I received an email yesterday from a potential Lake Norman home-buyer from Texas asking me if I could provide him with a 10-year history of sales in The Point. Explaining that the best I could do due to time constraints would be to send him the raw data, I set out to pull up the numbers by year breaking out waterfront from all of the rest of the properties. Well, being the data geek that I am, once I saw the raw data I decided I really wanted to make two spread sheets breaking the numbers out by year for my readers:
The Point
Home Sales: Non-Waterfront
The Point
Home Sales: Waterfront
*All data is from the Charlotte Regional Multiple Listing Service only and does not include sales that were not conducted through our MLS
When looking at these two charts it is important to remember that The Point was a brand new subdivision back in 2001. For the first few years all of the sales were new construction. You will note that, especially in the non-waterfront sales, many of the homes sold above the listing price which would be due to upgrades requested by the buyers. There are still a few new-construction homes available but now most of the sales today are resale.
Observations:
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Waterfront home sales data is a bit more erratic than the non-waterfront home sales. The non-waterfront home sales numbers lay out a nice, clean and steady increase in the price per square foot until their peak in 2006 and then a more dramatic decline starting in 2007. The waterfront home sales, while also peaking in 2006, do not reflect as clean a trend because they are impacted by the great spread in the individual home prices from about $1 million to over $4 million. A perfect example is our first quarter of 2010. There were only two waterfront home sales, one at $1,400,000 and the other at $3,375,000. The average $ per square foot is obviously tremendously skewed by the $3 million+ sale.
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While our Lake Norman real estate market started to slow down in the second quarter of 2007 which is evident at The Point as well, The Point experienced a dramatic drop is sales in 2008 and has yet to recover.
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At $150, the average $ per square foot for non-waterfront homes so far in 2010 is actually not too far off of the rest of Lake Norman’s more upscale communities. In fact, I did an analysis for one of my buyers about a month ago which had home sales prices per square footage at The Point up to $650,000 about equal to similar quality homes outside of The Point.
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Finally, note that the average sales price of a non-waterfront home at the Point is actually lower this year compared to 2001.
There are currently 28 waterfront homes in The Point for sale through the MLS and 41 non-waterfront active listings.
As an interesting side note, the estate in the photo at the top has been actively listed for 1050 days. (It was first listed on 1/26/07). The initial list price was $3,595,000. About two years ago I had a buyer who entered into negotiations but failed to get the sellers down to even $3 million. It is now listed at $2,695,000 and is an absolutely stunning property in the coveted ”The Village” neighborhood in The Point.
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Lake Norman Real Estate’s Business of the Week: Shoals Saloon and Grille in Mooresville
While most of us who live down Brawley School Road spent the winter trying to cope with this weird and very cold white stuff that kept falling from the sky, “Norman” was busy opening what is sure to become the hangout for Lake Norman locals: “Shoals Saloon and Grille…Mooresville’s premier food-drink & fun spot” in the new Bloom Shopping Center at Stutts Rd and Brawley School.
As you enter Shoals, you immediately feel like you are on vacation. The fun, whimsical nautical decor with the weathered wooden walls reminds me of hanging out at the lake or beach in the summer. It feels like it is time to relax. Shoals Saloon and Grille pretty much demands that you leave your stress at the door!
But, as “Norman” says on their website: ” Don’t be fooled by the casual Lake Norman atmosphere at Shoals, cuz we’re dead serious about great food, great drink, and great service.
The food is awesome. It is like a gourmet Vinnie’s on steroids with an eclectic menu that offers everything from a fresh mozzarella salad with home grown tomatoes to a lump crab “samich” to prime-aged Filet Mignon to their Lowcountry Boil on Sundays. Did I mention their desserts? My favorite is “Granny Heron’s Apple Crisp Streusel” but then again, I have yet to try their Key Lime Pie or Chocolate Thunder Brownie A La Mode! (Of course, their ice cream is made locally at Mooresvilles Deluxe Ice Cream).
The “Saloon” is wonderfully located in the very center of the restaurant which gives it that “Cheers” type feel where locals hangout while enjoying one of their amazing drinks like “Fidel’s Berry Mojito”, Martini’s of all kinds, Kentucky Mud Cider, domestic beers or wine.
Shoals has daily drink specials like Martini Monday Madness when all of their signature martinis are $5. And, Monday – Friday they offer “5 for $5 Happytizers”. How about meatball-sirloin-codwich sliders, fried calamari or Gorgonzola baked potato chips at the end of a busy day?
Looking for some fun on St. Patrick’s Day?
Check out Shoals Saloon and Grille’s
ST. PAT’S BASH:
Traditional Irish Fare: $5 All you can eat!
Guinness/Smithwick’s/Harp: $3 Pints all week!
Irish Whisky $3
Gorgeous Guinness Girls (6pm-9pm)
World Renowned Bagpiper and Mooresville’s own Live Duo: Wally & Dave
Don’t forget to check out their Sunday Brunch!
Shoals Saloon and Grille
1098 Brawley School Road
Mooresville, 28117
704.660.1211
Now Open Daily for Lunch and Dinner