While Lake Norman is home to a wide variety of people and lifestyles, who doesn’t have fun looking at and learning about our luxury waterfront home sales? Above and below are some of my favorite photos from the top 5 waterfront estates sold in 2015.
Despite being a mandatory disclosure since January, Lake Norman home buyers and sellers still understandably have a lot of questions about mineral rights. I wrote in detail about it back in July: What Lake Norman Buyers and Sellers About Mineral, Oil and Gas Rights. However I recently learned about this great North Carolina “Fracking Map” or technically a map of the Exposed North Carolina Triassic Rift Basins which, according to raftusa.org indicates where hydraulic fracking could occur in North Carolina. Finally, an official resource! According to this map there are no Triassic Basins in our Lake Norman area at all so it becomes a moot point for us. Continue reading
What a great and creative analysis done by RealtyTrac!
Of course, it helps that I grew up with Trader Joe’s (Pasadena CA is where they began) and love Whole Foods so this study immediately got my attention. But, my guess was that Whole Foods, being more expensive, would win over Trader Joe’s which is known for its great values in cool foods, wines and flowers. After all, here in Lake Norman we just recently got a Whole Foods but the closest Trader Joe’s is down in the University area where there are more rental and lower priced properties. Wrong!
In home appreciation, home values, and property taxes Trader Joe’s came out on top. Hey Trader Joe’s, when are you coming to Lake Norman?
Our real estate industry loves using acronyms and lingo as if our clients completely understand us. One area which is particularly confusing is the number of days a property has been on the market. For decades MLS’s only provided one number for us and that was the “days on market” or DOM as we call it. However, this number was recalculated every time a listing was taken off the market so the real “life of a listing” could be monkeyed with by the listing agents. In order to combat this problem and provide a true representation as to how long a property has been for sale, our Carolina Multiple Listing Services (Charlotte Regional REALTOR Association) now uses three different terms related to the time a property has been in the MLS : Days on Market, Cumulative Days on Market and List to Close.
Here is the definition of each of these terms: Continue reading
Effective January 1st of this year, The State of North Carolina added a new disclosure form that must be signed by both parties of a residential property transaction as part of the initial purchase contract. The State of North Carolina Mineral and Oil and Gas Rights Mandatory Disclosure Statement requires all sellers of new or existing homes in North Carolina to disclose whether the mineral, oil and gas rights for the property are owned by someone other than the seller.
“The purpose of this new law is to protect the buyer. Property owners sometimes lease or sell the subsurface mineral rights on their property to a third party or company. This means that if sellers have “severed” their mineral rights, the third party or company could potentially have the perpetual right to drill, mine, explore and remove any of the subsurface mineral resources on or from the property. These mineral or materials could be extracted directly from the surface of the property or from a nearby location – even if the property is sold to a new owner.”
Okay, so why here and why now? Continue reading
When I first drove by and saw this sign on a new Lake Norman listing I was actually a bit surprised and decided it was time to write about listings like this one as well as what Realtors call “pocket listings” to give you all a heads up as to the whys and what’s related to these terms.
The other day I noticed a newly listed waterfront property come up as “under contract” on the hot sheet after only 7 days. Impressive I thought to myself! It is in a neighborhood I know well so I clicked on it and realized this property, now listed at $950,000, was the same property I has shown several times back in 2010 and 2011 that had finally closed at $740,000 on 5/03/11 after being on the market for almost a year. Digging deeper I found that this waterfront property sold back in 2005 for $722,500. So, is this 28% increase in value typical? I sure don’t see this in the overall Lake Norman housing market reports I do.
Being the data geek that I am I decided to look at sales in the past few months, pick random properties, and look at their history to see more examples that might support the above property’s success. Here are some of the more interesting ones I found. I stuck with properties in Mooresville on the Lake Norman side of I-77 to be consistent and I looked at a variety of price ranges and both waterfront and off water.