Lake Norman Real Estate Market Reports

Lake Norman Real Estates February 2017 Market Report: Yikes!

Wow, Lake Norman’s February home sales were stunning, but not in a good way: they were DOWN a whopping 34% compared to last February and the worst February since 2012,  The only thing that I can say is that if you have been reading my market reports you know this drop was anticipated but I honestly didn’t think our closed sales would come in quite so low. Not to fret, however, this is not the whole story. What’s next? Let’s take a closer look:

Lake Norman real estate's February 2017 Market Report

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 4th Quarter 2016 Price Range Analysis: Great Tool for Buyers and Sellers!

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers:

Lake Norman’s 4th Quarter 2016 Home Sales By Price Range

LLake Norman home sales by price range for 4th Quarter 2016

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  

How to read this report:

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Waterfront Home Sales 2005-2016: Interesting Insights!

Waterfront homes are a part of what makes Lake Norman so popular.  What an amazing lifestyle they offer!  Yet, during most of 2016  I once again noted, well complained, in my monthly Lake Norman market reports about our mercurial sales in luxury homes, the lack of inventory of good waterfront homes in the under $1 million price ranges and the historically low number of sales of waterfront homes as a percentage of our overall Lake Norman real estate market.  So, what is up with waterfront homes?  Now that 2016 is in the books I have put our 2016 waterfront home sales numbers in context with the past 11 years.  The results are really fascinating if you like numbers!  Let’s take a closer look:

Lake Norman Waterfront Homes Sales 2005 – 2016

Lake Norman waterfront home sales chart by year

*All date is compiled using the Charlotte Multiple Listing Service

A closer look by vertical columns of this chart:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2016 Market Report: It’s a Wrap!

Thanks to another strong month, our Lake Norman real estate market ended 2016 with a healthy 6.8% increase in single family home sales versus 2015 and the highest number of annual home sales since 2005!  While our December sales only beat out last December’s by single digits, we still ended with 6 of the 7 final months of 2016 beating 2015 numbers handily. The cherry on top again this month is that the number of new contracts once again are higher than the past two years indicating that we should begin 2017 in the black. Let’s take a closer look:

Lake Norman real estate market report December 2916

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

  • Waterfront homes continue to under perform despite Lake Norman’s overall high sales numbers. Waterfront properties represented only 26.6% of our December closed sales,. At the same time they currently comprise 40.7% of our active listings. The average sales price of a waterfront home in December was $886,643 which is slightly higher than the past 2 months but well below August’s $1,040,070, July’s $912,446.  Our overall luxury housing market remains soft as well which is linked closely to our waterfront market. The average price per square foot of our waterfront homes came in at $226.00 down from last month’s impressive $252.94 and October’s $237.98. This number is best averaged over a longer period of months because it only takes one or two really expensive sales ($2- 3 million+) to skew any given month. It took on average whopping 162 days for a waterfront home to sell (verses 108 last month)and they sold for only 93% of the listing price compared to 96% last month. We currently have only 49 waterfront homes under contract comprising 26.7% of our total homes under contract.  Our waterfront homes’ months of inventory actually dropped down to 8.8 compared to 11 last month. Waterfront home sales are still in a buyer’s market.  These numbers certainly indicate that now would be a good time to by a waterfront home.  That said, this varies quite a bit by price range, location and quality of water.  Don’t be complacent because when really nice waterfront properties hit the MLS as they are actually selling quickly.
  • 29 new construction homes closed in December through our MLS but this does not reflect an accurate picture of new home sales since so many are custom or are purchased directly from the builders and therefore never enter the MLS. (In fact, this segment of the market may be skewing our Lake Norman home sales numbers quite a bit.) The average listing price vs sales price of new construction single family homes was 99%. There is still very little if any wiggle room in new home prices. (But ask for all those great upgrades!) We currently have 75 new construction homes under contract in the MLS. The average sales price in December logged in at $391,829.  The months of supply of active listings based on December sales stands at 7.1 so overall new construction homes are technically in a buyer’s market but again this varies greatly by location and price range.
  • Distressed sales” (Foreclosures (REO’S), defaults, Short Sales) represented 1.5% of Lake Norman’s total  home sales. With just 2 distressed closed sale for the entire month it is clear they didn’t play a role in December at all.  Distressed active listings currently comprise 2.1% of Lake Norman’s current total inventory of single family homes for sales. Distressed sales continue to play an insignificant role in our Lake Norman real estate market. 
  • 50.0% of Lake Norman’s December single family home sales were under $400,000 which is about equal to last month’s.
  •  68.8% of Lake Norman home sales in December were under $500,000, which is a bit higher than last month’s.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 183 is once again higher than that past two years at this same date but not as much of a difference than prior months this fall. We have 4% more properties under contract than at the same time in 2015 and 18.8% more than January 6, 2014. We are on pace to have a relatively good start to 2017.

A closer look at the chart:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2016 Market Report: Record Breaking!

Finally!!!  After being teased with strong pending sales but disappointing closed sales numbers all spring, it all turned around in June. At 202 closed sales Lake Norman logged in the 3rd highest monthly sales since 2004!  On top of this, as of today we have a high number of pending contracts as well. Let’s take a closer look:

Lake Norman real estate sales analysis June 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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lake norman real estate, Lake Norman waterfront homes

Lake Norman’s Top 10 Most Expensive Home Sales in 2015

Lake Norman waterfront luxury estate at sunset

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.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 4th Quarter 2014 Price Range Analysis is a Great Tool for Buyers and Sellers!

If you are a home buyer or seller in the Lake Norman it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. This is the reason why I create a price-range analysis every quarter for my readers:

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

How do Lake Norman’s 2013 Waterfront Home Sales Compare to Prior Years?

 

Lake Norman waterfront homes in Cornelius NC

Life in Lake Norman for many means breathtaking sunrises and sunsets on the water every day. It means walking from your backyard to your boat and taking off to go water skiing, sailing, tubing, fishing or just enjoying a glass of wine at sunset. It is truly impossible to describe just how beautiful Lake Norman is and the quality of life those of us lucky enough to live here enjoy.

Living in a waterfront home is the ultimate goal of many who move here. Our downturn in housing prices since the recession opened a window of opportunity for many who couldn’t afford a waterfront home at the peak of our market. However, our Lake Norman real estate market is well in to its recovery.  And, with distressed properties representing only 3% of our current inventory, clearly they no longer are a factor in our waterfront housing market as well as our overall home sales.  It is important for potential home-buyers and sellers to know as much as possible about our waterfront home prices in the context of where they have been and where they are trending. To assist with this, I have done a detailed analysis of our 2013 waterfront home sales including annual, area and price range numbers:

 Overall Lake Norman waterfront home sales by year since 2005

Lake Norman waterfront home sales by year since 2005

Lake Norman waterfront home sales since 2005

* All data is from the Charlotte Regional Multiple Listing Service

As you can see, the number of Lake Norman’s waterfront home sales has been steadily improving since their low in 2008 with 2013 being the best year since 2005.  However, our average sales price has only been on the rise since 2012.  At $793.742 in 2013 they increased 1.7% over 2012 and are well below our record high of $982,345 in 2008.  Finally, our average price per square foot for waterfront homes that sold in 2013 was up 4.7% from 2012 and are nearly back to our 2009 numbers but still significantly below our peak of $270 per square foot.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2013 Sales Analysis by Price Range

If you are a home buyer or seller in the Lake Norman it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $400,000 price range, you are going to have an entirely different experience than someone in the $500,000s. This is exactly the reason why I create a price-range analysis every quarter:

Lake Norman Real Estate's 2nd quarter 2013 Sales Analysis by price range

*Compiled from the Charlotte Regional Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.

** Compare this to Lake Norman real estate’s 2012 2nd quarter sales analysis by price range

How to read this report: Continue reading

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman’s The Point: The Trump Factor

Lake Norman's Trump National Golf Club Sign

Since Donald Trump purchased The Point Golf Club  situated in the renowned luxury community The Point on Lake Norman last spring, there has been avid speculation about how he will impact the entire community’s ambiance and the values of the more than 800 luxury and waterfront homes.  Today, as you drive through The Point and you will see workers just about everywhere; from the golf course itself where all 18 holes are being lengthened and upgraded to landscaping crews to painters to workers remodeling “The Tavern” and dining room.  It turns out Mr. Trump doesn’t like grey so the quaint gray shingled Nantucket-style builds at “The Village” including the building pictured above at the traffic circle, are now a very bright white! Continue reading

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Lake Norman’s Luxury Community “The Point”; Is it leading Lake Norman’s Real Estate Recovery?

 

The Point, with its 13 phases and about 900 home-sites is arguably the most well-known and popular luxury community on all of Lake Norman.  It has been fascinating to watch how the recession initially impacted its home sales and the progress it has made since then. In fact, the numbers today would indicate that The Point is actually leading the Lake Norman real estate market’s recovery. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2011 Sales by Price Range

Every quarter I create a price range analysis for the Lake Norman real estate market in an effort to provide insight into our Lake Norman housing market by niche for both buyers and sellers: 

Compiled from the Charlotte Regional Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.

How to read this report: Continue reading

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Lake Norman Real Estate: What do recent housing sales at The Point tell us?

Waterfront Home at The Point on Lake Norman

  The Point  in Mooresville NC is arguably the most prestigious luxury community in all of Lake Norman and it is also the largest with 18 miles of beautiful Lake Norman’s shoreline.  So, when I see interesting changes in housing numbers in The Point I try to put them in context to see if they are in fact an indicator of a significant shift or trend.

Back on September 18, 2008 I wrote:  The Point in Lake Norman: A Case Study #2.  In this report I noted that we had 123 active listings which translated at the time to a whopping 41-month supply of inventory!  Then, in: Lake Norman Real Estate: Affordable Housing at The Point…Wow! on July 25, 2009 I noted that we had 114 active listings and had sold on 19 homes since the beginning of the year or a 38-month supply of active listings.

Today, the number of active listings in The Point has dropped to 82 or 33% below a year ago September.  In today’s buyers’ market this number alone is good news.  But, it gets even more interesting when you look at the recent sales numbers.  In this past October we had 9 closed sales in The Point which is a significant jump from any month for several years.  This makes for a total of 36 sales year-to-date in 2009 in The Point.  But, as of July 25, 2009 we only had 19 sales so we have almost doubled our sales for the year in The Point in the past 4 months.  At 36 sales we have already surpassed the 2008 sales total for the year of 33.  And, we have 7 pending sales and 5 conditional sales that will most likely close by the end of 2009 for a potential total annual sales of 48 almost half of which will have been in this winter 4th quarter.  If we average 5 sales per month we would have dropped to about a 16-month supply of active listings. While still high, this number is less than half of the 41 months we had in September of 2008.

What does such a strong fourth quarter mean?

While it is still clearly a buyer’s market in The Point, I think these numbers are significant enough to indicate a positive trend.  Inventory is dropping and sales are increasing.  While half of the inventory and sales are homes priced under $1 million, there are FOUR homes priced well over $1 million currently under contract and poised to close.  It would seem that some of our luxury home buyers are jumping off of the fence, enticed by some great price reductions and perhaps a sense that now is a good time to buy.

One example of an incredible bargain is a waterfront lot foreclosure that closed this past week in The Point for $400,000.  This lot sold for about half the market value.  It has very good water and views and is about an acre of a flat to gently sloping lot…just what most home buyers and builders are seeking.  At our peak this lot was probably worth over $1 million.

Here are some interesting statistics related to homes at The Point: 

Active Listings:

  •  82 today  (months of supply = 9.8 if use the past 30 days or 16.5 if use last 3 months)
  • 114 in July of  this year  (months of supply = 38)
  • 123 in September of 2008 (months of supply = 41)
  • Peak of about 140

Pending Sales:  7

Conditional Sales: 5

Contingent Sales: 2

Solds:

  • Since October 1, 2009:      9  (25 % of this year’s sales were in October!) 
  • Past 3 month or since 8/11/09:      14
  • Same 3-month period in 2008:     7
  • Same 3-month period in 2007:     14 
  • Year-to-date 2009:      36
  • All of 2008:      33
  • All of 2007:      76

Price ranges of homes currently on the market:

  • $500,000:   5
  • $600,000:   9
  • $700,000:  6
  • $800,000:  15
  • $900,000:  4

Contingent Sales:

  • $699,000
  • $2,199,000

Conditional Sales:

  • $749,000
  • $899,000
  • $1,495,000
  • $2,750,000
  • $3,950,000

Pending Sales:

  • $578,500
  • $695,000
  • $749,900
  • $779,500
  • $1,599,000
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Lake Norman waterfront homes

Lake Norman Real Estate: Are Waterfront Homes a Bargain in 2009?

Lake Norman Waterfront Home

 Waterfront homes on Lake Norman NC are selling.  I know because I have been selling them.  That’s the good news.  Depending on your own perspective, the bad(?) news is that of the last three waterfront homes I have sold, two were distressed sales where the sellers lost money and one was a foreclosure.

In my opinion there are currently two categories of waterfront homes for sale:

  • Distressed sales such as short sales, pre-foreclosures, foreclosures and bargains where sellers are able to price at the current market or below
  • Over-priced listings where in sellers have negative equity or they simply aren’t motivated enough to lower their prices to sell in this market

After a  little research on the Charlotte MLS, I came up with some numbers of interest:

Lake Norman Waterfront 5-Year Sales Analysis

Lake Norman Waterfront Home Sales

Here are some critical numbers:

  • As of today, we currently have 27.8 months of supply of waterfront homes for sale which is almost 5 times the amount we should have in a balanced real estate market.
  • While the number of  waterfront homes sold the past three months increased by 22% when compared to the same period last year, our waterfront homes sales have plummeted by -65% from their high in 2005.  Still, it is important to see that waterfront home sales are improving.
  • The average sales price of a waterfront home increased until 2009.  Since the beginning of the year they have dropped -12%.
  • While our average sales price is about equal to 2006, the average dollars per square foot for a waterfront home is back to our 2005 prices after peaking in 2007.  The price per square foot has dropped 20% since their highs just one/two years ago.

The average price of a waterfront home currently for sale is $1,098,431 which figures out at $275 per square foot or 30% higher than the average sales price per square foot.  Granted, the very high-end homes do skew these numbers a bit but the trend is clear.  Bargains are selling and over-priced homes are sitting.

When I first calculated these numbers I was not surprised but none the less taken a back by how they supported my recent experiences to the T.  As a rule of thumb, I had found that prices were back to 2005 so when I pull tax records for my buyers or sellers and I see a purchase date more recent than 2005 I already know that there is a good chance the sellers have negative equity in their home.

While we read that much of the country’s housing markets are improving, my discussions with brokers and lenders throughout the country and my research indicate that Lake Norman home sales trends are about 10 months behind much of the country.

I can’t emphasize enough how important our levels of active listings are to our recovery.  In states like California, where the recession hit early and hard, they are experiencing multiple offers on their distressed/foreclosed properties and their months’ supply of for-sale inventory was 4.2 in September compared to our 18 months in Lake Norman over all. (And our 27.8 months of supply of waterfront homes).

This is a GREAT time to be shopping for waterfront homes.  (If you are a regular reader of this blog you will know that I don’t think I have said this once in the past two years). While a good portion of the homes are still overpriced, there are some incredible bargains popping up.  And, while these bargains are selling at a reasonable pace, we are not yet experiencing multiple offers so it is even possible to negotiate prices down on foreclosures!

In the next two reports I am going to analyze New Construction and Luxury Homes over $1million.  Stay tuned!

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: A Glimpse of Our Short Sales and Foreclosures

Foreclosure in The Point Lake Norman

If you hadn’t read my title for this article, you might think this photograph would be introducing a post about the beautiful luxury homes at The Point in Mooresville, Lake Norman.  In fact, this estate is currently one of the bank-owned properties at The Point.  The listing price is $875,000 for this approximately 5500 square foot newly constructed but only 90% completed home.  Not exactly what one would picture when thinking foreclosures!

This morning’s Charlotte Observer article, “Foreclosed Homes Draw Hefty Crowd, ‘Scary’ prices”  highlighted a “mega-auction” of 500 homes held this past Saturday at the Metrolina Expo in Charlotte.  Some notable comments and statistics:

  • Most of the 1000 attendees were real estate investors
  • Some high-dollar homes went for as little as one-third of their previous price
  • Mecklenburg County accounted for almost one in six of North Carolina’s 54,000 filings last year
  • Charlotte-area sales prices declined 7.2% in December compared to December 2007
  • Many of the auctioned properties were subject to seller approval.

No Lake Norman homes were mentioned in this article so I thought I would provide you with a little insight into our higher priced foreclosures and short sales.

Right next door to the estate above is this home which is also bank owned.  Both homes are about 90% complete as the builder lost these properties before he completed them.

In our Charlotte MLS I found 5 short sales in the The Point ranging from an astoundingly low $499,000 to $1,075,000.  Interestingly, while there have been a number of significant price reductions in properties over $1.5 million, I did not see any mention of short sales or foreclosures in The Point itself in the highest priced listings.

What I did see, however, were three estates with offers of seller financing.  Because jumbo loans have been so difficult to get, (above $417,000) it makes sense that an able seller might offer their own financing.

The key to a recovery of our normally dynamic Lake Norman housing market is a lowering of our inventory.  Unfortunately, every foreclosure and short sale instantly becomes the most recent comparable sale for any property in the neighborhood when it closes thus lowering the bar for all future appraisals/sales.

This is the challenge we will continue to face until the number of active listings in Lake Norman drop back down to about an 8-month supply.  Hopefully with the incredibly low interest rates and the loosening up of credit as the incentives kick in, buyers who have been on the fence will have the confidence to move forward, take advantage of these low prices and interest rates and help our market head to a recovery!

RELATED ARTICLES

 Lake Norman Home Buyers, Stop Searching for Homes!

Lake Norman Relocation Resources

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

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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!

RELATED ARTICLES

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

The Waterfront Community of Bay Crossing

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

The Harbour at The Pointe; A Popular Lake Norman Subdivision

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Luxury Home Market Report

Lake Norman Luxury home

One of the greatest challenges there is when doing an analysis of the luxury home market, whether in Mooresville, Lake Norman, Charlotte or Beverly Hills, is to determine exactly what price range to use. If you look at many real estate ads in our Lake Norman area brokers will include anything above $750,000 or even less.

Here in Lake Norman we have another element to consider when determining the true luxury home price range; whether the home is on a waterfront lot, has a waterview or golf course view lot or neither. Generally speaking (all price ranges), waterview homes sell for about $150 per square foot and a waterfront home sells for about $300 per square foot. Of course, it depends on the quality of the water…is it deep water with views of the “main channel” of Lake Norman, or is it down one of the myriad small coves with shallow water and limited views of the actual lake?

For the sake of this Lake Norman market report, I am going to separate the estates in to three price points: $900,000+, $1,500,000+ and $2,000,000 as I think these are separate and distinct niches. All figures are bases on today, March 10, 2008 and are from the Charlotte Regional MLS:

$900,000 – $1,499,999

  • Active listings= 166
  • Active waterfront listings = 117 (70% of the listings are waterfront)
  • Active non-waterfront listings = 49
  • $ per square foot of active waterfront listings= $278
  • $ per square foot of active non-waterfront listings = $226
  • Number of listings sold in the past year = 94
  • Number of waterfront listings sold in the past year = 64 (68% of sales were waterfront properties)
  • Number of non-waterfront listings sold in the past year = 30
  • $ per square foot of waterfront listings sold = $271
  • $ per square foot of non-waterfront listings sold = $220

$1,500,000 – $1,999,999

  • Active listings = 75
  • Active waterfront listings = 68
  • $ per square foot of active waterfront listings = $308
  • Number of listings sold in the past year = 27
  • Number of waterfront listings sold in the past year = 25
  • $ per square foot of waterfront listings sold = $285

$2,000,000

  • Active listings = 53
  • Active waterfront listings = 51
  • $ per square foot of active waterfront listings = $421
  • Number of listings sold in the past year = 16
  • Number of waterfront listings sold = 15
  • $ per square foot of waterfront listings sold = $362

Summary:

It is interesting to note that at the $2,000,000+ price range all but two listings were waterfront. The only exception that I see to this would be some special property with considerable acreage like a gated Equestrian Farm on 15+ acres currently on the market in Huntersville for $2,870,000.

Note the progressive shrinking of the number of solds versus active listings as the prices increase. At the $2 million plus range only 16 properties sold in the past 12 months and there are 53 active listings. If this rate of sales were to continue we would have about a 40 month supply of listings on hand!

The highest sale in the past year on Lake Norman according to our MLS was $4,200,000; a 12,482 square foot waterfront estate in Cornelius. All of the rest of the 15 sales were below $3,000,000. About half of these sales were in Mooresville in The Point and the other half were in Cornelius.

We currently have 18 listings over $3 million on up to $10,500,000 yet we only had one sale in this highest price range in the past year.

Clearly, our highest end luxury home sales have been extremely slow. Some of these listings have been on the market as much as 2 years!

However the properties right about $1 million are actually relatively strong even compared to the entire Mooresville and Lake Norman home sales and current inventory.

RELATED ARTICLES

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

Lake Norman’s Cornelius: From small village to posh suburb

Davidson NC, Lake Norman’s College Town

Relocating to Mooresville NC

Lake Norman Relocation Resources

Relocating to Lake Norman

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A Lake Norman Sanctuary: A Classic Lake House with a Craftsman Feel

Lake Norman waterfront estate with a Craftsman feel

One of the perks of being a Realtor is being able to tour and even sell so many incredibly beautiful homes. I have found over the years that certain houses just speak to me; whether it is the positive Feng Shui or just my own personal taste I don’t honestly know.

Case in point: the other day it was simply beautiful so I decided to drive all over the Lake Norman waterfront neighborhoods snapping pictures of anything wonderful that caught my eye. When I drove by the house in the photo above I stopped, turned around and took a number of photos. This “stunning home is nestled into the landscape, creating a connection with nature while simultaneously honoring rich architectural traditions…”. This was the only actual house I took a picture of all day.

Imagine my surprise when I was flipping through the most recent copy of our greater Charlotte House Trends Magazine and found a full 12-page article about this very house! Entitled: “Coming Full Circle…Couple seeks change of pace along the shores of Lake Norman.”  (This publication is no longer in business.)

When I read the words “Perfect Harmony” and saw the beautiful interior photos of this house I was instantly reminded of the incredible Arts and Crafts era homes I sold for 15 years while in Pasadena CA before moving to Lake Norman in 2005.

Probably the greatest honor I had was listing and selling the internationally renowned “The Blacker House“; the 1907 Arts and Crafts masterpiece by architects Charles and Henry Greene. (Brad Pitt took photos in the book written about its restoration by the man I sold it to!).

It took over 200 craftsman, using 17 different kinds of wood, from Honduras Mahogany to ebony to Port Orford Cedar, to create this 12,000 square foot masterpiece. I literally became a docent of the home as I was selling a piece of living art.

The greater Pasadena area was a haven for turn of the century Art and Crafts homes, from modest two-bedroom bungalows to grand estates. Selling these homes taught me so much about architecture, especially how it relates to nature.

Here in Lake Norman, many of our local builders are just beginning to embrace this concept, as exemplified by the lovely home I discovered and photographed above.

Need a little inspiration? You don’t have to travel farther than Asheville’s The Grove Park Inn Resort and Spa to see the real thing including incredible Craftsman furniture and accessories throughout.

If you are interested in the Arts and Crafts look but own a more typical Lake Norman home, there are ways to add wonderful touches to your home without changing your existing architecture:

Mission or Craftsman style furniture modeled after preeminent Stickley furniture as seen in this dining room from the Frank Lloyd Wright Foundation’s Catalogue

 

Or, enjoy the incredible selection of stunning William Morris Lamps with custom made mica shades of various shapes with leaf patterns to dragon flies to flowers like the popular iris’s of the Craftsman era.

 

Beautiful Arroyo Craftsman Lighting which offers hand made lighing of all kinds to suit your exact specifications has a wonderful selection of styles, sized, finishes and types of glass.  They are made to order and well worth the wait!

The Wooden Stone located on Main Street in Davidson has some wonderful custom furniture like Morris Chairs. Or, you can shop on line and get some of the most exquisite Craftsman furniture, lighting, rugs, and accessories to give your home a unique and timeless look.

So, next time you hear a builder talk about their “Craftsman” homes you know what to look for! If it isn’t all there I would be happy to help you pick out the perfect Arts and Crafts amenities to make your home unique and special.

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