Lake Norman News, Events and Celebrations

Lake Norman Welcomes the New Year in Many Ways!

  The greater Lake Norman and Charlotte area has myriad ways to celebrate the New Year, it is just a matter of knowing where to look!  From boat parties on Lake Norman to holiday restaurant bashes to family oriented festivities there truly is something for everyone.

So, where do you go?  My suggestion is to start with The Charlotte Observer.  They currently have two great articles:  New Year’s festivities fit for a family and  5 great places to welcome the New Year  which offer an incredible array of places to go and things to do.  From the swank  Enchanted Evening Ball at Charlotte City Club to the hot  NYE at The Sunset Club it’s worth taking the time to check it out. If you don’t have time to pick up a free copy of Creative Loafing you might find their website equally helpful: Creative Loafing. Want to stay in Lake Norman?  Check out  LKNFun.com where you will find a list of all of the local parties from the new Tapas restaurant in Birkdale Village to Midtown Sundries on Lake Norman. Another Lake Norman resource is LKN Social which even lists boat parties on the lake!

Have a very safe and Happy New Year!

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lake norman real estate

Lake Norman Real Estate: The Good, The Bad and The Ugly

I have a growing stack of real estate news articles both national and regional. After grappling with the question of how best to share this information with you, I decided to put all of the headlines in one article while providing my insight into how they relate to our local Lake Norman Real Estate Market:

THE GOOD NEWS

  • North Carolina is the fourth fastest growing state in the nation according to the U.S. Census Bureau. See The Business Journalfor more details.
  • According the Zillow Real Estate Market Reports the “Carolinas have year’s healthiest regions
  • The Lake Norman Home Builders Association has joined the National Homes Builders Association’s program: “Fix Housing First” . In essence this national effort is urging for an immediate investment in a stimulus plan by creating a “shrot-term plan, targeted incentive package aimed at qualified buyers.”
  • The National Association of Realtors has presented Congress with a Four-Point Housing Stimulus Plan to help stabilize the housing and mortgage markets
  • Federal Reserve cut short-term interest rates to nearly zero on December 16th. And, they are “expected to stay at “exceptionally low levels…for some time.”
  • Mortgage Interest rates are very low and may go lower. I have seen them as low as 5% in the past few weeks. There are some experts suggesting that they may get down into the mid 4% range if the Federal Reserve moves forward with one plan to infuse money to lenders by purchasing large quantities of debt and mortgage backed securities issued by Fannie May, Freddie Mac and Ginnie Mae.
  • The number of active listings in Lake Norman today dropped below 1500 after reaching a high of at least 1789. One of the absolute keys to our local real estate turn around will be lowering the supply of homes on the market. Interesting note: of the 1497 active listing in Lake Norman today, only 379 are new construction. The building of new homes has slowed to a crawl as builders struggle to stay afloat.
  • New-home construction activity in the US slowed to a record low in nearly 50 years in November of this year according to the US Department of Housing and Urban Development.

THE BAD NEWS Continue reading

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Lake Norman News, Events and Celebrations

Lake Norman Home Buyers and Sellers, Our Drought is Officially Over!

Lake Norman waterfront homes

After about a year and a half, the greater Lake Norman area is now officially out of the few remaining drought areas in North Carolina according to the US Drought Management Advisory Council’s  data as of December 16, 2008!  Only the far western portion of our state has any water deficiencies:

 

Thanks to our most recent rains even the Lake Norman water levels are at 97.3 which is 1.3 feet above the “target level”.  (Remember that 100′ is “full pond” which is the highest level possible before they release water at the southern dam).

Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: Friday Hot Sheet 12/19/08!

My bi-monthy Lake Norman Friday Hot Sheets are back!

Lake Norman Residential Real Estate Hot Sheet

December 19, 2008

Hot Sheet12/19/200810/24/20089/26/20088/22/20087/25/20086/27/2008
New Listings9110196120138142
Back-On-Market445032335455
Price Changes118210168238248212
Pending Sales232536446155
Sold242829334741
Conditional/Contingent141112212218

Continue reading

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Relocating? Life in Lake Norman

Lake Norman NC has SNOW skiing too!

Snow Skiing in North Carolina

My home buyers relocating or buying real estate in the Lake Norman area come here for the most part for the beauty, the mild weather and quality of life of lake living. Lake Norman is known for it’s great water sports including competitive water skiing. But, what many don’t know is that Lake Norman is only about 90 minutes from some great SNOW skiing as well. From downhill and slalom skiing for all levels, to snow boarding, ice skating and sledding our local Appalachian mountains have it all and they are truly an easy two-hour drive in most cases! Check out the Official Site of North Carolina Ski Areas

 

Continue reading

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lake norman real estate, The Real Estate Process, Home Buying and Selling Tips

Lake Norman Real Estate: What are “Seasonal Views”?

One of the first things you will discover as you begin your search for a home on or near Lake Norman is that there are myriad variations of “waterfront” and “waterview” homes.

Our Charlotte Regional Multiple Listing Service provides Lake Norman real estate professionals and home buyers and sellers with specific search catagories entitled “waterfront” and “waterview” but it is truly up to the listing agents to properly describe the type of waterfront (wide, main channel or cove) and the type of waterviews the property actually has.

The most common term you will find when looking for Lake Norman waterveiw homes is “seasonal”. So, what are seasonal waterviews?

Here are pictures of the view from my own waterview home taken in Spring, Summer, Fall and Winter: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: November Sales Oh My!

Lake Norman home with Fescue Lawn

 

November in Lake Norman is the month when we say goodbye to our recently over-seeded Fescue lawns (which remain green all winter but not nearly as they are in October in the photo above) and forests of tall green trees. This year, thanks to a cold snap with some serious wind and rain we only enjoyed the beautiful fall colors briefly before our trees went bare for the winter.

This November also left us with some serious concerns about the Lake Norman real estate market: Continue reading

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lake norman real estate

Best Real Estate Lake Norman is Back and Improved!

Lake Norman Boat Launch at Stumpy Creek

Over a month ago, on a Monday afternoon, I went to log in to my blog to finish my post on Lake Norman’s October real estate sales when I discovered to my horror that my entire blog was gone. After checking other real estate blogs throughout the country that I knew used the same host/server/designer as I, we all realized the server had crashed and the company was gone! For all intents and purposes almost two years worth of my Lake Norman related real estate and community articles were gone.

That launched a saga filled with more drama than you need to know or I’m sure care about. But, today I am thrilled to be back writing on my blog…with all 243 articles saved and the entire site re-designed and ready for an exciting future. You will notice some missing pictures and a few links that may not function but all of those will be completely fixed in the next several weeks. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: What do our October 2008 numbers tell us?

As I was preparing this summary of Lake Norman’s October housing market my curiosity got the better of me. While it is important to compare our sales to October 2007 we are now well ove a year in our Lake Norman real estate downturn and so I realized it is very important to now look at our sales in context of the past 4 years to get a grasp of the entire picture of our Lake Norman housing market. Continue reading

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Lake Norman News, Events and Celebrations, Relocating? Life in Lake Norman

Lake Norman Newcomers Drop-in at The EnergyExplorium on 11/19/08!

Lake Norman's Energy Explorium at the McGuire Nuclear Station

One of the disclosures our folksy Lake Norman real estate agent neglected to mention to my husband and I when we moved here in 2005 was that Duke Energy’s McGuire Nuclear Station (yes, a full-blown nuclear power plant) was just 9 miles away from our home…opps!

While the presence of a nuclear power plant on Lake Norman doesn’t seem to bother most home buyers, I do think it is important for them to know that it exists and be able to appease any concerns they may have. Every year Duke Energy sends out calendars to Lake Norman home owners with basic information about the plant and emergency exit plans. Continue reading

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lake norman real estate

Lake Norman Real Estate: A Reality Check

Danger:  Overpriced Listing! Lake Norman

The other day I asked the owner of RE/MAX  exactly what was selling right now. Her answer? “Bargains.” Getting her insight based upon the business of 70 agents further underscored my own feeling that the Lake Norman real estate market is much weaker than most sellers and even local Realtors grasp.

Important Signals from the Current Lake Norman Housing Market:

There are too many active listings in the Lake Norman area: We currently have 1623 active listings for sale in the Lake Norman area in our MLS. Based upon the current rate of sales this equals a 20.8 month of supply on homes for sale…we should have 6-8 months of listings.

Pending and recent sold numbers are still falling: This past month we sold 78 homes and there are 77 sales pending. (See links below to my market reports)

Foreclosures and auction sales are up: Builders are holding auctions for entire group of homes. Realtors are bundling foreclosures and holding auctions. There are now a good number of bank-owned homes for sale as well as listings in “pre-foreclosure” status.

Second appraisals are being required by lenders before closing: Just as I experienced in California in the early 1990’s recession, lenders are sometimes getting a second appraisal right before closing because of concern related to the declining home values. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: Friday Hot Sheet 10/24/08

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

October 24, 2008

Hot Sheet10/24/089/26/088/22/087/25/086/27/08 5/12/08
New Listings10196120138142189
Back- on Market503233545546
Price Changes210168186238248212
Pending Sales253644615549
Sold282933474145
Conditional /Contingent111221221818

 

My sixth bi-monthly Lake Norman Friday Hot Sheet is here!

Above is a chart with our Friday’s “hot sheet” numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from the past 5 months. Here are some highlights: Continue reading

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lake norman real estate

Lake Norman Real Estate: The Harbor Landing Community

Entrance to Harbor Landing Subdivision in Lake Norman

If you are looking for a newer Mooresville home in a well-maintained neighborhood on at least .5 acres and within walking distance to Lake Norman you would normally be looking at prices starting in the high $300,000’s on up to $10 million. That is what makes the Harbor Landing community so remarkable!

Beautiful Landscaping at Harbor Landing in Lake Norman

Harbor Landing is a small community of homes ranging is size from 1700 square feet to about 3000 square feet. Most of the homes are on at least 1/2 acre of well-maintained and landscaped lots.

Located off Perth Rd. just North of Hwy 150, this Mooresville community is close to the popular Lake Norman Schools, new Harris Teeter Shopping Center and within walking distance of Lake Norman!

209 Harbor Landing Drive

I just listed this charming 3 Bedroom 2.5 Bathroom Ranch, 209 Harbor Landing Drive,on .59 acres for only $259,900!

Build in 2000, this lovely home offers a wonderful, open floor plan and large rocking-chair front porch and large rear deck (seen in this photo).

View of Lake Norman From Stumpy Creek

Harbor Landing is within walking distance of the Stumpy Creek Park where you will find full-sized baseball diamonds, soccer fields, walking trails and public boat access to Lake Norman as pictured here.

Pride of ownership, larger lots, newer homes, close to shopping, great Lake Norman Schools and minutes from Lake Norman public access….and affordable prices! There are currently only two homes for sale in Harbor Landing which is another sign that once people move here, they don’t want to leave!

RELATED ARTICLES

Lake Norman Real Estate: Discover Fern Hill Road, Part 2

Lake Norman Real Estate: Discover Fern Hill Road, Part 1

The Silent Majority of Lake Norman Real Estate Part 1

Relocating to Lake Norman: Subdivision or No Subdivision

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Historic Downtown Mooresville, Relocating? Life in Lake Norman

Move over SoHo and NoDa, DoMo (Historic Downtown Mooresville) announces another exciting restaurant in Lake Norman!

J.J. Wasabi's at DoMo in Mooresville

I just got word from Joel, owner of the happening Joel’s Grill in the Harris Teeter Shopping Center on the Lake Norman side of Mooresville that he will be opening a new restaurant: J.J. Wasabi’s at “DoMo” in Historic Downtown Mooresville!

If you know Joel and/or have been to his popular restaurant Joel’s Grill you know that he doesn’t do anything that doesn’t include great food, high energy and fun that becomes a magnet for the who’s who of Lake Norman. I expect J.J. Wasabi’s, in addition to Soiree’’s new restaurant SPEED, to bring a fun, night life and sense of destination to our great Downtown Mooresville’s Main Street….now simply “DoMo”!

 

Future Location of J.J. Wasabi's at DoMo in Historic Downtown Mooresville

J.J. Wasabi’s at DoMo will be located at the wonderfully restored, yellowfront building on the corner of Main and Moore St.: 183 N. Main St. For more information: 704: 402-3548. joelsgrill@aol.com.

RELATED ARTICLES

27 Reasons to Visit Historic Downtown Mooresville Part 1

 Historic Downtown Mooresville: Mangan Martial Arts Gallery

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Lake Norman News, Events and Celebrations

Halloween Happenings in and Around Lake Norman 2008

 

Lake Norman area pumpkin patch

Every year at this time the Lake Norman area comes alive with pumpkin patches, Halloween festivities for all ages and homes decorated to welcome all of our young trick or treaters.

Perhaps it is because we are all trying to take our minds off of the Lake Norman real estate market and our national economic worries but it seems like this year the color orange is everywhere! Are you in searcch for a pumpkin patch? How about:

  • Carrigan Farms: Open 9-5 weekdays, 9-4 Saturday and 12-4 Sundays through Halloween. Pick a pumpkin, visit the animals and have some fresh apple cider. There are even hayrides every 20 minutes! 1261 Oak Ridge Farm Highway/N.C.150, Mooresville.
  • Fifth Annual Boy Scout Pumpkin Patch: Pumpkins and gourds of all shapes and sizes. 17115 Kenton Drive, Cornelius
  • The Great Pumpkin Patch for Missions: Pumpkins, decorative corn, gourds and more! Davidson United Methodist Church: 233 S. Main Street. Davidson.

Or, just look to any of our many local produce stands who are brimming over with pumpkins and decorations for your Lake Norman home! Continue reading

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Relocating? Life in Lake Norman

Lake Norman Real Estate: How to Harvest the Rain!

The good news is that many towns around Lake Norman are loosening their water restrictions thanks to some much needed rain this past summer. But, this doesn’t mean that we Lake Norman homeowners shouldn’t conserve water.

Mooresville’s Rain Barrel

Harvesting rain is one of the easiest and most instantly rewarding efforts when creating a “green” home. According to the Town of Mooresville who was selling these rain barrels last May , it takes just 1/4″ of rain to fill this 80 gallon barrel! (I’m not sure if they are still selling them but you can call them at 704.663.3800. I will provide other resources below.)

The practice of rainwater harvesting, the process of collecting rainwater that falls naturally and storing it for the future goes back to the ancient civilizations. But, thanks to modern technology, more homeowners, even in Lake Norman, are understanding the value of our environment and our water supplies and are creating water harvesting systems in their own yards.

The simplest and most common way to capture rain is by removing a downspout and positioning a water barrel on a flat, level surface to catch the rain as in the photo above.

More elavorate above ground systems designed by such companies as Rain Harvest Systems can use up to 10,000 gallon portable water storage tanks.

On Extreme Makeover Home Edition in Charlotte this past August, Aquaeras installed their automated rainwater collection system using this 1700 gallon underground tank. The system included a tank, pump and controller which can actually pump water to your irrigation systems or even for indoor use.

In Charlotte, Lifewater is a new company that installs rain harvesting systems as well as designs waterfalls, streams and ponds using rainwater. According to their owner, Scott Barfield, typical uses for rain water are:

  • Landscape irrigation
  • Laundry
  • Toilet flushing
  • Car washing
  • Filling pools and fountains

Whether you merely want to collect rainwater from you downspouts or want to include a complete system while building a new home, any effort to save our precious Lake Norman water is a great way towards creating your “green” home!

You can also find Rain Barrels at Home Depot, Lowe’s and many other online resources.  Just Google Rain Barrels!  Or, check out: RainBarrelSource and RainEscape

RELATED ARTICLES

Lake Norman Green Homes

Going Green in Lake Norman is No Longer a Lonely Experience!

Lake Norman Home Builders Association’s “The Lake” Magazine

How to Get Rid of Unwanted Catalogues and Help the Environment

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: 3rd Quarter Sales Analysis

Lake Norman waterfront homes

It probably does not surprise you that the Lake Norman real estate market is still feeling the affects of our serious national economic challenges as well as the struggling housing markets throughout the U.S. both emotionally and statistically.

To give you some real examples, I currently have about 20 extremely well-qualified buyers relocating to the Lake Norman area from throughout the country ranging in price from the $200,000’s up to $5 million. About one third are waiting for their homes to sell before they purchase their Lake Norman home but plan to move here as soon as possible once their home sells. The rest of my buyers are able to buy at anytime. They are either in the final stages of deciding whether to buy a home in Lake Norman or they are waiting to see signs that our market has hit bottom and/or the U.S economy has stabilized.

It is very important for everyone in the Lake Norman area, whether business owners or home owners, to understand that we have a very strong pipeline of future buyers and people planning to relocate here. Our future is truly very bright, we just have to be patient!

Lake Norman 3rd Quarter Home Sales Overview

IMPORTANT FINDINGS

  • Active Listings dropped slightly from our second quarter but still represent a 19.9 months of supply of homes for sale when factoring in our current number of home sales per month. Our number of homes for sale is 23% higher than one year ago.
  • We have 96 pending sales at this time versus 154 at this same time in 2007. This 38% drop indicates a continuing slowdown for the near future at least.
  • The number of Lake Norman homes sold in the past three months dropped 39% when compared to the 3rd quarter of 2007.
  • The 19.9 months of supply of homes for sale is more than double our 2007 number of 8.4 months of supply of inventory at the end of the third quarter.

3rd QUARTER LAKE NORMAN HOME SALES BY PRICE RANGE

Lake Norman 3rd Quarter Home Sales By Price Range

*All statistics are computed using data from the Charlotte Regional Multiple Listing Service

This chart is extremely useful to both Lake Norman home buyers AND home sellers as it enables you to focus on your own price range and size up the competition, the strengths and weaknesses, and trends that help to better position you to make an offer based on facts or determine a listing price that will generate the most showings and a quicker sale.

For example: If you are listing your home and it is valued at about $400,000, it would be much better to price it in the high $300,000’s than in the low $400,000s. Why? Because 46 homes in the $300,000’s sold last quarter and there are currently 233 homes for sale in the $300,000’s compared to only 35 homes that sold in the $400,000’s and 265 homes currently for sale. Wouldn’t you rather be in a price range where there are more sales and less competition?

Home buyers can also use this chart when determining where the greatest values are and what price range might provide the best opportunity for you to get a better “deal”. Let’s say you can go as high as $800,000. You might want to look at homes in the mid $800,000’s as well as the $700,000’s because the homes in the $800,000’s are taking much longer to sell and there is a 34.3 months of supply of homes for sale. These numbers indicate that this is a very slow price range and sellers may be willing to come down further on their sales price.

The good news: 63.6% of all Lake Norman home sales last quarter were under $500,000 compared to 70% last quarter. While our higher priced home sales are still struggling far more than the lower price ranges, the Lake Norman luxury home market has improved slightly as has our average sales price.

My advice? Sellers, price your home to sell, even if that means below the last sale in your neighborhood…don’t “chase” the market down by starting high and then having to do numerous price reductions. Homes that are priced properly are selling. The rule of thumb is that if you aren’t getting showings, especially second showings then chances are your home is priced too high or it is not “staged” to be in move-in condition.

Buyers, prices are coming down. Builders as sitting on too much inventory and are motivated to sell. Homeowners who have to move are motivated to sell. Do your homework and you will find some great values in our Lake Norman real estate market!

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

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Lake Norman News, Events and Celebrations

Lake Norman’s Brawley School Road Widening to begin October 27th!

Brawley School Road Widening

Even when my husband and I bought our much loved Lake Norman home on the Brawley School Rd. Peninsula in 2005, there was nothing but talk about traffic and the proposed widening of Brawley School Rd. There seemed to be a bias against even living here which has probably had a some degree of a negative impact on the area real estate values and home sales for the past several years.

Brawley School Road Widening

The good news is that the utility poles have been moved, the trees have been cut down (see above), the businesses, structures and homes have been leveled and the water and sewer work completed.

According to the Mooresville Tribune, the official widening construction begins on Monday October 27th!

The North Carolina Department of Transportation was expected to award the first of two contracts this past week. Once approved, work is expected to begin Monday, October 27th.

More good news is that much of the work, according to Steve Abbot of the NC DOT, will take place between 7pm and 7am Monday through Saturday. The entire project will include signals at all major intersections, grading, draining, and paving of FOUR lanes divided by a grass median.

I truly believe that Lake Norman’s Brawley School Road peninsula has the most interesting, impressive and eclectic real estate, homes and communities in the entire Lake Norman area. It is on our peninsula that you will find the Crescent Communities of The Point, The Farms, The Harbour at the Point, North Shore and Pine Isle as well as an incredible array of waterfront homes along the shorelines of Isle of Pines Rd., Chuckwood Rd., McKendree Rd., Blume Rd all the way down to the end of the “8-mile Peninsula”.

If you live down Brawley School road or are considering buying a home on the peninsula, this truly is great news. While the entire project is not expected to be completed until July of 2011 and while we homeowners will face some challenges during the construction if we are just a bit patient the end result is going to be well worth it!

RELATED ARTICLES

Is ‘The Point’ Lake Normans Ulitmate Luxury Home Community

Lake Norman Real Estate: The McKendree Road Neighborhoods

The Silent Majority of Lake Norman Real Estate

Relocating to Mooresville Lake Norman; Subdivision or No Subdivision?

The Farms; A Crescent Community with a Country Feel

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Historic Downtown Mooresville, Lake Norman News, Events and Celebrations

Mooresville’s Second Annual Historic Tour of Homes October 17-19 2008!

 

Mooresville Historic Home on Museum Home Tour

For those of you interested in seeing some of Lake Norman’s historic homes, mark your calendars for October 17-19!  Thanks to such great success last year, once again Mooresville is holding The Second Annual Historic Mooresville Tour of Homes. Sponsored by the Mooresville Historic Preservation Commission and DEJ Realty, this event was created last year as a way to promote Historic Downtown Mooresville. Proceeds of the event benefit the Mooresville Historic Preservation and The Mooresville Museum.

VIP Reception

This year the VIP Reception is being held in the spectacular J.A. Stewart house located on 832 North Main Street on Friday evening, October 17th from 6-9pm. Soiree Restaurant (located in Historic Downtown Mooresville) and Say Cheese at the Grapevine will be catering the evening reception. Tickets are limited and may be purchased for $40 at the locations on their website: Historic Mooresville Tour of Homes.

The Home Tours

All of the homes on the tour are located in downtown Mooresville. The tour hours are:

  • Saturday, October 18th: 10am – 6pm
  • Sunday, October 19th: 1pm – 5pm

 

Tickets are $12 in advance or $15 on the day of the event. Parking and ticket information is also on their website: Historic Mooresville Tour of Homes.

The Homes on Tour:

  1. 334 West Center Avenue: The Ernest Henry Miller House (1898)
  2. 318 West Center Avenue: The W.M. Lentz House (1884)
  3. 351 West Center Avenue: The Zebulon Turlington House (1906)
  4. 832 North Main Street: The J.A. Stewart House (1896)
  5. 329 South Academy Street: The Annie Rankin Carr House (1902)
  6. 335 South Academy Street: The Mary Howard Rankin Turlington House (1902)
  7. 354 South Academy Street: The C.L. Emiston House (1920’s)
  8. 318 West Wilson Avenue: The Davidson House (Turn-of-the-Century)
  9. 419 Harris Street: Mooreville Mill Village (1917)
  10. 328 Messick Street: Mooresville Mill Village (Early 1920’s)

 

This group of homes will provide an opportunity for historic home enthusiasts to see everything from small Mill homes to the grand estate on Main Street. Visitors can start and stop at any home on the tour. The tours are given in groups led by an experienced docent (I will be a docent at 329 South Academy on Saturday so be sure and say hi!) so that you learn about the special characteristics of each home as well as some fun history.

If you have been visiting this Lake Norman Real Estate Blogsite for very long you know I love our Historic Downtown Mooresville and I truly hope this opportunity to see so many wonderful historic homes will encourage more of our Lake Norman home owners to venture east a bit and learn more about our historic part of town!

RELATED ARTICLES

Relocating to Mooresville NC

27 Reasons to Visit Historic Downtown Mooresville

Lake Norman Real Estate: Our Schizophrenic Communities

Does Lake Norman Have Affordable Housing?

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Just the facts about Lake Norman

Lake Norman Real Estate: Lake Levels, Rain and Drought

Boating on Lake Norman and view of waterfront homes

One of the most common questions I am asked, especially by my buyers relocating to the Lake Norman Area, is whether we have flooding, particularly our watarfront properties.

Another question, although not as prevalent these days as it was a year ago when Lake Norman’s water levels were quite low, is about our drought.

About Lake Norman’s Water Levels

If you are thinking about buying waterfront real estate on Lake Norman, the very best source of information about the lake’s water levels AND local drought conditions and water management is the Duke Energy website.

It is important for potential watarfront home owners to understand that Duke-Energy controls and monitors Lake Norman’s water levels which are updated about every 20 minutes on their website.

Full Pond is when “the water begins to spill over the flood gate or spillway. For the purposes of lake levels, we call this level 100 feet.”

Target levels are a forecast of where Duke-Energy expects water levels to be.

Actual is the very lates reading.

According to the reading as of the time of writing this post, Lake Norman’s actual reading is 97.5 and the target is 98.

The MAXIMIUM level is Full Pond. Duke-Energy controls excessive water levels by anticipating upcoming storms and lowering the lake levels slightly as they did during the past several tropical storms, AND by releasing water when levels rise about target levels. See Duke-Energy Lake Message for more information, updates and contact information.

Many of our waterfront homes on Lake Norman are just several feet above full-pond and to my knowledge have never experienced flooding caused by the high lake levels because once the levels hit 100 the water flows over the top of the flood gates or is released by Duke Energy. Always ask the seller for specifics about their home!)

Where flooding does occur in our area is in low-lying areas that are in flood zones or have watershed land next to their homes. It is important, before buying your Lake Norman home, to check with your insurance company to find out if the property is in a flood zone. This information may be disclosed by the seller as well on the NC Property Disclosure.

Update on our drought conditions

There was some very good news this week related to our drought conditions. Thanks to recent rains, Lake Norman is now in the beige area on this North Carolina Drought Map which means we have gone from Extreme Drought to Moderate Drought. Water restrictions have been eased by the counties surrounding Lake Norman. Duke Energy is allowing lake pump use 2 days a week through November 30, 2008. (See their Drought Update.)

We just got approximately 1.2? of rain in the past two days so things are looking good!

I try to check these sites on a regular basis and recommend that if you do so as well!

RELATED ARTICLES

Lake Norman Relocation Resources

Relocating to Lake Norman

Relocating to Lake Norman: What you should consider before buying real estate Part 1

Relocating to Lake Norman: What you should know before buying real estate Part 2

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Lake Norman Real Estate Market Reports

Lake Norman Home Sales: Friday Hot Sheet 9/26/08

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

September 26, 2008

Hot Sheet9/26/089/12/088/22/087/25/086/27/08 5/12/08
New Listings96117120138142189
Back- on Market326033545546
Price Changes168188186238248212
Pending Sales364444615549
Sold293333474145
Conditional /Contingent121521221818

 

My sixth bi-monthly Lake Norman Friday Hot Sheet is here!

Above is a chart with our Friday’s “hot sheet” numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from two weeks ago and earlier this year. Here are some highlights:

  • Our pending and number of closed sales were both down to all time lows. Pending home sales dropped by -18% compared to two weeks ago and closed sales dropped -12%.
  • New listings were down to an all time low. Inventory is continuing to inch downward which is a positive sign!
  • The number of Lake Norman listings coming back-on-the-market dropped significantly after a spike two weeks ago. It is good to see this number drop back to about the same levels as August and the lowest so far since I started doing these reports. While our home sales have gone down, it looks like those that are selling are “sticking”. Perhaps our current Lake Norman home buyers are more qualified, having less difficulty getting financing and more committed to purchasing the homes.
  • The number of price changes also dropped to a new low. Are sellers reaching a point where they can’t or won’t drop their prices any further? I actually saw a builder RAISE the listing price of one of their estates in The Point. According to the listing agent, the builder decided to put the home price back to where it was and wait out the market rather than take a loss/break even.
  • Pending home sales dropped -18% as I stated above. This may be an indication that we are not going to get our usual September/October bump up in sales before the holiday slowdown.
  • Solds (Lake Norman home sales contracts that closed in the past two weeks) dropped -12%. This summer we have been seeing an average of about -50% in sales versus the same periods in 2007. Clearly, the Lake Norman real estate market is a buyers’ market!
  • Contingent and Conditional Sales dropped to another all time low; down 20% from the last Hot Sheet. These numbers are Lake Norman home sales just put under contract which would seem to indicated that our overall Lake Norman real estate market is still be trending downward.

The good news is that the inventory of Lake Norman active listings is dropping. Most pundits conclude that until the inventory of homes for sale drops back down to a 8-10 month supply on hand, we will continue to be in a buyers market. Considering the incredible national financial crisis playing out today in Washington DC, I am encouraged by the drop in the number of homes that went back on the market.

Despite it all, homes that are priced properly and are in excellent condition or a great “buy” are selling. Personally, I showed 3 sets of out-of-state buyers homes this week. Short term we will continue to struggle but there is no doubt that there are many buyers looking forward to moving to Lake Norman in the future.

Have a great weekend!

 

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

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lake norman real estate

Lake Norman Real Estate: The Villages at Isle of Pines for Active Adults

Entrance to The Villages at Isle of Pines in Lake Norman

For home buyers 55+ years old looking for a retirement home in a small Lake Norman housing community, The Villages at Isle of Pines just may be exactly what you are looking for, especially if you want new construction and are not ready to compromise on the size and sense of privacy and independence!

The Villages at Isle of Pines is a new construction, age qualified (55+) community nestled in the heart of Lake Norman’s Brawley School Peninsula. They offer 7 single family home floor plans on 24 2/3-acre home sites that range in size from 1517 to 2694 square feet and offer 3 or 4 bedrooms and 2-3 car garages.

Features of these homes include:

  • Open floor plans
  • Low Maintenance Designs
  • 2 and 3 car garages
  • Cathedral or Tray Ceilings
  • Floored Attic Storage
  • Cable and Telephone Ready
  • Separate Laundry Area
  • Natural Gas Heat and Hot Water
  • RV and Boat Storage options available

A completed home in The Villages at Isle of PinesHomeowners at the Villages of Isle of Pines own their own home and land yet the outside yard maintenance is provided by the Homeowners Association. You can lock up and go any time without worrying about your garden.

At the same time, you are close to public boat access for Lake Norman and all of the Lake Norman recreational activities from sailing to fishing, golf (Memberships available at The Point Lake and Golf Club), Mooresville’s wonderful shopping and restaurants, health care and services and you are located about 35 miles from downtown Charlotte.

There are three homes currently available from $343,500 to $393,990 as well as a number of lots if you wish to build your own home.

If you are going to be new to the Mooresville Lake Norman area, I highly recommend that you visit the beautiful, new Mooresville South Iredell Senior Center which offers an amazing array of sports, recreation and social activities as well as senior services and counseling.

 

RELATED ARTICLES

Learn About Lake Norman from THE Expert: Gus Gustafson

Lake Norman Reaches Out to Newcomers of all Ages

Lake Norman Relocation Resources

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Lake Norman News, Events and Celebrations

The 6th Annual Denver Days Fall Festival , Lake Norman’s Old-Fashioned County Fair

Lake Norman Denver Days Fall Festival Poster

This weekend, September 26th and 27th, is Lake Norman’s much anticipated Denver Days Fall Festival which will be packed with fun and entertainment for the entire family!

A fundraiser for the community of Denver in Lincoln County, the Denver Days non-profit organization was created to raise awareness of the south western Lincoln County communities of Lake Norman, raise funds for the local high school booster club and to put donations aside for the future with the goal of developing a community park in Denver where many events such as Denver Days can be held.

Tomorrow, Wednesday, September 24th and Thursday, the event will hold a pre-festival series of events from 5pm to 10 pm geared especially for families and children:

Wednesday Sept. 24th:

  • 5-9pm Student Fun Night: All rides are one low price!
  • Gospel and Inspirational Music Night

 

Thursday Sept. 25th:

  • 12 noon – 2pm: Special Festival Fun Day for Lincoln County Exceptional Students
  • 5 – 9pm: Student Fun Night: All rides are one low price again!
  • Classic Car Cruise-in fundraiser for the BRAKES Foundation (Be Responsible and Keep Everyone Safe).
  • Nightfall drive-in music

 

The main event opens on Friday, September 26th at 4pm.

Friday Sept 26th:

  • 4pm – 11pm: Festival rides, Local music and entertainment
  • Confederate Railroad

Saturday Sept. 27th:

  • 10:00am – 11:00pm Festival rides, Local music and entertainment
  • Poker Run Parade of Bikes (Motorcycles, that is!)
  • The Fantastic Shakers
  • Marshall Tucker Band

The over 250 booths and food vendors will be offering everything from funnel cakes, fried turkey legs, hamburgers to teriyaki and even a beer garden! Learn about community clubs, companies, charities and even the local hospital who will all be there giving out information. Or shop for hand-crafted items like jewelry, carved wood, candles and clothes.

The Denver Days Festival is located at Highway 16 and Triangle Circle on about 80 acres. For directions and more detailed information go to: Denver Days Fall Festival.

LEARN MORE ABOUT LIFE IN LAKE NORMAN

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

60 Things You Should Know About Life in Lake Norman, Part 1

Lake Norman has Gone to the Dogs…and Cats!

Learn About Lake Norman from THE Expert: Gus Gustafson

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lake norman real estate

Lake Norman Real Estate: The New Community of Chesapeake Point in Mooresville

The Front Entrance to Chesapeake Pointe in Mooresville

With approximately 100 home sites, the new development Chesapeake Pointe located down Isle of Pines in Mooresville is one of Lake Norman’s larger new construction home sites on the east side of the lake. The completed roads wander through the forest of trees from Isle of Pines to the North Shore waterfront subdivision. The up to 1 acre home sites are literally carved out of the trees. It’s hard to tell since it is brand new just how many trees will remain once completed but I’m hoping it will retain it’s private, woodsy feel.

In 2014, Chesapeake Pointe was taken over by PeachTree Residential Properties after struggling during the recession and changing builders several times.  There are now quite a few homes completed with various styles and price ranges.  The Amenities, including the pool, are completed as well.

This is the  original model home:

Model Home at Chesapeake Pointe

 RELATED ARTICLES

Lake Norman Real Estate: Discover Fern Hill Road, Part 1

The Silent Majority of Lake Norman Real Estate Part 1

The Harbour at The Pointe; A Popular Lake Norman Subdivision  

Relocating to Lake Norman: Subdivision or No Subdivision

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Relocating? Life in Lake Norman

Lake Norman’s Cool Breeze Cyclery: It’s not just about the bikes!

Cool Breeze Cyclery Shop in Mooresville Lake Norman

Our first day in Lake Norman, my husband and I decided to visit Historic Downtown Mooresville. As we strolled along we happened upon Cool Breeze Cyclery (in it’s former location before expanding to their new Exit 33 location) and ventured in to see if we could learn about the area cycling since my husband has raced bikes for over 15 years.

Cervelo Vroomen-White Design

Relocating from Southern California to Lake Norman, we had no idea what kind of cycling and cyclists existed. Seeing such brands as Serotta, Cervelo and Trek, we knew Cool Breeze Cyclery was for serious cyclists.

It turns out that Cool Breeze Cyclery is much more than just a bike shop! Yes, they have “the broadest in-stock selection of bikes in the region”, they offer Expert Bio-Mechanical Fitting, they have an excellent service department and sell all of the cycling clothing, accessories and safety gear for both men and women.

 Woman Triathlete

But, they also cater to Triathletes, providing all of the multi-sports gear needed and with a full-time multi-sports coach on staff, the expertise as well. Their store located in the Gateway Plaza at Exit 33 has a fitness/personal training studio where they offer personal training and small group training sessions as well.

If you are serious about your fitness, Cool Breeze also has the science and technology to maximize your efforts:

  • Resting Metabolic Rate Test
  • Exercise Metabolic Assessment
  • Peak Oxygen Uptake (VO2 max)
  • Body Fat Analysis
  • Computrainer
  • Exercise Metabolic Specific Zone Classes
  • Nutrition
  • Weight Management
  • The New Leaf Metabolic Assessment Profile

The expert staff will evaluate your fitness, provide you with valuable feedback and give you “the tools to help you achieve your goals, from workouts to meal plans.”

Cool Breeze Cyclery Shop in Mooresville Lake Norman

In the interest of full disclosure to those of you who are considering moving to Lake Norman, this is NOT currently a road bike-friendly area. The lack of shoulders and narrow roads provide minimal, safe cycling for even the most experienced. My husband has figured out his daily 30-mile ride along the lake avoiding the main roads entirely but commuting by bike would be pretty risky.

Cool Breeze does has weekly group rides, organized by ability levels. Most of these rides are at the Lake Norman State Park or in the bicycle-friendly roads of Davidson and around the business park in Huntersville. (They have a full calendar on their website.)

There are also several fundraising events each year, the most notable being “Ride the Lake”, a 12-100 mile ride created to raise funds for the Lake Norman Red Cross.

You will find all of this information and more when you visit Cool Breeze Cyclery as almost all of the staff are actively involved in our cycling community.

For those of you living on the South end of Lake Norman, Cool Breeze Cyclery is opening a second store “Trek Bike Store of Charlotte” in mid November. It is located just off Exit 18 and across from the North Lake Mall. You can find more information about it on the Cool Breeze website as well.

Please stay tuned for Part 2 of this cycling series of articles which will go into great detail about the local towns’ bike-friendly plans as well as information about current bike paths and those planned for the future around Lake Norman.

RELATED ARTICLES and LINKS

Cool Breeze Cyclery “Bike Speak” Forum

Charlotte Dirt Diva’s for Women!

North Carolina Triathlon Calendar

Itusi Trail in Lake Norman State Park

Tarheel Trailblazers Mountain Biking Club: Area Links

Are You Ready to Navigate the Waters of Lake Norman

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate: “The Point” : A Case Study #2

The Point and Trump National Golf Club Entance

Several weeks ago I wrote an article Finding the Truth About Lake Norman’s Housing Market: A Case StudyIt got such a great response and I learned so much preparing it that I decided to do another one, this time on our beautiful, upscale Crescent Homes Community: The Point.

In these real estate “case studies” I use our Multiple Listing Services Archives to research the actual original listing price and listing date to determine exactly how long a home was on the market before it sold and the actual listing to sales price percentage. The need for this effort stems from the common practice of agents taking a listing off of the market and then listing it as NEW when doing a price reduction. While this is helpful to the home seller because it allows their listing agent to market it as new, it makes it nearly impossible for someone to quickly do an accurate comparative market analysis because our MLS system only gives us the most recent listing prices and listing dates. Hence, the need for the archive search below.

Case Study #2: The Point in Lake Norman

Step One:

Do a quick search on the MLS for the past three months including the number of active listings, pendings and solds. The Point currently has 123 active listings, 5 pending sales and 9 homes sold since June 15, 2008. This means that at the current rate of sales The Point has about a 41-month supply of inventory. The overall Lake Norman real estate market has about a 28-month supply of inventory so right now The Point has a seriously high number of listings compared to their rate of sales. You will note in the report below that the average days on the market are VERY high.

Step Two:

This is probably THE MOST IMPORTANT step in this process. As a Realtor, I can do an “Archive” search on each for the properties sold in the past 3 months AND the home you are thinking about purchasing. An archive search in our MLS database tells us the entire history of the property including previous sales, the actual initial listing date, the actual initial listing price, the number of price reductions and the final sales price. This is the only way to find out the real MLS listing data for a given property. (Even this is only as accurate as our MLS so there will be errors.)

Step Three:

Using this archive information, calculate the actual days on the market and the actual % of the sales price versus the first listing price for each comparable property. This is what I found about the 9 sales at The Point:

Listing PriceSales Price% ChangeDays on Market
1$819,000$747,500-8.7%

8/28/06 -7/22/08

2$995,820$812,000-18.5%12/5/06 – 9/12/08
3$815,900$831,715*+2%10/3/07 – 6/24/08
4$895,000$852,500-4.7%6/26/07 – 7/17/08
5$948,500$865,000-8.8%1/26/07 – 8/7/08
6$965,000$925,000-4.1%3/28/06 – 7/3/08
7$1,749,000$1,625,000-7.1%9/9/07 – 7/21/08
8$1,750,000$1,550,000-12.9%5/16/08 -7/29/08
9$3,250,000$2,900,000-10.8%10/5/07 – 8/25/08
Average$1,354,247$1,234,302-8.9%428 Days

*Note: This property included the purchase of a boatslip not included in the original price

** Note: Sales #2,3,4,6, were new construction so the days on market include construction time

Step Five:

Before making on offer there is one more thing to do if your are considering a re-sale home: research the tax records to find out as much as possible about the current owners: When did they buy, what was the purchase price, and, if possible, what is the loan amount.

Summary:

I was actually quite surprised by these findings. Despite the extremely high number of active listings and average days these 9 properties took to sell, the average list to sales price of a home in The Point was only -8.9% with a high of -18.5% and one sale that actually went over asking due to an added boatslip.

One additional observation: Several of these homes sat at their highest listing price for the bulk of their days on the market. Once reduced, they did sell within a couple of months.

Of the 5 pending home sales in The Point right now, 3 are in the $700,000’s and 2 are above $1 million.

It does appear that sellers at The Point, whether builders or individual homeowners, seem to be willing to have their homes or estates on the market for over a year without making significant price reductions. Whether this trend will continue remains to be seen. With over 3 years of supply of active listings based upon the current rate of sales I would predict that prices will come down further until the number of homes for sale drops to about a 1 year supply on hand.

RELATED ARTICLES

Is ‘The Point’ Lake Normans Ulitmate Luxury Home Community?

The Peninsula in Cornelius: A Lake Norman Luxury Community

Lake Norman Waterfront Home Buyers: Before Buying, See it by Boat!L

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Lake Norman waterfront homes

Lake Norman Real Estate: Waterfront Home Sales Update 9/15/08

Lake Norman Waterfront Estate in Mooresville

Waterfront homes on Lake Norman historically have marched to the beat of a different drummer. Until about March of 2007 our waterfront homes and lots were appreciating at a much faster rate than the non-waterfront homes throughout the Lake Norman area. Because we have a finite number of watefront lots/homes, the limited supply and high demand is in stark contrast to most of the greater Lake Norman area where land is still plentiful. Traditionally, the average price of a Lake Norman home is about twice the price of a waterview home and more than double the price of a home without a waterview or lake access/boatslip.

2008 Spring/Summer Waterfront Trends

9/15/087/18/084/29/08
Active Listings578621537
Conditional & Pending Listings403826

3 Month Sales 2008 Versus 2007

6/15/08 – 9/15/086/15/07 – 9/15/07% Change
Units Sold4575-40%
Average Sales Price$1,037,294$855,148+21%

Summary:

 

  • The number of active waterfront listings dropped slightly (7%) since July which is a good thing. However we still have a 38.5 months of supply which is about 4 times what we should have in a balanced market but an improvement over my last waterfront market report.
  • The number of Conditional, Contingent and Pending sales are slightly higher than July and almost double our April numbers
  • The number of closed sales for the same 3-month period in 2008 versus 2007 dropped 40% which is actually better when compared to the entire Lake Norman homes sales but still not a good trend.
  • The average sales price in this same period increased by 21%! We had 11 properties at $1 Million+ or 24% of our sales and 5 of these were over $2 Million with one sale @ $4.7 million. In the same period last year we had 17 sales $1 Million+ or 22.6% with only 3 sales at or above $2 million.

Recently I have been showing waterfront properties in just about every price range. What I have noticed is some significant price reductions in the lowest priced waterfront homes on up to about $1 million. Many of the homes are vacant with listing agents indicating that the sellers are very motivated.

In the higher-end waterfront homes I am not seeing as many price reductions. However, it is worth noting that the property that sold for $4,700,000 had a listing price of $5.7 million…so they negotiated a sale for $1 million less than the listing price.

While not a huge difference, we may just be seeing the first signs of improvement in our Lake Norman real estate market. Perhaps our waterfront homes will be the first to trend upward. We will watch and see!

* Special thank you to Chris Lowery for the use of his photo

RELATED ARTICLES

Before Buying a Lake Norman Waterfront Home, See it By Boat!

Is ‘The Point’ Lake Normans Ulitmate Luxury Home Community?

Lake Norman Luxury Real Estate : The intimate private community of West View

A Lake Norman Sanctuary: A Lake Home with a Craftsman Feel

Lake Normans Cornelius: From small village to posh suburb

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Lake Norman Real Estate Announces “Lake Norman Green Homes:!

Lake Norman is part of the Green World

I must admit that the “green” movement as it relates to real estate and homes in our beautiful Lake Norman area has been a bit under the radar screen when compared to such Eco-friendly communites as Ashville NC and many others throughout the country.

But, this year, with the creation of the Lake Norman Home Builders Associations’ Green Building Council, the certification of Brian Robinett of LKN builders as Lake Norman’s first certified green “rater” and the completion and home tour of Project Live Green by Jenny Pippin of Pippin Home Design, it feels like Lake Norman is beginning to embrace green homes.

My own interest in the Green movement inspired me to get my “EcoBroker” Certification, get the National Association of Realtors Green Designation, get the Certified Green Professional designation from the National Association of Home Builders, join the Lake Norman Home Builders Association’s Green Building Council and create an exciting new blogsite “Lake Norman Green Homes”.

Lake Norman Green Homes

My plan is for Lake Norman Green Homes to become THE site for all things Green in the greater Lake Norman area. I have invited the community, builders and anyone involved in energy efficiency or any areas falling under the Green umbrella to partner with me in order to make Lake Norman Green Homes the most interesting and comprehensive “Green” blogsite in the entire Lake Norman area.

If you have any suggestions for topics or would like to participate in this site, please email me at: diane@dianeaurit.com.

RELATED ARTICLES/LINKS

Lake Norman Green Homes

Going Green in Lake Norman is No Longer a Lonely Experience!

How to Get Rid of Unwanted Catalogues and Help the Environment

Blog Action Day: How Going Green Can Save Lake Norman

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: Friday Hot Sheet 9/12/08

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

September 12, 2008

Hot Sheet9/12/088/22/087/25/086/27/08 5/12/08 4/12/08
New Listings117120138142189169
Back- on Market603354554642
Price Changes188186238248212204
Pending Sales444461554937
Sold333347414544
Conditional /Contingent152122181817

 

My fifth bi-monthly Lake Norman Friday Hot Sheet is here!

Above is a chart with Friday’s “hot sheet” numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from three weeks ago and earlier this year. Here are some highlights:

  • Our pending and number of closed sales are identical to three weeks ago. While these are the lowest since April, because this includes Labor Day and back-to-school I see this as a sign that our market has stabilized a bit.
  • New listings were down to an all time low. Inventory is continuing to inch downward which is a positive sign.
  • The number of Lake Norman listings coming back-on-the-market hit an all time HIGH, increasing by 82% versus the last Hot Sheet. This certainly indicates increased instability in our real estate market perhaps due to the lack of confidence of buyers and the challenging mortgage market. Lenders have tightened up significantly. Buyers are finding out that they are not able to get the loans they expected to get in some cases which may be contributing to this very high rate of cancelled contracts.
  • The number of price changes was almost identical to the last Hot Sheet. I continue to see some significant price reductions on homes I have been showing…sometimes as much as 20% or more. (See my Case Study…link below)
  • Pending sales, equal to the last Hot Sheet, remain low. No serious indication of change in our sales trends.
  • Solds (Lake Norman home sales contracts that closed in the past two weeks) were identical to the last Hot Sheet. Stability perhaps but these are very low numbers!
  • Contingent and Conditional Sales dropped to an all time low; down 29% from the last Hot Sheet. These numbers are Lake Norman home sales just put under contract which would seem to indicated that our overall Lake Norman real estate market may still be trending downward.

Unlike earlier Hot Sheets, I am hard-pressed to see a silver lining in these statistics. It is good that we are still seeing significant price changes and that our inventory of Lake Norman homes for sale is beginning to decrease. However, the most troubling number today is the number of contracts that were canceled. Almost twice as many contracts were canceled as were closed which is highly unusual. Hopefully the bailout of Freddie Mac and Fannie Mae and the resulting wonderful drop of mortgage interest rates that we saw this week will help more Lake Norman home buyers not just qualify but enable them to actually get good loans!

Have a great weekend!

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

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Lake Norman News, Events and Celebrations

Awesome Lake Norman Wakeboarding Contest on September 20-21st!

Lake Norman Wakeboarder in mid air~

When one dreams of buying a home on Lake Norman, most probably envision the beautiful lake surrounded by homes and estates nestled among tall trees, perhaps sitting on your deck with a sweet tea or cool beer watching the boats go by.

Many of my home buyers thinking about relocating to Lake Norman have more specific goals related to serious recreational sports, from water skiing (we have slalom courses), to kiteboarding to wakeboarding to competitive jet skiing.

At the longtime annual Wake the Lake coming up on September 20th – 21st expect to see an awesome display of both amateur and pro wakeboarders right here on Lake Norman! Hosted by our Lake Norman favorite hangout Vinnie’s Raw Bar and sponsored by Mastercraft of Charlotte and IcyWaves Surf Shop, they are promising that is will be the “biggest and best” ever!

Carolina Wake Series , according to their website, was “founded on the idea of “by riders for riders”. Their events like Wake at the Lake offer great competition and prizes which is why it attracts the top riders.

 

Here is a fun example of what you can expect to see!

RELATED ARTICLES

Lake Norman Relocation Resources

Learn About Lake Norman from THE Expert: Gus Gustafson

Are You Ready to Navigate the Waters of Lake Norman?

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lake norman real estate

Lake Norman Real Estate: Morrison Plantation; Another Urban Village

Town Homes at Mooresville's Morrison Plantation

Unlike Birkdale Village ,  the Mooresville Village in Morrison Plantation doesn’t get nearly the attention yet also offers new and resale live/work style townhomes in an urban village type community where one can walk to shopping and amenities. Located in the Harris Teeter Shopping Center on Williamson Road, Morrison Plantation is a community of Georgetown-inspired townhomes and live/work townhomes that lie just above retail shops.

Shops along Mooresville Village at Morrison Plantation

When Morrison Plantation first broke ground in the early 2000’s there wasn’t much around the townhomes but since then the entire area has exploded with growth including the brand new Lowes YMCA just a half-mile walk away, the newly expanded and upgraded upscale Harris Teeter market, Starbucks, numerous banks, the post office, cleaners, and a great variety of restaurants from Joel’s Asian Grill…THE happening sushi/asian restauant and full bar, The Salad Works, BluStar Grill, Brooklyn Boys PizzaBrusters Ice Cream where they have weekly “cruise in” car shows during the summer, and many other shops and services.

Phase 11 at Mooresville Village Morrison Plantation

The 11th and final phase of live/work style condominium style town homes is under construction. They have only 11 units ranging from the $260,000’s to $350,000’s currently available. Ranging in from 2 to 3 bedrooms, 1778 to 2368 square feet, these brick-front Georgian town homes are expected to be completed by 12/31/08.

Or, if you prefer one of the resale town homes, there are currently 15 units on the market ranging in price from $194,900 – $350,000. Many of the earlier phases have a one-car detached garage and small rear garden as well.

If you want to be able to walk to your local markets, restaurants and services, Morrison Plantation is another Lake Norman option that is already built and move-in ready!

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

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Lake Norman waterfront homes, Relocating? Life in Lake Norman

The Peninsula in Cornelius, a luxury Lake Norman Community

Waterfront Italian Villa in The Peninsula in Cornellius

 

There is no doubt that the two most talked about real estate communities in Lake Norman are The Point in Mooresville and The Peninsula in Cornelius.

Both offer spectacular waterfront estates and the best of Crescent Communities amenities including renowned golf courses, tennis, swimming pools and myriad activities.

The Peninsula was build before The Point, so the neighborhoods are more established for the most part and it is almost completely built out with only a few new

homesites still available.

The Peninsula Yacht Club on Lake Norman

Located in Cornelius, The Peninsula is only about 23 miles from Charlotte yet has the benefits of two great clubs, the beautiful Peninsula Yacht Club, and The Peninsula Golf Club .

The Yacht Club offers a state-of-the-art marina with 400 boat slips, fine dining in the Yacht Club dining room overlooking the marina, and a competition sized swimming pool plus activities and boating classes.

The Peninsula Golf Club offers an 18-hole championship course designed by Rees Jones, recreational facilities at the Swim and Tennis Center, and a 35,000 square foot private clubhouse overlooking Lake Norman and the golf course.

Looking for hiking and nature trails? Beautiful Jetton Park is also right in their neighborhood!

There are currently 76 active listings in The Peninsula ranging in price from $432,000 to $3790,000. 48 of the 76 active listings are $1 million+.

I have found that The Peninsula and The Point are different enough that when my buyers tour both they usually decide to look seriously in only one of them. They each have their own personality and culture which is hard to describe until you see them in person!

RELATED ARTICLES

Before Buying a Lake Norman Waterfront Home, See it by Boat!

 Is ‘The Point’ Lake Normans Ulitmate Luxury Home Community?

Lake Norman Luxury Real Estate Market: The intimate private community of West View

A Lake Norman Sanctuary: A Lake Home with a Craftsman Feel

Lake Normans Cornelius: From small village to posh suburb

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: What Does August Tell Us?

Analyzing graphs and charts

Our Lake Norman real estate market is constantly in motion. I hear so many opinions from fellow Realtors here that I find myself turning to the MLS data regularly to see if there are any significant signs of change I can share with you.

August felt like a market that, while struggling, was beginning to show signs that home sellers and builders “get it”. Price reductions have been more significant and more frequent. Sellers that are not serious are pulling their homes off of the market choosing to wait it out. Those less fortunate, both sellers and builders, are now more frequently going into foreclosure, short sales or, at the very least, making substantial reductions before selling. Of course, sellers that priced a property correctly are still selling quickly.

Here is a snapshot look at our just completed month of August:

LAKE NORMAN AUGUST HOUSING REPORT

Lake Norman2008Average $DOM2007%+/-Ave $%+/-DOM%+/-
Active Listings1716$735,024145
Contingent16$373,024158
Conditional30$962,500177
Pending94$529,915130
Sold75$536,48913714464% $486,38110%10530%
Months of Supply22.9

Numbers to note:

  • The number of active listings are creeping down from their peak of over 1800
  • The number of homes sold continues to drop…This month a harsh -64% which is especially tough because by August 2007 we were already in a declining market
  • The average sales price actually went up 10%…There are signs that some of middle and higher-end homes are selling
  • Because our sales dropped, we are still seeing over 22 months of supply of inventory…again, as a reminder, 6-8 months of supply represents a traditionally balanced market.

Historically September and October Lake Norman sales pick up a bit before the holiday slowdown. Because of the price-reductions I have been seeing I think we might just see some increase in sales versus this month. Interest rates are in the low 6% range so if a buyer can get a good loan, I’m beginning to think this is not a bad time to start thinking seriously about buying.

While the market will probably remain weak until mid 2009, there are some bargains to be had right now and probably will be from now on. If you have read my blog for very long you will know that I have not said: “This is a great time to buy”. However, I do think that there are some good bargains out there that I would encourage buyers to consider. Motivated sellers and builders may be what turns our local market around. Once we get our inventory down and regain buyers confidence we will once again enjoy our historically thriving Lake Norman housing market.

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

 

Lake Norman Real Estate: Is New Construction Slammed by Housing Slump?

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Relocating? Life in Lake Norman

Going Green in Lake Norman is no Longer a Lonely Experience!

Being Green used to be lonely in Lake Norman!

It used to be that going green was a bit lonely in the Lake Norman area. We have no curbside recycling. We have no Eco Star Green housing communities. But, a huge green wave is heading our way and you can already feel the swells!

Saving Our Kids, Healing our Planet

One of the most exciting upcoming events is the 2008 Saving Our Kids, Healing Our Planet National Expo being held at the Charlotte Convention Center on September 26-28, 2008. The over 150 Exhibits will offer:

  • Learn how to raise healthy children in a toxic world
  • Safe, effective and natural products and services that positively impact various physical, behavioral and developmental conditions
  • Green builders, landscapers, healthy household products,, organic foods and clothing, vitamins and more
  • Kid-Friendly demonstrations on recycling, composting, and juicing
  • Practical ways to green an existing home

What an wonderful event not just for our Lake Norman parents but for anyone interested in learning more about ways to improve your children, your family and your home. Their website: Saving Our Kids, Healing our Planet has a comprehensive list of events, activities and information about registration.

While not a public event, the North Carolina Home Builders Association is holding their annual Expo at the Charlotte Convention Center in a couple of weeks. Since their focus is also on green real estate I plan to bring back some great resources and ideas for my Lake Norman buyers, sellers and readers. As I member of the Lake Norman Home Builders Association’s new Green Council it is clear that the green real estate wave is heading our way fast!

Lake Norman Island

Want to get involved or learn more NOW? Why not join Lake Norman CoveKEEPERS orthe Lake Norman Island Keepers, two groups of volunteers dedicated to “the protection of Lake Norman…”. How would you and your organization or a group of friends like to adopt one of the 48 islands in Lake Norman? Or, would you like to participate in the efforts to protect our beautiful lake? Call 704.679.9494 for more information.

Would you be interested in joining a Green “Meetup” in the Mooresville Lake Norman area? If you go to the Meetup.com website you will see that there are three of us already interested in starting a Mooresville “Green” group of like-minded people who want to “meet up” on a casual basis to share ideas about our “green” efforts mostly related to housing and real estate. I would be happy to host it if we get a few more people to join.

As you can tell, green housing is becoming a passion of mine. Look for future articles about what you can do at home to save energy, excellent resources for learning more about everything from how to read eco-labels, where and how to recycle, products and green ratings for appliances, cars, home and garden, and even a guide to landscaping for energy efficiency in your home. When you think of Lake Norman Real Estate, think GREEN!

RELATED ARTICLES

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

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Relocating? Life in Lake Norman

Lake Norman Skate Shop in Downtown Mooresville is…..AWESOME!

LKN SK8 Shop in Mooresville

When I think of today’s skate boarders and how this sport has evolved I think of images from this past summer’s 13th “X Games” and a new language including grinding, half-pikes, ramps, huge air.

Wall of Skateboards

Once associated with the surfing and west coast world, I was truly excited to hear that true, hardcore skateboarding has arrived in Mooreville NC! Not only do we have a brand new skate park located behind the Mooresville Police Department at 1013 SkatePark, but on July 26th a hot new store LKN Skate Shopopened in downtown Mooresville on 162 Broad Street.

Skateboarding Safety Gear

Owner and dedicated parents Steve and Elizabeth Davis opened the shop “to provide an outlet for their son to perfect his skating skills and to open the door to skating for others in the Lake Norman area” according to a recent cover article in Lake Norman Magazine. Here is a place where serious skateboarders of all ages can get everything from the top names in skateboards, hardware, helmets to the cool shoes and unique clothing that define the look of a competitive skateboarder.

LKN SK8 Shop in Mooresville

When I visited LKN Skate Shop for this article, I was fortunate to meet 13 year-old Jackson Davis, whose passion, talent and love for skateboarding has already landed him sponsors and a reputation as a rising star in the skateboarding world. When I asked him how many serious injuries he has had he just shrugged his shoulders and said he had only broken his knee cap.

While I admit I am not an expert, I was truly impressed with the huge wall of skateboards, cases of hardware and accessories and nice selection of protective gear and clothing. Jackson was quick to point out the while I thought they had a good selection of shoes, they are going to be getting a lot more!

Jackson’s ultimate goal right now is to make it to the “X Games” and perhaps go pro. In the meantime he will be teaching and encouraging more Lake Norman skaters to push their limits and to be “willing to fall”. While he competes nationally, you can see him at the LKN SK8 Shop sponsored Queen City AM Jam that is being held in Charlotte in September.

O

RELATED ARTICLES and LINKS

SkateboardPark.com

Lake Norman has Gone to the Dogs…and Cats!

Historic Downtown Mooresville: Mangan Martial Arts Academy

Learn About Lake Norman from THE Expert: Gus Gustafson!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: We are NOT Charlotte!

This morning I got a glowing email from a real estate agent referring to the article today in the Charlotte Observer. Yippee! “Area home prices are showing signs of  improvement. Overall, the Charlotte market is holding up better than many others around the U.S.”

Darn that S&P/Case Shiller Home Price Index. And you, Office of Federal Housing Enterprise Oversight, with your numbers showing that Charlotte area home prices rose 5.2%. Can we talk? First of all, both of you are talking about a 12-month period ending June 30th. A lot has changed in our housing market in the past two months, so exactly how valuable is a 12-month report dated June 30th? Second of all, one of you doesn’t include “subprime lending, many government-backed loans and the largest mortgages.” Aren’t these kind of important in this current real estate market?

So, our area housing marekt is “showing signs of life”? In Lake Norman we currently have 1763 active listings and a total of 82 homes sold in the past 30 days. This means we have a 21.5 month supply of active listings. A balanced market has 6-8 months of inventory. In the same period last year we had 143 home sales. Is 3-times the number of listings and a 42.6% decrease in the number of home sales your idea of showing signs of life?

If you go on to read the Charlotte Observer article you will find that they do note a 37% regional sales drop in home sales, a decline of 52% in Mecklenburg County building permits…the lowest since “at least 1998? and a few other insights that might challenge their optimistic headline.

All of you that read my blog regularly know the statistics about the Lake Norman real estate market. Frankly, they are not showing signs of improvement but there is some indication that we are leveling off. The reality is that until our inventory of homes is back down to a 6-8 month of supply on hand we are going to see downward pressure on prices.

I have been through the recession in the early 1990’s. I know our Lake Norman market will come back to life. We will again be THE destination for so many looking for the perfect place to live and when it does I will be the first to let you know! Until then, please read the small print!

RELATED ARTICLES

Finding the Truth about Lake Norman’s Real Estate Market: A Case Study

Lake Norman Real Estate: Is New Construction Slammed by Housing Slump?

Lake Norman Relocation Resources

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Historic Downtown Mooresville, Relocating? Life in Lake Norman

Historic Downtown Mooresville: Mangan Martial Arts Academy

When I first met Bob Mangan, he was a guest speaker at my Mooresville Lake Norman Exchange Club. Knowing that our club’s main focus is on the prevention of child abuse, he came to speak to us about a self-defense program called Kids Safe. When I met with him recently to learn more about his Mangan Martial Arts Academy I discovered that his passion for teaching children self-defense has grown out of a life-time involvement in the Martial Arts including competition in numerous forms from Karate to Kick-boxing to TaeKwon-Do since 1974!

Sensei Bob Mangan has been teaching Martial Arts in the Mooresville Lake Norman area since 1997 but he opened the Mangan Martial Arts Academy on Main Street in Historic Downtown Mooresville just this past April. What a great addition to our growing downtown!

The Mangan Martial Arts Academy offers classes in four age groups:

Little Ninjas: Ages 4-5

Karate Kids: Ages 6-10

Warriors: Ages 11-15

Adults: Ages 16 & Up

Classes are held twice a week or more depending on the age group beginning at 4:30 during the week and on Saturday mornings.

I observed the Karate Kids in action! The tall girl with the black belt is Sensei Bob’s daughter who helps with the classes when available.

The adult classes are particularly popular with women of all ages who have a desire to learn basic self-defense.

It was clear from the moment Bob and I started talking that his desire to teach is as much about improving a child’s self esteem, self confidence, self discipline and a positive mental attitude as it is about learning the physical aspects of the martial arts.

Bob shared that he tells his students, before they step on the mat and enter the class, to imagine that they are holding a very heavy tea cup. This tea cup is full of whatever problems, worries or other things that may be weighing on their minds. Then he tells them to imagine throwing all of the contents of the tea cup out so that when they step on to the mat their minds are clear and calm. They have entered a space where they leave the world behind and concentrate only on the class.

What a great teacher for children and adults! For more information you can go to his website: Mangan Martial Arts Academy or drop by the Academy located at 158 North Main Street in Downtown Mooresville. 704.799.3645.

RELATED ARTICLES

27 Reasons to Visit Historic Downtown Mooresville Part 1

27 Reasons to Visit Historic Downtown Mooresville Part 2

27 Reasons to Visit Historic Downtown Mooresville Part 3

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: Friday, August 22, 2008 Hot Sheet!

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

August 22, 2008

Hot Sheet8/22/088/8/087/25/086/27/08 5/12/08 4/12/08
New Listings120120138142189169
Back- on Market334254554642
Price Changes186219238248212204
Pending Sales443761554937
Sold334247414544
Conditional /Contingent212022181817

 

My fourth bi-monthly Lake Norman Friday Hot Sheet is here!

 

Above is a chart with Friday’s “hot sheet” numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from the past two weeks and earlier this year. Here are some highlights:

  • Unfortunately, the strong pending numbers from four weeks ago truly did not result in an upward trend is sales. In fact, sales are down to their lowest level since I started this reporting in March. This is important to know because the National Association of Realtors uses Pending Sales as an indicator of future sales trends yet for some reason ours did not translate to sales! (Is pending not as good an indicator as they think?)
  • New listings were identical to the last Hot Sheet. Inventory is beginning to go down which is a GREAT sign!
  • The number of listings coming back-on-the-market decreased again, this time by 21%… This truly is a good sign as it mean more initial offers are “sticking”. Perhaps home buyer confidence is stronger and the home mortgage environment has stabilized, or is this due to our seasonal slowdown?
  • The number of price changes has decreased by 15% which may simply be a result of the lowering of our inventory. I have seen some significant price reductions on homes I have been showing…sometimes as much as 20% or more. (See my Case Study…link below)
  • While up 19% versus our last Hot Sheet, Pending sales remain low. No serious indication of change in our sales trends.
  • Solds (home sales contracts that closed in the past two weeks) dropped by 21% from the high of 47 four weeks ago. Weak Pending sales and dropping Solds reflect at least a seasonal slow down in our market.
  • Contingent and Conditional Sales were about the same…These would be Lake Norman home sales just put under contract…It would have been better to see these numbers higher as that would have indicated the market is improving. We seem to have stabilized. With the exception of July 25th, all of the numbers are fairly consistent with the first and second quarter of 2008.

Overall, I would have to conclude that at the very least we are experiencing the typical late summer slowdown. Our greatest sign of improvement will come when our inventory of active listings drops to no more than 6-8 Months of Inventory. Our current inventory reflects about a 19-month of supply of active listings.

The bottom line is we still have too many homes for sale compared to the current rate of sales. Yesterday I was showing property out in the Curtis Pond, Linwood Farms areas of Mooresville. In Curtis Ponds we viewed 3 homes in pre-foreclosure status out of 7. The new, smaller development of Harris Crossing, where can get a new home with over 2400 square feet for under $200,000 was quite active. Buyers still want new homes or homes that are in perfect condition at a great price!

Have a great weekend!

RELATED ARTICLES

Finding the Truth about Lake Norman’s Real Estate Market: A Case Study

Lake Norman Relocation Resources

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Lake Norman Real Estate Market Reports

Finding the Truth About Lake Norman’s Housing Market: A Case Study

Today The Charlotte Observer ran yet another front-page article about our housing market “Home prices soften anew….Sales and building permits also fall, but the Charlotte market is still healthier than many in the U.S.”It’s not a bad article. It even breaks down the sales % decline and building permit % decline by county.

However, I can’t stress enough the importance of every home buyer asking their real estate agents to do comprehensive research about the specific listing (and even subdivision if feasible) before they make an offer on a home. Think of it as a background check of the home and its Lake Norman housing community.

For the sake of this article I am going to use Lake Norman’s Crescent Homes Community: The Farms. However, you can do this exact analysis on any home and community throughout the Lake Norman area and I assume throughout the country depending on the MLS data available.

Case Study: The Farms in Lake Norman

Step One:

Do a quick search on the MLS for the past three months including the number of active listings, pendings and solds. The Farms currently has 41 active listings, 1 contingent sale and 11 homes sold since May 16, 2008. This means that at the current rate of sales The Farms has about an 11-month supply of inventory. That’s actually much better than most of our subdivisions and overall Lake Norman real estate statistics.

Step Two:

This is probably THE MOST IMPORTANT step in this process. Do an “Archive” search on each for the properties sold in the past 3 months AND the home you are thinking about purchasing. An archive search in our MLS database tells us the entire history of the property including previous sales, the actual initial listing date, the actual initial lisitng price, the number of price reductions and the final sales price. This is the only way to find out the real MLS listing data for a given property. (Even this is only as accurate as our MLS so there will be errors.)

Step Three:

Using this archive information, calculate the actual days on the market and the actual % of the sales price versus the first listing price for each comparable property. This is what I found about the 11 sales at The Farms:

Listing PriceSales Price% ChangeDays on Market
1$570,000$475,000– 16.7%1/29/07 – 8/14/08
2$550,000$515,000-6.4%9/07/07 – 6/19/08
3$585,000$547,000-6.5%3/13/07 – 7/21/08
4$739,900$538,750-27%3/22/07 – 8/01/08
5$779,900$565,000-27.5%8/06/07 – 7/25/08
6$691,000$540,000-21.9%11/17/06 – 8/15/08
7$645,000$549,999-14.7%10/12/06 – 5/23/08
8$628,500$620,540-1%3/14/07 – 5/16/08
9$648,900$667,575+3%6/04/07 – 7/03/08
10$697,000$630,000-9.6%11/16/06 – 7/08/08
11$774,500$660,000-14.8%5/17/06 – 7/08/08
Average$664,518$573,533-13.8%322 Days

* Note: Sales 6-11 were new construction so the days on market include contruction time

Step Four:

Do an assessment of the currently active listings to gain a perspective about the overall community’s strength and weaknesses and the competition within the subdivision. Here is what I found out about The Farms after doing such an assessment:

Out of the 41 active listings:
  • 7 are bank-owned
  • 2 are offering a lease/purchase option
  • 30 are vacant…most are new construction but several are resale

I also found out out: The Sales Office has been moved to The Point community down the road despite the fact that there are two more phases to be built. And, lock boxes are now on the new homes so Realtors can use lock boxes to access for showings rather than having a sales rep with them. Finally, they are now requiring that each of their feature builders only have ONE home in the process of being built, down from two when they opened this subdivision several years ago. All of these are signs of the weaker home sales and economy. This is a great neighborhood and Crescent Communities is THE developer of Lake Norman but even they are cutting back for now.

Step Five:

Before making on offer there is one more thing to do if this is a re-sale home: research the tax records to find out as much as possible about the current owners: When did they buy, what was the purchase price,and, if possible, what is the loan amount.

Summary:

Based upon the above data, I would conclude that while there is not an over abundance of listings, the majority of the sales have been new construction especially in the higher price range so resales in this community may have to be more flexible in price. Good homes (good location, lot, home floorplan and amenities) are selling for about 5% less than the listing price. However, if a home is overpriced the overall listing to selling price drops significantly, both with new and resale homes.

I would give this background information to my buyers so that they can make an informed decision about what price to offer on a property.

RELATED ARTICLES

Lake Norman Waterfront Homebuyers: Before Buying, See it by Boat!

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Relocating to Lake Norman: What you should know before buying real estate Part 2

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lake norman real estate

Lake Norman Real Estate: The Exciting New Westport Club Blends the Best of Old and New!

It is rare in the world of Lake Norman real estate to meet a developer whose passion is to build and develop while focused on integrating their new homes/plans with the surrounding established neighborhoods; and with an overall vision to create a better sense of community for the entire Denver area.

I had the pleasure of meeting with T.G Daniel, Jr. and Tom Daniel lll yesterday to hear about their short and long term plans for the Westport Club in Denver on the southwest side of Lake Norman. I was extremely impressed with their vision for the future of the greater Denver area and their desire to improve the existing community through their plans for residential, recreation and commercial development.

In 2005, the Daniel’s real estate development firm, Southern Home Management, purchased 250 acres in Denver on the west side of Lake Norman literally across the lake from the very end of Mooresville’s Brawley School Peninsula.

In addtion, they purchased 165 acres of land that was then the overgrown Westport Golf Course which had been closed since 2003. The Westport Golf Course, now 40 years old, was the very first golf course built on Lake Norman way back in 1968. The first thing the Daniel’s did was to restore the beautiful golf course and reopen the Westport Golf Club much to the delight of all of the surrounding neighbors!

 

The Phase I of the Westport Club housing development includes .5 acre+ lots for single family homes. Home buyers can choose from The Heathers at Westport Golf Club by Southhampton Homes, The Heathers at Westport Golf Club by St. Lawrence Homes or they can bring in their own custom home builder. Some lots are on the golf course or have golf course views.

 

The second community in Phase 1 is the urban and luxury town homes by Meeting Street. The 72 urban town homes start in the $130,000’s and the 58 luxury town homes start in the $225,000’s. A model home is already available on site.

In the third community in Phase 1, there will be 72 one-story patio condominiums. The home builder, WKB Properties, will be creating 4-unit buildings that will be designed to look like one large single family residence. As of now, the plans range from 1560 – 2100 square feet and will include all maintenance. A great place for active adults to enjoy a relaxing Lake Norman and golf club lifestyle!

One of the most exciting additions is going to thrill many residents around the entire Lake Norman area but especially the west side: The Club at WestPort! . Finally, Lake Norman will have a complete tennis, swim and fitness center whose focus will be on family, single and senior memberships for those looking for true, organized competitive tennis and swimming as well as fitness and training. Run by Robbie Smith of the Charlotte Racquet Club, this facility when complete will have a 5000 square foot club house, 8-13 clay tennis courts, a junior Olympic size pool (the only one planned on the west side of Lake Norman), splash park and 24 hour access to a fitness center.

Did I mention that this wonderful Westport Community is conveniently located about 20 minutes north of Charlotte?

In future articles I will write in more detail about the Westport Golf Club, walking trails, nearby amenities and Phase 2 of this exciting development!

RELATED ARTICLES

Denver is Lake Norman’s Community to Watch!

How to Predict the Next Lake Norman Hotspots

Lake Norman Relocation Resources

Relocating to Lake Norman

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lake norman real estate

Lake Norman Real Estate Development: The Village at Lake Norman

When one thinks of Cornelius NC images of gracious homes in The Peninsula and along the Lake Norman waterfront, upscale shops and services and a casual lifestyle come to mind. But, there is a giant coming to town!

Controversial since it’s inception, The Village at Lake Norman got approval for a conditional-use permit by the Cornelius commissions back on April 24th by a slim vote of 3-2 after years of meetings with the town staff, planning board and community residents. In May, Cornelius Bromont LLC announced it had completed the purchase of 104 acres in Cornelius for the future site of the Village at Lake Norman, the largest real estate development in the community’s history. (Not unlike Langtree at the Lake in Mooresville).

So exactly what is The Village at Lake Norman?

  • A 104-acre “high quality” mixed-use real estate development located on the southwest corner of U.S. 21 and Westmoreland Road. (“A true live-work-play environment”).
  • This 2.2 million square foot center includes 655,000 square feet of “high quality retail/restaurant space”, 800,000 square feet of Class A corporate offices, two hotels (one convention style) and 400 luxury condominium homes build above the retail and restaurants in two mixed-use buildings facing each other across a Village Green.
  • The developers envision “The Green” hosting public events like live music, movies, farmers markets, community art shows, outdoor dining, casual strolling and relaxing.
  • A place where you can own a lovely condominium for which you can walk to just about everything you might need include work!

Personally, I am envisoning a Birkdale Village on steroids!

But, The Village at Lake Norman is not just about the actual real estate development. In order to gain zoning approval by the Cornelius commissioners there are some impressive conditions that will impact all of us living along Interstate 77 on the east shores of Lake Norman.

The most important by far is the widening of the I-77 from two lanes in each direction to three with “a fourth lane if needed” from south of Exit 23 all the way to Exit 28. Another great requirement is creating a new Exit 27 at Westmoreland Road which should ease traffic at the already congested Exit 28. Other improvements include widening US 21/Statesville Road, the straightening of Bailey Road and connecting it to US 21 and a bridge over the I-77.

The rezoning is conditioned upon the Town of Cornelius and Mecklenburg County’s receipt of N.C. Department of Transportation funds and completion of all road projects by Dec. 31, 2012. No buildings can open, except Phase 0, unless the roadwork is complete. Overall completion is expected in 6-12 years depending on the housing market and overall economy.

The greatest concern of members of the Cornelius community right now seems to be the actual retail tenants as the promise was for “upscale” yet so far the builder has indicated, while no leases can be signed yet, they expect a “high end Target” (isn’t that an oxymoron?) and a Best Buy. Buck Lawrimore, spokesman for the developer Bromont Investments, told the Charlotte Observer that they are “also seeking a Saks Fifth Avenue and other quality retailers.

To learn more about the project you can go to Bromont’s website. They are also encouraging feedback!

LEARN ABOUT LAKE NORMAN’S OTHER LIVE/WORK URBAN VILLAGES:

Lake Norman’s Birkdale Village: Great Shopping, Dining and Housing!

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Historic Downtown Mooresville, Lake Norman News, Events and Celebrations

The 2008 Cotton Ketchie Arts Festival is August 22-23 in Historic Downtown Mooresville!

Gorgeous Hand-Made wood vase

Mark your calendars for the 2008 Cotton Ketchie Arts Festival being held in Historic Downtown Mooresville on August 22nd and 23rd!

Held at the Charles Mack Citizen Center, this is a juried Art Show featuring about 35 top artisans’ work in a variety of media including sculptures, oil and watercolor paintings, photography, wood turning, jewelry and even weaving.

This annual event is put on by The Mooresville Lake Norman Exchange Club in order to raise funds to support our local SCAN Child and Parenting Centers to help fight Child Abuse.

THE FACTS

Gala Dinner at Mooresville Art Festival

Charity Gala

Friday, August 22nd @ 6:00pm

Live and Silent Auction

Meet the Artists Reception

Buffet hors d’oeuvres and live music by Night Shift

Tickets are $50 per/person

____________________

Saturday, August 23, 10 a.m. – 5 p.m.

Open to the public with FREE entry!

Artists Demonstrations and beautiful art for sale (Think Early Holiday Presents!)

Food and Children’s Activities

Two incredible raffles!

The Ulimate Play House; a Custom Designed 8? x 10? Outdoor Play House including dormer, shingled roof and front porch

Generously built and donated by The Lake Norman Home Builders Assoication. ($10 each ticket)

AND

Cotton Ketchie’s newest giclee “Vintage Mooresville”

One of Cotton Ketchie’s wonderful works depicting Historic Mooresville’s Depot and Downtown

Tickets for this raffle are $5

Mooresville Art Festival pottery

As this year’s President of the Mooresville Lake Norman Exchange Club, I can personally tell you that not only is this a top quality juried art show featuring some of the best in North Carolina, but that all of the proceeds from this event will go to help fight child abuse in Mooresville and Iredell County. Last year 32 children in North Carolina died at the hands of a parent or caregiver. The dedicated team of counselors at our SCAN (Stop Child Abuse Now)Child and Parenting Centers in Stateville and now Mooresville teach parenting classes, provide counseling and have a number of programs working in conjunction with the Department of Social Services to protect our children. The Cotton Ketchie Arts Festival is our major annual fundraiser for the SCAN organization. As the Treasurer of the Board of SCAN I can tell you that we need every penny to help us provide the much needed services we do.

Tickets for both raffles are available at the Landmark Gallery on Main Street in Downtown Mooresville and at several other locations around town.

The Play House is currently on display in front of WalMart in Mooresville but will be moved to other locations.

Feel free to email me for more information, tickets or the most recent location of the Play House!

RELATED ARTICLES

Mooresville on Money Magazine’s List of Best Places to Live 

Lake Norman: Where to Find Fresh Produce Stands and Farmers Markets

27 Reasons to Visit Historic Downtown Mooresville Part 1

27 Reasons to Visit Historic Downtown Mooresville Part 2

27 Reasons to Visit Historic Downtown Mooresville Part 3

 

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: Friday, August 8, 2008 Hot Sheet

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

August 8, 2008

Hot Sheet8/8/087/25/086/27/08 5/12/08 4/12/08 3/10/08
New Listings120138142189169174
Back- on Market425455464240
Price Changes219238248212204154
Pending Sales376155493752
Sold424741454435
Conditional /Contingent202218181722

 

 

My third bi-monthly Lake Norman Friday Hot Sheet is here!

Above is a chart with today’s “hot sheet” numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from the past two weeks and earlier this year. Here are some highlights:

  • Unfortunately, the strong pending numbers from the last bi-monthly report did not result in an upward trend is sales. Every single category dropped; some of this is good news and some may be attributed to our usual seasonal slowdown.
  • New listings were down again by about -13%. (We have too many homes for sale so a drop is a good thing right now).
  • The number of listings coming back-on-the-market decreased by 22%… are we seeing an increase in home buyer confidence and an improvement in the home mortgage environment or is this due to our seasonal slowdown?
  • The number of price changes has decreased by 8% which puts this number in the average range since early spring 2008. I have seen some significant price reductions on homes I have been showing…sometimes as much as 10% or more.
  • Pending sales fell back to a more normal level. I have checked the number from the last report several times and it appears to be correct but certainly those 61 pending home sales did not convert to a higher number of homes sold in the past two weeks.
  • Solds (home sales contracts that closed in the past two weeks) dropped by 10% from the high of 47 two weeks ago. The fact that the pending sales are down and the closed home sales are down is an indication that the last hot sheet was not the start of an upswing but rather an anomaly.
  • Contingent and Conditional Sales were about the same…These would be Lake Norman home sales just put under contract…It would have been better to see these numbers higher as that would have indicated the market is improving. We seem to have stabilized. With the exception of July 25th, all of the numbers are fairly consistent with the first and second quarter of 2008.

Overall, I would have to conclude that the upswing we saw on the July 25th report was not supported and in fact overall our numbers in all of the categories would be consistent with a minor seasonal slowdown.

In the news:

  • This week the Charlotte Observer ran a follow-up article about the Charlotte building starts after the one a week ago about the drop in the national housing starts. It confirmed that Charlotte area home builders which would include Lake Norman, “started 49% fewer homes during the second quarter, compared with the same period in 2007?. They went on to write: “New-home closings fell nearly 40% in the second quarter 2008 but exceeded the number of housing starts, according to Metrostudy research….That is important because it means builders are cutting back in response to weak demand….”
  • There was a front-page article two weeks ago in The Charlotte Observer “Area home sales fall faster than nation’s…Buyers wait for better deals as experts wonder when the market will hit bottom.” This article is talking about our 2nd quarter home sales statistics which you might want to compare to my Lake Norman 2nd Quarter 2008 Sales Analysis. (See link below!)

The bottom line is we simply have too many homes for sale compared to the current levels of sales. I was out showing property in The Farms today and out of 15 homes, there were 2 bank-owned and 6 were vacant. We still have a ways to go!

Have a great weekend!

 

 

 

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

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Lake Norman Mooresville Home Buyers; Stop Searching for Homes!

 

Lake Norman home buying tips

I hear it all of the time from my Lake Norman home buyers: They simply can’t find an effective way to search for homes that are for sale in the Lake Norman area. They try Realtor.com, all of the major national franchise sites and even local sites but simply get frustrated. Many times they use a combination of sites just to get the information they are looking for. Well, I am here to tell all Lake Norman area home buyers to STOP SEARCHING!

The Charlotte Regional Multiple Listing Service which encompasses Mooresville and the entire Lake Norman area, provides a home buyer system called “Gateway” that enables me to create a custom search(s) for my buyers with their own website where they can prioritize their custom list of active homes for sale, delete the ones they don’t like, make comments about the ones they do and even share information back and forth with me.

Once this program is set up, all one has to do is sit back and read their email. No more searching! The Gateway program will automatically email my buyers updates about new listings, price reductions and will remove homes from their homepage once they are under contract.

There are several things you should consider when setting up your Mooresville or Lake Norman area home search:

  • Your search needs to be narrow enough to have a list that is manageable. This means you need to sit down and define and rank your priorities!
  • Your search shouldn’t be so specific with so many criteria that there are no results at all. Again, prioritize!

There are 133 search criteria I can choose from to create my buyers’ Gateway program so clearly it can be significantly more customized than any other search home buyers can use on the Internet without being a member of the MLS.

The most important home search criteria for our Mooresville Lake Norman area are the following but one certainly doesn’t need to use them all!:

  • Area/Subarea: Mooresville by Lake Norman (area 13/2) or the area by Historic Downtown Mooresville (area 12/6) , Troutman (area 13/1), Cornelius and Huntersville (area 13/3) Denver (area 13/4), or all 6 areas surrounding Lake Norman (Area 13).
  • Listing price: It is best to provide a range a bit higher and lower than your target purchase price.
  • Total Heated Square Footage of the home: Again, a range is best.
  • Lot Description: Waterview, Waterfront, Golf Course View, Cul-de-Sac etc.
  • Exterior Features: Boat Slip, Boat House, Floating Dock and more.
  • Main Level Rooms Do you want a Master-bedroom on the main floor?
  • New Construction? A simple yes or no.
  • Parking: Size of Garage, Number of parking spaces.
  • Subdivision: Do you know that you want to live in a specific subdivision like The Point, The Farms or The Harbour at the Point or is this not important to you?
  • Total number of bedrooms: Put in your minimum and maximum.
  • Total number of bathrooms: Put in your minimum and maximum.
  • Year Built: If you don’t have to have brand new construction we can choose an age that is acceptable to you.

You can also search by: Lot size, which rooms you want on each level of the home, City, Community Features (55 and older, Boat Ramp etc.), Schools, Exterior Construction (brick, etc), Fire Place, Heated Square Feet on each level of the home, HOA Fees, Type of HVAC, Laundry Location, Style of Home (Bungalow, Cape Cod, etc), Tax Location, Total number of bedrooms and bathrooms BY FLOOR, Type of Water Heater, Zoning and about 100 more criteria a list of which I would be happy to send you.

What is also great about this Charlotte MLS Gateway Program is that as my clients get notifications thay start learning more about the Lake Norman market. They learn what is selling and what isn’t and when/if a listing is reduced. When they are ready to look at properties they will have a better feel for what is available in the Lake Norman area in their price range. My clients and I usually work off of these lists when viewing their first round of properties which makes the actual time previewing homes so much for effective.

If you have questions about this program or would like me to set you up with your own Gateway program, just drop me an email with your search parameters: diane@dianeaurit.com.

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Legacy Village; Lake Norman’s Newest Live/Work Urban Village!

Lake Norman townhomes

 

I remember when Mooresville’s Legacy Villagewas just some large renderings under a tent on Williamson Road for Realtors to preview. Today I took the photo above of Phase 1. As you can see, one row of town homes is complete and construction is well underway on the next block.

 

One of four mixed-use developments planned or underway in Mooresville, Legacy Village is a 28-acre Urban Village style community that includes 118 Townhomes (89 of which are already sold), 200 condo “flats”, a 10,470 square-foot child care facility The Learning Experience which is nearly complete, 324,999 square feet of office space, 91,703 square feet of shops, restaurants, and a hotel.

Entrance to Lowe's Corporate Headquarters in Mooresville

This true “urban density” live/work project couldn’t be better timed for Lake Norman considering the current gas prices. It is also strategically located just off of Exit 33 between the 157-acre Lowe’s Headquarters and the Lake Norman Regional Hospital and Medical Center in Mooresville.

In hopes of the yet finalized North Corridor Commuter Rail Line from Charlotte to at least Exit 33 in Mooresville, Legacy Village has also dedicated 1.5 acres for a rail station. Their vision is that Legacy Village will become almost a “self contained” small town” according to Doug Hollidge of Pinnacle Properties.

The entire housing and commercial development is currently on schedule with the town homes nearly complete, The Learning Center is due to open in about three weeks and the entire Village is expected to be competed in 4 years.

While it’s sometimes hard to let go of the past and our quiet Lake Norman communities, this massive housing and commerical project, along with Langtree at the Lake at Exit 32, Morrison Plantation’s The Meeting Street town homes at the Harris Teeter close to Exit 36 and the Mooresville Mills in Historic Downtown Mooresville are 4 urban village housing projects that will offer what many people are already seeking; a home where they can walk to work, shops and dining right here in Lake Norman!

In Part 3 of this series I will feature Morrison Plantation’s The Meeting Street town homes.

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Julia’s Talley House Restaurant; One of Lake Norman’s local treasures

Julias Tally House Restaurant in Troutman

To an outsider driving down Main Street in Troutman (on the northeast side of Lake Norman), population 1749, Julia’s Talley House Restaurant looks like just another charming older home in this quaint town. But, the locals know better! If you want to experience true, home-style Southern cooking in a cozy and even homey restaurant, there is simply no where better than Julia’s Talley House Restaurant.

Julia's Talley House Restaurant, Troutman Lake Norman

Like many of the great eateries frequented by mostly long-time local residents around Lake Norman, Julia’s has wonderful, truly authentic, family-style Southern food and is one of THE places to go if you are from around these parts. I only found out about it because my SCAN (Stop Child Abuse Now) Board meetings are held there once of month. See, our board is half from Statesville (to the North) and Mooresville (to the South) so Julia’s Talley House is the perfect place to meet, have some crispy fried chicken, bisquits, mashed potatoes, green beans, sweet tea and pecan pie, and, of course, hold our meetings.

Julia's Talley House Restaurant, Troutman Lake Norman

Julia’s Talley House is a caffateria-style restaurant whose menu varies very little but offers all you need in the way of comfort food. The fried chicken is so good it was mentioned by Kathleen Purvis of the Charlotte Observer as one of the things that “define the flavor of Charlotte”!

 

Julia's Talley House Restaurant, Troutman Lake Norman

I don’t know how long Julia’s Talley House has been there but I do know it is still owned and operated by the family. There is a wonderful painting of Julia in the entry. The fact that it is located on the corner of Main and Talley Road tells me it has been there a LONG time!

One thing I have learned since moving here to Lake Norman from California is how important it is to get to know the locals. Not only are they warm, honest folks who care deeply for their community and it’s history, but they know all about the local restaurants that most people on Lake Norman will never find. They love food, especially good Southern food like you will find at Julia’s Talley House!

This is the first of a series about local eateries and shops…I have quite a list to share!

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Lake Norman Parents: Tax-Free Back-to-School August 1-3rd!

Lake Norman real estate schoolsToday is a perfect day to be out on Lake Norman boating and playing, especially for our children who are on summer vacation. It’s hard to believe that another year has gone by and that this Friday – Sunday are North Carolina’s annual tax-free back-to-school days!

Technically, the sales tax holiday begins at exactly 12.01a.m. on Friday, August 1st and ends at exactly 11:59p.m. on Sunday, August 3, 2008.

For those of you new to the Mooresville Lake Norman area, every year North Carolina sets three days as “tax exempt” just for back-to-school supplies. What a great way to help out parents, especially this year with our housing slowdown, high gas prices and economic challenges!

Here is a list of the items the qualify for exemption from sales tax:

  • Clothing, footwear and school supplies of $100 or less per item
  • School instructional materials such as reference books, workbooks and textbooks of $300 or less per item
  • Sports and recreation equipment of $50 or less per item
  • Computers of $3,500 or less per item
  • Computer supplies of $250 or less per item

Items NOT covered include:

  • Clothing, accessories
  • Jewelry and cosmetics
  • Protective equipment such as hardhats, safety belts and tool belts
  • Wallets
  • Furniture
  • Items used in a trade or business
  • Rentals

The North Carolina Department of Revenue has a website: dor.state.nc.us/taxes/sales/salestax_holiday.html where you will find a list of exempt items and a listing of frequently asked questions.

Don’t forget that we have a new Staples and Best Buy in Mooresville on Hwy 150 just across the street from our SuperTarget and down the road from our SuperWalMart as well. With all of these large stores so close together it’s a great way to save on gas too!

This weekend is a wonderful opportunity to get the kids out of the house (or out of the lake) and enjoy a chance to save a bit of money as school is just around the corner!

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Lake Norman waterfront homes

Before buying a Lake Norman waterfront home, see it by boat!

Lake Norman Pontoon Boat

Okay, so I admit it, I love showing waterfront property here on Lake Norman by boat. (The above picture is of my skipper/husband while we are waiting for my clients to arrive.) Not a bad way to spend a beautiful day!

However, in all seriousness, it is extremely important, particularly for out-of-towners, to give waterfront buyers a tour of Lake Norman by boat after narrowing down their search a bit but BEFORE making an offer. Here are just some of the reasons why:
Lake Norman is huge. With 550 miles of shoreline there is an incredible variety of views, characteristics and even personalities of the various coves and shoreline areas and it is very important that anyone wanting to live on Lake Norman choose what best suit their own personal priorities.

Here are some things a waterfront home buyer should consider:

  • North vs South area of the lake and East vs West side of the lake (The northern section narrows ultimately to become the Catawba River and is where the Lake Norman State Park is located so is a bit cozier than the southern, wider areas of the lake).
  • Cove vs main channel and how far down a cove (Coves may not have the beautiful views of the main channel but they will be quieter and there will be less waves and noise during the busier days on the lake. The main channel has spectacular views and sunsets!)
  • Hidden vs exposed (Do you want a home nestled in trees or out in the bright sunshine?)
  • Quiet vs party atmosphere (Some coves are smaller and quiet while others are known for their “parties”!)
  • Water-skiing cove vs private cove vs main channel (Water skiing on the main channel can be a bit rough on the weekends so ideal water skiing is found in the larger coves. Jet Skis can go anywhere!)
  • Park-like rural vs open, wide main channel near restaurants or marinas
  • Bridge heights…what type of boat (For instance, there are some areas of the lake where you can’t have a sail boat because the bridges are too low between your cove and the main channel.)
  • Views/Direction house faces: sunset or sunrise, morning sun on which side of the house
  • Views: trees and neighboring docks and homes or open water

Lake Norman coveSeveral weeks ago I was working with a young family from the Northwest who wanted true lake living. We narrowed their search to 4 potential homes before going out on our boat. Once we spent time going by all of the homes by water and giving them a tour of the lake it became quite clear that two of the homes were on a very small cove that did not suit their desires at all but one they had eliminated the previous day turned out to be a great option for them.

It is also important for waterfront home buyers to see the actual homes they are interested in from the water as they can look quite plain from the street but be spectacular from the water. At the same time, they should check out the neighborhood from the lake…some areas like The Point are quite consistent but many of the neighborhoods will be a mixture of large, well maintained homes, older lake homes, cabins and even single and double-wide trailers.

No matter what kind of lake lifestyle you envision, Lake Norman will most likely have the perfect home for you. Just make sure to think ahead about your priorities and go out on the lake before buying a waterfront home. Then you can sit back and enjoy life with views like this!

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Lake Norman Real Estate: Friday, July 25th Hot Sheet!

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

Friday, July 25, 2008

Hot Sheet7/25/087/11/08 6/27/08 5/12/08 4/12/08 3/10/08
New Listings138157142189169174
Back- on Market544355464240
Price Changes238204248212204154
Pending Sales613755493752
Sold474241454435
Conditional + Contingent222118181722

 

My bi-monthly Lake Norman Friday Hot Sheet is here!

 

It is great to see that quite a number of people are enjoying these new bi-monthly reports so I will continue to do them! As I stated two weeks ago, despite all of our technology, one part of our real estate practice has consistently been an important part of our routine…pulling the daily, or in this case, bi-monthly Hot Sheet which gives us a snapshot update for all residential real estate activity in Lake Norman for the past two weeks.

Above is a chart with today’s numbers from the Charlotte Multiple Listing Services and then, for comparison, numbers from the past two weeks and earlier this year. Here are some highlights:

  • The past two weeks indicate some positive signs in the Lake Norman real estate market…will it continue or is it a fluke?
  • New listings were finally DOWN..the lowest since late winter! (We have too many homes for sale so a drop is a good thing right now).
  • The number of listings coming back-on-the-market increased 26%… are we seeing less stability in mortgages and a decrease in buyer confidence?
  • The number of price changes has increased by 16% which indicates sellers are getting more realistic or more motivated to sell.
  • Pending sales almost DOUBLED! Since these are sales that are about to close, this indicates August sales may be remarkably strong. I checked the numbers twice because they were so high. It’s hard to know if this is a fluke or a positive trend.
  • Solds (home sales contracts that closed in the past two weeks) were the highest so far this spring/summer. There was just a slight increase but none-the-less they are heading up rather than down at a time of year when sales are usually slowing.
  • Contingent and Conditional Sales were about the same…These would be home sales just put under contract…will the Pending sales be just a blip on the screen and then we will return to about the same levels as we have had recently? It would have been better to see these numbers higher as well to substantiate a true upward trend.

Overall, the decrease in new listings and the increase in price changes and pending sales does show a bit of hope for change. It will be VERY interesting to see our numbers in two weeks when we will be able to determine if this is a trend or, as I said above, but a blip on the screen in an otherwise soft Lake Norman real estate market.

There was a front-page article today in The Charlotte Observer “Area home sales fall faster than nation’s…Buyers wait for better deals as experts wonder when the market will hit bottom.” This article is talking about our 2nd quarter home sales statistics which you might want to compare to my Lake Norman 2nd Quarter 2008 Sales Analysis.

Have a great weekend!

Learn More About Life in Lake Norman:

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60 Things You Should Know About Life in Lake Norman, Part 1

 

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate: Is New Construction Slammed by Housing Slump?

Lake Norman home under construction

About two days after one of my out-of-state buyers asked me about how the housing slowdown has effected Lake Norman builders, the lead article in The Charlotte Observer’s Business Section was: “Housing slump slams Mecklenburg builders. In a signal of the market’s steep decline, building permits are off 40% from 2007.” The article went on to say:

  • Permits fell 30% below the lowest level in the last decade
  • Permits for the 8-county Charlotte area fell 49% in the first half of 2008 and 52% for the second quarter compared to the same periods last year according to Market Opportunity Research Enterprises.
  • Nationally, construction permits are at a 17-year low!

Lake Norman permit statistics aren’t available yet so I thought I would go to the MLS and do a quick analysis of new construction versus re-sale listings and sales. Here is what I found:

7/19/2008New ConstructionResaleNew Construction % of Total
Active Listings511130528%
Contingent Listings4931%
Conditional Listings42215%
Pending Listings396637%
Solds 1/1/08 – 7/19/0818136033%
Months of Supply1823-21%
Solds 1/1/07 – 7/19/0727463530%
Solds 2008 vs 2007 % change-34%-43%
Average Sales Price 2008$497,554$465,407
Average Sales Price 2007$552,044$479,364
Average Days on Market158103

Summary:

  • Relative to the resale homes, the number of active listings versus sales and the number of months of inventory show slightly less of an over-stocked position than resale homes. ie: new construction represents 28% of our existing active listing inventory but represents 37% of our pending sales
  • The most telling numbers are the average days on market where new listings are active for 153 days versus 103 or 53% longer than resale homes and the average sales price has dropped 9.9% for new construction versus 2.9% for resale homes.

Based upon these statistics it would appear that inventory of new construction is trending downward as are the sales prices and that they are sitting on the market on average of almost 6 months before selling. When Market Opportunity Research Enterprise releases their data for the Lake Norman area, I am pretty sure we are going to see an equally dramatic drop in new home permits and as a result a drop in the quantity of new construction homes available in the next year or more.

As was the case in California during the early 1990’s, builders are less likely to build large quantities of spec homes and more likely to have a committed buyer before breaking ground on a new home.

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

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