You had to have been completely out of touch with the world not to know that this past month our US economic news was a bit bleak. Talk of a double-dip recession was bantered about based upon weak numbers, most importantly jobs.
Here in the greater Lake Norman communities, particularly Mooresville, there are actually a number of new small business, restaurants and service providers. And, according to Business Facilities.com North Carolina ranks fourth in the US for Economic Growth Potential, sixth for Best Business Climate, seventh for Biotechnology Strength and sixth for Biofuels Manufacturing Research Leaders. They also ranked Charlotte 5th in their Top 10 of Metro Areas with the strongest Economic Growth Potential.
I am confident that our long-term future is very bright for our Lake Norman communities. I wish I could say the same about our current housing market!
The most stunning and shocking news hit my email on September 3rd. Simonini Builders, one of our best and most forward thinking builders, unexpectedly announced they are “winding down” all of their current building and will not be taking any new orders for custom homes. After much fanfare about their new Preserve at Robbins Park community representing the future of our Lake Norman housing including a focus on energy efficiency and smaller, more effective floorplans AND the fact that they are the only builder participating in our annual HomeArama featured in the September issue of our Lake Norman Magazine, it appeared that Simonini was going to lead our local builders out of the recession. Instead they are closing their doors permanently.
August has been a relatively weak month of the year for Lake Norman home sales. This past August our sales were almost flat compared to 2009:
The total number of Lake Norman single family homes under contract on August 31, 2010 were identical to our numbers of 157 when compared to the end of July, a 7% decline from June’s 169 and a drop of 15.5% when compared to the 200 at at the end of May.
Let’s take a look at the details: Continue reading