I received an email yesterday from a potential Lake Norman home-buyer from Texas asking me if I could provide him with a 10-year history of sales in The Point. Explaining that the best I could do due to time constraints would be to send him the raw data, I set out to pull up the numbers by year breaking out waterfront from all of the rest of the properties. Well, being the data geek that I am, once I saw the raw data I decided I really wanted to make two spread sheets breaking the numbers out by year for my readers:
Home Sales: Non-Waterfront
Home Sales: Waterfront
*All data is from the Charlotte Regional Multiple Listing Service only and does not include sales that were not conducted through our MLS
When looking at these two charts it is important to remember that The Point was a brand new subdivision back in 2001. For the first few years all of the sales were new construction. You will note that, especially in the non-waterfront sales, many of the homes sold above the listing price which would be due to upgrades requested by the buyers. There are still a few new-construction homes available but now most of the sales today are resale.
- Waterfront home sales data is a bit more erratic than the non-waterfront home sales. The non-waterfront home sales numbers lay out a nice, clean and steady increase in the price per square foot until their peak in 2006 and then a more dramatic decline starting in 2007. The waterfront home sales, while also peaking in 2006, do not reflect as clean a trend because they are impacted by the great spread in the individual home prices from about $1 million to over $4 million. A perfect example is our first quarter of 2010. There were only two waterfront home sales, one at $1,400,000 and the other at $3,375,000. The average $ per square foot is obviously tremendously skewed by the $3 million+ sale.
- While our Lake Norman real estate market started to slow down in the second quarter of 2007 which is evident at The Point as well, The Point experienced a dramatic drop is sales in 2008 and has yet to recover.
- At $150, the average $ per square foot for non-waterfront homes so far in 2010 is actually not too far off of the rest of Lake Norman’s more upscale communities. In fact, I did an analysis for one of my buyers about a month ago which had home sales prices per square footage at The Point up to $650,000 about equal to similar quality homes outside of The Point.
- Finally, note that the average sales price of a non-waterfront home at the Point is actually lower this year compared to 2001.
There are currently 28 waterfront homes in The Point for sale through the MLS and 41 non-waterfront active listings.
As an interesting side note, the estate in the photo at the top has been actively listed for 1050 days. (It was first listed on 1/26/07). The initial list price was $3,595,000. About two years ago I had a buyer who entered into negotiations but failed to get the sellers down to even $3 million. It is now listed at $2,695,000 and is an absolutely stunning property in the coveted “The Village” neighborhood in The Point.