The other day I noticed a newly listed waterfront property come up as “under contract” on the hot sheet after only 7 days. Impressive I thought to myself! It is in a neighborhood I know well so I clicked on it and realized this property, now listed at $950,000, was the same property I has shown several times back in 2010 and 2011 that had finally closed at $740,000 on 5/03/11 after being on the market for almost a year. Digging deeper I found that this waterfront property sold back in 2005 for $722,500. So, is this 28% increase in value typical? I sure don’t see this in the overall Lake Norman housing market reports I do.
Being the data geek that I am I decided to look at sales in the past few months, pick random properties, and look at their history to see more examples that might support the above property’s success. Here are some of the more interesting ones I found. I stuck with properties in Mooresville on the Lake Norman side of I-77 to be consistent and I looked at a variety of price ranges and both waterfront and off water.
101 Brownstone Drive
- Sold on 4/29/2015 for $1,183,000 after 372 days on the market
- Sold on 3/07/2013 for $983,000 after 308 days on the market
- Originally sold for $1,100,000 on 11/21/06 after nearly 2 years on the market
- Summary: While never a fast sale, this waterfront home in The Point sold last month for MORE than the peak of the market’s sale as new construction!
164 Ragsdale Trail
- Sold on 5/29/2015 for $635,000 after only 8 days on the market
- Sold on 8/26/2009 for $590,000 after 112 days on the market
- Summary: This newer home in The Farms also sold at its highest price this past month but this time by only 7.6%
469 Isle of Pines Road
- Went “Under Contract” in 7 days. It is pending now at $369,000
- Sold on 8/11/2003 for $289,000
- Sold on 4/28/2001 for $276,500
- Tried to sell it in 2007 at $409,000 reduced to $399,900 and then took it off the market
- Summary: I happen to know the sellers of this property and they wanted to move in 2007 but after about 6 months they gave up. This time it was listed on 5/08/2015 and got an accepted offer in 7 days! While we don’t know the sales price it is clearly going to be higher than the 2003 sales price.
290 Knoxview Lane
- Sold on 5/15/2015 for $510,000 after only 29 days on the market
- Tried to sell it several times in 2010 – 2012
- Sold on 8/7/2006 for $510,000 in 164 days. The listing price was $514,900
- Summary: Here is an example of a property that sold this May for the exact same price as it did in 2006 at the peak of our market after several failed attempts during the recession
271 Chandeleur Drive
- Sold on 5/28/2015 for $268,000 after only 2 days on the market!
- Sold on 8/21 2013 for $258,500 after 78 days on the market
- Sold on 2/1999 as a new home for $212,500
- Summary: This property sold for only 3.7% higher than in 2013 but this was well into our recovery
105 Woods Hole Court
- Sold on 5/27/2015 for $2,250,000 after 453 days on the market. Initial list price was $3,000,000. It was listed in late 2010 at $3,000,000 for a year but then was removed from the market.
- Sold on 3/08/2007 for $2,700,000 after 375 days on the market
- Summary: Here is a great example of Lake Norman’s luxury market which is still struggling. Purchased at the peak of our market, this sold for 16.6% LESS than their purchase price. This property is located in The Point
860 Kemp Road
- Sold on 5/28/2015 for $430,000 after on ONE day on the market over the asking price of $419,000! Multiple offers?
- Sold on 3/09/2003 for $420,000 after 192 days on the market
- Summary: While it didn’t sell much more than it did back in 2003 it sold for over asking in one day. A great example of how hot certain areas/properties of our Lake Norman housing market are right now.
188 Old Post Road
- Sold on 5/28/2015 for $910,000 in 22 days
- Sold on 11/12/2010 for $837,5000 in 61 days
- Sold on 3/3/2008 for $940,000 in 80 days.
- Sold on 3/2/2004 from the builder for $760,000
- Summary: Here is another example of a home that hasn’t quite got back to its peak value. This price point has been slower to recover than lower price ranges in Lake Norman. This property is in The Point
106 Breakwater Court
- Sold on 5/08/2015 for $740,000 after 135 days on the market. Original listing price was $799,000
- Sold on 3/01/2012 for $550,000 after a year on the market with an initial listing price of $739,000!
- Sold on 11/30/2004 for $715,000
- Summary: This is my first of 3 examples of properties that were purchased during the recession with deep discounts. In this case this was a relocation, not a foreclosure, in The Point.
129 Red Tip Lane
- Sold on 4/30/2015 for $210,000 after only 3 days on the market
- Sold on 7/12/2011 for $136,500 after nearly a year and a half on the market.
- Sold on 1/08/2004 for $164,000
- Sold on 8/21/2000 for $151,000
- Original sale was on 10/1996 for $139,490.
- Summary: This was a short sale in 2011. You can see how dramatically the value fell but has recovered. It was remodeled as well.
121 Seabury Drive
- Sold on 5/08/2015 for $620,000 after only 3 days on the market!
- Sold on 7/17/2010 for $470,000 as a foreclosure. It was originally priced at $559,000
- Sold on 5/22/2003 for $615,000 as new construction after being on the market for 128 days
- Summary: I will never forget this foreclosure as I showed it several times. The pool was green and it was in really sad shape when it sold so part of the price increase was a major remodel but still a great example of our current market! It is also in The Point
My Take Aways
If you follow this blog you will know that I do several home sales analysis of the Lake Norman area every month. In these market reports our average sales vary but do not reflect the increases like most of those above that are actually back to or are exceeding post recession prices. I can’t stress enough how Lake Norman home values vary and the importance of knowing the niche market that you are in, whether as a buyer or a seller. Yes, this is a “hot” market clearly when you see how many recent sales were active for only a matter of days. But, other properties do sit for a long time so there is no consistent rule of thumb for our Lake Norman real estate market. Good properties in good locations or with good waterfront lots that are price properly are selling quickly while others are lagging behind. I can’t wait to do my May sales report in a few days to see our latest overall numbers. Stay tuned!
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