5924 Stefanie Way
Caledonia, WI 53108
PASS
Price
$1,513,100
Beds
6
Baths
4
Sq Ft
6,097
Year
2004
Days Listed
2092
◆ Executive Summary
Overall: PASS — this is a textbook zombie listing that has failed to sell for nearly six years despite catastrophic price cuts totaling 20% in recent months, now asking $1.5M in a neighborhood where comparable homes sell for $680K–$988K and the largest nearby comp closed at just $720K. The seller purchased for $804K in 2020 with zero documented renovation permits, yet demands an 88% gain ($709K profit) based purely on wishful thinking in a market that has clearly rejected this property through 2,092 days of continuous market exposure. Even luxury custom amenities—pool, theater, game room—cannot overcome the fatal math: investment-grade buyers face a dismal 2.5% cap rate and -15% cash-on-cash return requiring $4,800/monthly subsidies, while owner-occupants must justify paying 2–3× per square foot versus every comparable sale in a subdivision with weak school ratings (4/10 elementary) that limit family buyer appeal. Two experts voted NEGOTIATE on the theory that a deeply motivated seller might accept rational pricing, but the plurality correctly recognized that six years of failure, serial relists, and panic cuts from $1.9M to $1.5M in 90 days reflect a seller fundamentally disconnected from market reality—not a negotiable gap, but a chasm.
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5924 Stefanie Way, Caledonia, WI, 53108 home PASS Zombie Listing: 2,092 Days on Market with Serial Price Cuts Massive Seller Markup Over 2020 Purchase: 88% Gain in <6 Years Comp Set Ceiling Well Below Ask Zombie Listing — Over 5.7 Years on Market
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▲ Top Findings
Zombie Listing: 2,092 Days on Market with Serial Price Cuts×2
Property has been on Zillow for 2,092 days (~5.7 years) with latest cycle showing a catastrophic trajectory: listed May 2026 at $1,895,000, cut 17% to $1,575,000 within 5 days, then removed June 2026 and re-listed at $1,513,100. This is not normal market absorption—it signals fundamental disconnect between seller expectations and buyer interest. **Also flagged:** Immediate 17% Price Chop After Relist Seller came back in May 2026 asking $1.895M, then slashed it to $1.575M just five days later—a $320,000 panic cut. That kind of whipsaw screams either unrealistic expectations or desperate need to move. Even after the cut, they pulled it off market within three weeks. Classic sign of a motivated (or confused) seller with no clear strategy.
Massive Seller Markup Over 2020 Purchase: 88% Gain in <6 Years
Seller bought October 2020 for $804,000 and is now asking $1,513,100 (88% appreciation in under 6 years, or ~11.3% annualized). Recent comparable sold at $720,000 (July 2023, 5900 Stefanie Way, 5,358 sf) and nearby actives range $681K–$1.29M with most under $1M. No permits documented for major renovations. The listing describes original 2004 features (pool, decks, fireplace) not recent capital improvements. This appreciation materially exceeds both comps and metro norms without credible forced-appreciation evidence.
Comp Set Ceiling Well Below Ask
Nearby comparable sales show: $843,200 (5bd/4ba, 5,358sf), $821,900 (4bd/2.5ba), $681,600 (4bd/4ba, 2,548sf), $988,900 (4bd/3ba), $1,296,500 (4bd/4ba, 0sf listed area). Even the highest comp at $1.29M is 14% below ask, and most cluster $680K–$988K. Price/sf at $248 for this property versus comps averaging roughly $150–$185/sf (where sf is known) suggests significant overvaluation.
Zombie Listing — Over 5.7 Years on Market
This property has been on Zillow for 2,092 days (nearly six years). It was listed in 2020, removed, relisted in May 2026 at $1.895M, cut to $1.575M eleven days later, then removed again in June. This is not normal inventory turnover—it's a chronic failure to sell, signaling fundamental pricing or property issues that scare off serious buyers.
Catastrophic 124% Gain Since 2013 with No Renovation Evidence
Purchased for $675,000 in 2013, flipped for $804,000 in 2020 (+19%), now asking $1.575M (+96% in six years, +133% since 2013). Deep research found zero building permits for additions, major renovations, or structural upgrades in the past decade. Listing touts "custom built" and "high-end finishes," but those are original 2004 features. This is naked price appreciation with no capital improvement justification—pure seller greed hoping to ride market momentum that ended in 2022.
Zombie Listing: 2,092 Days on Market
Property has been listed for 2,092 days (5.7 years). Multiple price cuts from $1,895,000 (May 2026) to $1,575,000 (June 2026 removal) to current $1,513,100 indicate seller desperation and zero market appetite. This is not a hot property—it's stale inventory that screams illiquidity risk.
Catastrophic Rent-to-Price Ratio
Monthly rent Zestimate of $5,253 against $1,513,100 list yields 0.35% monthly (4.17% annually). The 1% rule requires $15,131/mo; you're getting one-third of that. This property will bleed cash from day one—negative cash flow guaranteed even before expenses.
Dismal Cap Rate Projection
Annual rent $63,036 minus estimated 40% expenses ($25,214) = $37,822 NOI. Cap rate = 2.5% on $1,513,100. Investment-grade properties start at 6%. You'd need rents north of $9,000/mo to hit a 6% cap—nearly double current Zestimate. This is a lifestyle buy, not an income play.
Negative Cash-on-Cash Return
Assume 25% down ($378,275), finance $1,134,825 at 7.5% 30-year. Annual debt service: $95,760. NOI $37,822 minus debt = -$57,938 annual loss. Cash-on-cash: -15.3%. You're writing a $4,828/mo check to own this. Only works if you're all-cash or banking on appreciation—both high-risk bets.
Expert Panel (6/10)
Zombie listing with extreme price cuts and fundamental value disconnect between seller expectations ($1.5M+) and market reality (comps ~$680K–$988K, Zestimate $1.51M is algorithm artifact).
Zombie Listing: 2,092 Days on Market with Serial Price Cuts
Property has been on Zillow for 2,092 days (~5.7 years) with latest cycle showing a catastrophic trajectory: listed May 2026 at $1,895,000, cut 17% to $1,575,000 within 5 days, then removed June 2026 and re-listed at $1,513,100. This is not normal market absorption—it signals fundamental disconnect between seller expectations and buyer interest.
Massive Seller Markup Over 2020 Purchase: 88% Gain in <6 Years
Seller bought October 2020 for $804,000 and is now asking $1,513,100 (88% appreciation in under 6 years, or ~11.3% annualized). Recent comparable sold at $720,000 (July 2023, 5900 Stefanie Way, 5,358 sf) and nearby actives range $681K–$1.29M with most under $1M. No permits documented for major renovations. The listing describes original 2004 features (pool, decks, fireplace) not recent capital improvements. This appreciation materially exceeds both comps and metro norms without credible forced-appreciation evidence.
Zestimate Identical to List Price: Algorithmic Artifact, Not Validation
Zestimate of $1,513,100 exactly matches list price to the dollar, which is a known Zillow behavior when the algorithm anchors to active listing data in sparse-comps markets. Deep research shows other automated estimates for this home ranged $927K–$1.16M (RealEstimate ~$927K, Homes.com ~$934K–$1.16M). The Zestimate is not independent market validation; it is a data echo.
Comp Set Ceiling Well Below Ask
Nearby comparable sales show: $843,200 (5bd/4ba, 5,358sf), $821,900 (4bd/2.5ba), $681,600 (4bd/4ba, 2,548sf), $988,900 (4bd/3ba), $1,296,500 (4bd/4ba, 0sf listed area). Even the highest comp at $1.29M is 14% below ask, and most cluster $680K–$988K. Price/sf at $248 for this property versus comps averaging roughly $150–$185/sf (where sf is known) suggests significant overvaluation.
Poor School Performance: GreatSchools Ratings 3–4/10
Gifford Elementary scores 4/10 and Case High School 3/10 on GreatSchools. For a $1.5M+ luxury home, these ratings are well below buyer expectations in this price tier and will suppress resale demand and appreciation potential versus peer metros with stronger districts.
Critical System and Environmental Data Missing
No heating/cooling details, roof age, HVAC type, FEMA flood zone, or permit history available. Deep research confirms no public permits for major work in past 10 years and no flood/environmental disclosures. For a 22-year-old home (built 2004) with well/septic and elaborate outdoor features (pool, pond, mound system), buyer must independently verify system condition, septic compliance, and radon (Wisconsin has moderate-to-elevated radon risk).
No HOA Fees: Positive for Operating Cost
Property has no HOA, which is appropriate for a 1.23-acre semi-rural custom home and avoids the $200–$500/mo fees common in managed subdivisions. This is a minor positive in an otherwise troubled listing.
Classic high-end zombie listing with 88% price explosion in 6 years, dead pricing strategy, and terrible schools—been on market 2,092 days with multiple failed attempts.
Zombie Listing — Over 5.7 Years on Market
This property has been on Zillow for 2,092 days (nearly six years). It was listed in 2020, removed, relisted in May 2026 at $1.895M, cut to $1.575M eleven days later, then removed again in June. This is not normal inventory turnover—it's a chronic failure to sell, signaling fundamental pricing or property issues that scare off serious buyers.
Immediate 17% Price Chop After Relist
Seller came back in May 2026 asking $1.895M, then slashed it to $1.575M just five days later—a $320,000 panic cut. That kind of whipsaw screams either unrealistic expectations or desperate need to move. Even after the cut, they pulled it off market within three weeks. Classic sign of a motivated (or confused) seller with no clear strategy.
Catastrophic 124% Gain Since 2013 with No Renovation Evidence
Purchased for $675,000 in 2013, flipped for $804,000 in 2020 (+19%), now asking $1.575M (+96% in six years, +133% since 2013). Deep research found zero building permits for additions, major renovations, or structural upgrades in the past decade. Listing touts "custom built" and "high-end finishes," but those are original 2004 features. This is naked price appreciation with no capital improvement justification—pure seller greed hoping to ride market momentum that ended in 2022.
Priced 88% Above Last Sale with Stale Market
The 2020 sale at $804,000 was reasonable. Asking $1.575M today is an 88% markup in a market that peaked in 2022 and has since cooled (higher rates, tighter inventory). Nearby comps show sold prices of $681K–$988K for similar-sized homes; only one outlier at $1.296M comes close, and even that is 21% below this ask. Seller is chasing a number that doesn't exist in current comps.
School District Disaster
Gifford Elementary scores 4/10, Case High School 3/10—both well below average. For a $1.5M+ luxury home, families expect top-tier schools. This is a major value detractor and will make resale difficult unless the buyer doesn't care about school performance (retirees, no kids). Budget for private school tuition or accept limited buyer pool on exit.
Missing Critical System and Environmental Data
Listing shows N/A for HVAC, roof, exterior, foundation, flooring, and parking. Deep research confirms no permit records for mechanicals, roof replacement, or septic work. This is a 22-year-old house on private well and septic with a heated 6-car garage—those systems have lifecycles and costs. Also no FEMA flood zone data, radon testing, or environmental screening on record for a property with a pond and mound septic. Demand full disclosures and budget for inspections.
Assessed Value Lag and Tax Risk
Tax assessed value is around $885,100 (per research), but seller wants $1.575M—a 78% premium. While Wisconsin assessments lag market, if the sale closes near ask, expect your next reassessment to spike property taxes well above the current ~$14,361/year. Plan for a potential 40–60% tax increase post-purchase once the assessor catches up.
Listing Hype vs Reality
Listing brags "be the envy of all your neighbors" with "one of a kind custom built retreat." Translation: this is a 2004 spec home in a small subdivision that hasn't sold in six years despite multiple tries. The 6-car garage, pool, and fire pit are real, but so are the carrying costs, maintenance, and lack of buyer interest. High-end features don't create value if the market says no.
Private Well and Septic on 1.23 Acres
This is a semi-rural setup with private utilities. No municipal water/sewer means you own the maintenance, replacement, and regulatory compliance risk. Septic mound systems (common in Wisconsin for larger homes on smaller lots with poor soil) can cost $15K–$30K to replace. Demand recent well water testing (bacteria, nitrates, PFAS) and septic inspection/pumping records. Also verify zoning allows future septic expansion if needed.
Luxury amenities can't hide the math: poor rent-to-price, mystery appreciation, weak comps, and 2,092 days on market scream 'overpriced vanity project.'
Zombie Listing: 2,092 Days on Market
Property has been listed for 2,092 days (5.7 years). Multiple price cuts from $1,895,000 (May 2026) to $1,575,000 (June 2026 removal) to current $1,513,100 indicate seller desperation and zero market appetite. This is not a hot property—it's stale inventory that screams illiquidity risk.
Catastrophic Rent-to-Price Ratio
Monthly rent Zestimate of $5,253 against $1,513,100 list yields 0.35% monthly (4.17% annually). The 1% rule requires $15,131/mo; you're getting one-third of that. This property will bleed cash from day one—negative cash flow guaranteed even before expenses.
Unexplained 88% Price Delta Since 2020
Sold for $804,000 in Nov 2020, now asking $1,513,100—a $709,100 (88%) gain in under 6 years. Deep research shows zero major permitted renovations or additions since purchase. Listing mentions existing features (pool, garage, finishes) but no evidence of capital investment justifying this jump. Market beta explains some gain, but this delta far exceeds nearby comps and needs hard proof.
Weak Comparable Sales Signal Overpricing
Nearby comps: $843,200 (5bd/5,358sf), $821,900, $681,600, $988,900, $1,296,500. Your $248/sf ask is reasonable, but absolute price of $1.51M sits at the extreme high end. Only one comp breaks $1M. The 5900 Stefanie Way comp (5bd/5,358sf, similar vintage) sold for just $720,000 in July 2023—your ask is 2.1× that.
Dismal Cap Rate Projection
Annual rent $63,036 minus estimated 40% expenses ($25,214) = $37,822 NOI. Cap rate = 2.5% on $1,513,100. Investment-grade properties start at 6%. You'd need rents north of $9,000/mo to hit a 6% cap—nearly double current Zestimate. This is a lifestyle buy, not an income play.
Negative Cash-on-Cash Return
Assume 25% down ($378,275), finance $1,134,825 at 7.5% 30-year. Annual debt service: $95,760. NOI $37,822 minus debt = -$57,938 annual loss. Cash-on-cash: -15.3%. You're writing a $4,828/mo check to own this. Only works if you're all-cash or banking on appreciation—both high-risk bets.
Poor School Performance Hurts Resale
Gifford Elementary (4/10), Case High (3/10). Families drive demand for large homes; weak schools kill it. This limits your buyer pool to empty-nesters or buyers who can afford private school—shrinking liquidity further.
Missing Critical Tax Data
Annual property tax and assessed value are N/A. For a $1.5M property, taxes could run $20k–$30k+ annually in Wisconsin, materially impacting cash flow. Demand full tax history and verify 2025 assessment before proceeding—this is non-negotiable due diligence.
Niche Luxury Features = Exit Risk
6-car heated garage, inground pool, pond, sport court, built-in sound—these scream 'custom vanity build.' High-end finishes appeal to few buyers and add maintenance burden. Pool alone can cost $5k–$10k/year; heating it more. Resale pool shrinks to ultra-high-net-worth, and you're competing with new construction.
Appreciation Play Requires Faith
88% gain since 2020 suggests strong local tailwinds, but 2,092 days on market and price cuts prove current pricing has zero support. If you're betting on continued appreciation to bail out negative cash flow, you're speculating, not investing. Racine County isn't a tier-1 growth market.
Luxury custom home with exceptional amenities but massive list-vs-comps gap and weak school ratings pose serious resale risk.
Severe Overpricing vs. Recent Comparable Sales
Listed at $1.513M ($248/sf) in a neighborhood where recent comps sold at $843K (5358sf), $822K, $682K, and $989K. Even the largest nearby comp at 5358sf (5900 Stefanie Way) closed July 2023 for only $720K. This property asks 2.1× that comp on a per-square-foot basis with no clear justification beyond amenities that may not translate to proportional value in this market.
Rapid Price Cuts Signal Market Rejection
Property listed May 2026 at $1.895M, cut to $1.575M within 5 days (-17%), then delisted June 2026 and relisted now at $1.513M (cumulative -20% in ~3 months). Market is clearly signaling the seller's price expectations are disconnected from buyer appetite, even after aggressive reductions.
Zombie Listing: 2092 Days on Zillow
Property shows 2092 days on platform despite recent relist. This indicates either chronic overpricing, limited buyer pool for ultra-custom luxury in this sub-market, or stale listing baggage that will deter serious buyers who see the history.
Unexplained 88% Appreciation in 4 Years
Sold Nov 2020 for $804K, now asking $1.513M (+88% or $709K gain). Research shows no major permitted renovations 2020–2026. Listing touts original 2004 custom features (6-car garage, pool, wet bar, decks). If these existed in 2020, the current ask implies the market will pay nearly double for the same house—far outpacing both regional appreciation and local comps.
Poor School District Performance
Gifford Elementary 4/10, Case High 3/10. For a $1.5M+ luxury home, weak school ratings significantly narrow the buyer pool (families with school-age kids will look elsewhere) and hurt long-term resale liquidity in this price tier.
Missing Critical System and Structural Data
Listing omits HVAC type, roof age/material, foundation details, heating/cooling systems, and flooring. For a 22-year-old 6,097sf custom home with pool/mechanicals, knowing system condition and replacement timelines is essential to avoid $50K–$100K+ surprises (HVAC, roof, pool equipment).
High-Maintenance Luxury Amenities
Inground heated pool with lights, 6-car heated garage, built-in sound system, sprinkler system, pond, fountain, stone decks, fire pit. These features add curb appeal but also $10K–$20K+/year in maintenance, utilities, and eventual capital replacement (pool heater ~$5K, deck resurfacing, fountain pumps). Buyer must budget for ongoing luxury upkeep.
Private Well and Septic: Hidden Replacement Risk
Research confirms private well and septic mound system on 1.23 acres. Septic mound replacement can run $15K–$30K; well failure $8K–$15K. For a 22-year-old system, both are approaching typical service life. Buyer should escrow inspection and budget for near-term replacement if systems are original.
Positive: Exceptional Layout and Entertaining Flow
Open-concept great room with 18' ceilings, gourmet kitchen, first-floor primary suite with private patio, walk-out lower level with wet bar and game room. Layout maximizes functionality and flow for luxury entertaining. Dual fireplaces (great room, lower level) add architectural interest. These are true design assets if priced to market.
Positive: Private Resort-Style Outdoor Space
Custom private outdoor living with heated inground pool, three stone decks, fire pit, and pond creates a true resort experience. Built-in sound on pool deck extends indoor living outdoors. For the right buyer, this is a lifestyle differentiator—if they accept the maintenance cost and can justify the premium over local comps.
Upscale suburban enclave with strong zoning protection but weak public schools and limited policy tailwinds for luxury tier.
Stable Low-Density Zoning in Exclusive Subdivision
The Ponds of Caledonia is a planned low-density residential subdivision with 1+ acre lots and custom homes from the early 2000s. Caledonia's zoning typically protects these estate-style neighborhoods from higher-density encroachment or commercial rezoning. The parcel is buffered by similar high-end properties, reducing risk of adverse development next door.
Weak School District Performance May Cap Buyer Pool
Assigned public schools score 3/10 (Case High) and 4/10 (Gifford Elementary). Poor school ratings typically limit the buyer pool for family-focused luxury homes and can suppress long-term appreciation relative to comparable properties in top-rated districts. Wisconsin open enrollment allows some flexibility, but many buyers filter listings by school boundaries.
Assessment Lag and Tax Trajectory Risk
The 2025 tax assessed value is ~$885,100 with annual taxes around $14,361 (1.62% effective rate on assessed), but the property sold for $804k in 2020 and is now listed at $1.513M. Racine County revaluations often lag several years; after the next reassessment this property could see a 40–50% jump in assessed value, translating to sharply higher annual taxes unless millage rates drop.
Private Well and Septic System Regulatory Exposure
Property relies on private well and mound septic system. Wisconsin DNR and county sanitary codes govern replacement/repair; failing septic can trigger $15k–$30k+ replacement cost, and well contamination issues (nitrates, bacteria) are increasingly scrutinized. Future county sewer/water extension assessments are unlikely in this low-density area, but septic permits and inspections add regulatory friction to resale.
No Major Infrastructure or Transit Projects Identified
Deep research found no planned highway expansions, transit extensions, or significant public infrastructure projects near Stefanie Way. The area remains car-dependent suburban, which supports stable values but offers no policy-driven appreciation catalyst (e.g., new commuter rail, highway interchange).
Limited Short-Term Rental Upside in Village Jurisdiction
Caledonia Village zoning generally restricts short-term rentals (Airbnb/VRBO) in single-family residential zones without special permits. The subdivision's covenants likely further prohibit commercial lodging use. Investor strategies relying on STR income are not viable here, narrowing the buyer pool to traditional owner-occupants.
No Documented Recent Permits for Major Upgrades
Research found no public permit records for significant renovations, additions, or system replacements in recent years. While listing emphasizes high-end finishes and amenities (pool, sound system, six-car garage), these appear original or long-standing rather than recently permitted work. Buyer should verify all systems (HVAC, roof, pool mechanicals) are code-compliant and not aging out, as unpermitted work or deferred maintenance could trigger costly bring-to-code orders upon resale or inspection.
Climate Risk and Insurance Policy Trends
Southeastern Wisconsin faces moderate radon risk (common in region) and low wildfire/coastal flood exposure. No FEMA floodplain designation found, but the property includes a pond and may have localized drainage considerations. Wisconsin is not yet implementing aggressive climate-driven building code mandates or insurance market disruption seen in coastal states, so near-term policy risk is low.
Luxury Tier Faces Slower Appreciation in Secondary Markets
At $248/sq ft and $1.5M+, this is a luxury outlier for Caledonia (a secondary metro between Milwaukee and Chicago). Racine County's upscale segment has fewer buyers and slower turnover than primary metro cores. Government policy (mortgage rate environment, SALT cap, capital gains treatment) disproportionately affects high-end homes; any future federal tax changes could further dampen demand for $1M+ properties in secondary markets.
Upscale suburban subdivision with major school weakness and thin comparable sales data in a small, isolated pocket market.
Poor School District Performance
Both assigned schools rank in bottom third: Gifford Elementary (4/10) and Case High School (3/10). For a $1.5M+ property, these low scores significantly hurt resale appeal to families and may cap long-term appreciation relative to comparable homes in stronger districts.
Thin Comparable Sales & Market Liquidity Risk
Very few recent comps on Stefanie Way itself (one 2023 sale at $720k for 5,358 sf). The subdivision is small and insular; Days on Zillow at 2,092 (~5.7 years) suggests this or a prior listing sat for an extended period. Limited buyer pool for high-end custom homes in Caledonia creates real exit risk.
Substantial Price Reduction & Listing Cycle Churn
Listed May 2026 at $1.895M, cut to $1.575M within days, then removed June 2026 and relisted now at $1.513M (20% total drop). Classic sign of overpricing and market resistance. Seller expectations appear inflated relative to actual buyer demand.
Isolated Micro-Market Between Two Major Cities
Caledonia sits between Chicago (~80 mi S) and Milwaukee (~25 mi N), but is neither a true suburb of either. You get long commutes without urban walkability or amenities. Community is car-dependent with minimal transit, retail, or cultural infrastructure—relying on trips to Racine or Milwaukee for most services.
Appreciation Since 2020 Purchase Partly Market Beta
Property sold for $804k (Nov 2020) and now asks $1.513M—88% nominal gain in ~5.5 years. Much of this tracks the 2020–2022 housing boom; Zestimate exactly matches ask, suggesting current pricing is at model ceiling. Upside from here is limited without broader market tailwinds or major macro shift.
Missing Critical System & Permit Information
No documented permits for renovations, HVAC, roof, or septic work in public records. Listing touts 'high-end finishes' and amenities (pool, sound system, custom features), but zero hard evidence of recent capital investment or system upgrades. Buyer must verify age and condition of all major systems directly.
Private Well & Septic with No Maintenance Records
Property on private well and mound septic system—typical for semi-rural lots, but adds maintenance burden and risk. No public records of septic inspections, well testing, or system replacements. These can be expensive surprises (septic mounds $15–30k+). Essential to demand full inspection and maintenance logs.
Flood Risk & Environmental Data Gaps
Property in 'Ponds of Caledonia' subdivision with on-site pond and extensive decking/landscaping near water features. No FEMA flood zone or environmental risk data in public records. Southeastern Wisconsin has moderate radon risk; buyer must test. Pond proximity and mound septic warrant drainage and groundwater due diligence.
Tax Assessed Value Lags Market by ~$628k
Assessed at ~$885k vs. $1.513M ask (71% ratio). Common in Wisconsin's multi-year assessment cycles, but signals potential tax reassessment shock after sale. New buyer could face 50–70% property tax increase at next revaluation, adding thousands annually to carrying cost.