One of the most significant signs that our Lake Norman real estate market is improving is the amount of new construction popping up all around the lake. From large builders taking over partially completed subdivisions that went under during the recession to smaller builders building spec homes and custom homes in every price range including an impressive number of luxury homes down Brawley School Road, all types of construction is happening for the first time in years!
The listing agent of a lot I just put under contract in The Point told me she had sold or had offers for 4 of her lots in the past several weeks after years of none what-so-ever. A number of my waterfront buyers have purchased tear-downs or are considering tear-downs with plans to build their dream homes. Off water buyers are scooping up good, affordable lots like the one I sold in The Point this past week realizing this may be the best opportunity they have before prices start going up.
The idea of having a custom home designed specifically for them on a hand-picked lot with their ideal size, floorplan, finishes and architectural details is pretty darned exciting! For many, this is also a great time hire a builder who can incorporate all of the latest “green” and “smart home” technology which wasn’t really happening in our Lake Norman area 5 years ago.
Here are some interesting numbers that reflect this trend:
- We have 53 “new construction” homes under contract and 8 closed sales of new construction homes in Lake Norman’s Area 13 in 2013 for a total of 61 in 7 weeks. Lake Norman had 90 closed sales of new construction homes in all of 2012 and 79 in 2011!
- Lake Norman currently has 57 lots under contract and 16 closed lot sales equaling 73 sales in the first 7 weeks of 2013 compared to 239 lot sales in all of Lake Norman in 2012.
Of course, these numbers don’t reflect lots that are sold outside of our Charlotte Multiple Listing service. Many builders, especially in large subdivisions, do not list a majority of lots and home sales in our MLS so these numbers are lower than the actual sales of lots and new homes being built on privately owned lots.