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!


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


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

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