Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Real Estate: Luxury Home Market Update

Lake Norman waterfront estate in The Point

 I couldn’t resist having a little fun while providing an update of our Lake Norman luxury home sales.  Above is a home we locals refer to as the “Taco Bell” house.  It is located in The Point on the Brawley Peninsula and serves as a great landmark when out boating on the lake!

So, what is happening with luxury homes in Lake Norman?  In general, sales above $750,000 have been quite slow:

Active Listings: As you can see, we have 456 homes priced over $750,000 in Lake Norman and 12 have sold since the beginning of the year (1/1/09 – 3/9/09).  This means we have a 76 month supply of homes.

Solds:  12 homes sold since January 1, 2009 versus 29 in the same period of 2008.  This is a 59% drop in the number of sales.

Other Interesting Statistics regarding the 12 sales:

  • Average Size = 5,421 square feet
  • Average listing to selling price differential = 93%
  • Average $ per square foot = $195

What happens when we separate out waterfront homes?

  • 8 of the 12 sales were waterfront
  • Average Size = 5445
  • Average Sales Price = $1,130,812
  • Average $ per square foot = $208 vs $169 for non-waterfront homes

At the peak of our Lake Norman real estate market waterfront homes were selling, on average, for at least $300 per square foot, waterview homes sold for about $150 per square foot.

While this is just a snapshot of our most recent luxury home sales, it is fascinating to see that waterfront home prices seem to have dropped by almost $100 per square foot.  My own observations as I show waterfront properties would substantiate this.

Bottom line?  This spring/summer should be a GREAT time to buy waterfront homes on Lake Norman.  They have been hit the hardest during this downturn because they went up the most during the strong years and I can only assume that once our market turns around once again the limited supply of waterfront homes will drive the prices back up!

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3 thoughts on “Lake Norman Real Estate: Luxury Home Market Update

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