $469,000, Weaver said, while those located off the lake cost substantially less, ranging from $85,000 to $239,000.
"Our buyers generally fall into two categories: families with children who are drawn by the lifestyle and the great schools and those buyers who are getting close to retirement so they are buying now and using the home on weekends. But within five to eight years, they plan to relocate full time. Durand (Unit) School District (322), one of the two that our children attend, is ranked in the top 9 percent of schools in the state," she said.
The majority of homeowners who are raising families at Lake Summerset are employed in Freeport or Rockford, or in Monroe or Beloit, Wisconsin, she added. But the closest town is Durand, which is four miles away.
The community boasts a population of about 1,500 and offers churches, a post office and grocery facilities.
"There are a large variety of architectural styles at Lake Summerset," Weaver said. "This is not a community of cookie-cutter homes. There are also plenty of empty lots if someone wants to build a new home. The average lot is one-third of an acre and is served by public water and sewer."
An annual membership fee of $665 allows Lake Summerset members to enjoy water activities including power boating, sailing, and water skiing. There are two beaches and two marinas on the lake, as well as a clubhouse, a swimming pool, tennis courts, bocce ball courts and even disc golf. Members may also enjoy the great outdoors at the private campground facilities. Seventy-five campsites lie on 25 acres of beautifully wooded terrain.
Lake Summerset offers some of the best sport fishing in the Midwest. The lake is carefully stocked with walleye, northern pike, tiger muskie, large mouth bass, small mouth bass, channel catfish, bluegill and crappie, creating an excellent fishing environment.
The Lake Summerset Association also offers seasonal activities including an annual Easter egg hunt, a summer festival and annual garage and plant sales.
For more information about Lake Summerset lots and homes, call Weaver or any of her fellow Best Realty colleagues at (866) 390-2378 or visit www.bestrealtyproperties.com.