A property on the north end of Okauchee Lake in Oconomowoc has hit the market for a staggering $8 million, not for its existing structures, but for its coveted land.
According to TMJ4, this 2.4-acre plot features 500 feet of lakeshore frontage, making it a rare and valuable find in Wisconsin’s Lake Country.
The existing structures, which include two homes and a boathouse, are in disrepair with chipped paint, broken windows, and mold. Listing realtor Pat Bolger explained to TMJ4 that the buildings aren’t the draw; they’re destined for demolition. “They probably could be salvaged, but at this price, it just doesn’t make sense,” Bolger said.
Instead, the property’s appeal lies in its potential. Bolger noted that buyers in this high-end market prefer modern amenities and custom builds. Purchasing older lakeside homes and tearing them down has become common practice, especially in areas like Okauchee Lake and Lac La Belle.
Bolger highlighted the potential for the land to be split into two parcels, though the preference is to sell it as a whole. An offer has already been made for half the land, but the process of securing permits is ongoing.
The realtor also emphasized a growing trend in Lake Country: luxury homes valued at $10 million or more. “Some of these newer homes that have been built, when they do go hit the market, they’ll probably be well over $10 million,” Bolger shared.
This listing underscores the rising demand for prime lakefront real estate, where the land itself carries premium value. As Bolger put it, “They aren’t making any new land anymore.”
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