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

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 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 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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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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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 real estate

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.

RELATED ARTICLES

How to Predict the Next Lake Norman Hotspots

Lake Norman Relocation Resources

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