Lake Wylie and and US Real Estate Market Report

The steadily improving US economy, sustained job growth and rising confidence that now is a good time to buy a Home should pave the way for an increase in existing Homes sales in 2018 according to forecasts by the National Association of Realtors.

Nationally existing Home sales will finish at a pace of 5.47 million the best since 2006 but still about 1.1 million less than that all-time best mark.

The lack of inventory has pushed prices up 48% from the low point of 2011, locally the Steele Creek area remains one of the hottest markets in the Country, the population is expected to jump 20-25% over the next 5 years, and for most of us originally from the area this is both a blessing and a curse.

Closings in the past 6 months are at 834 with 211 under contract and currently 221 listed for sale.

Prices on Waterfront Homes have steadily gone up and finding anything under $600,000 is tough sailing. Homes for sale are at an all-time low at this writing of only 78.  Median price is over $750,000 all record breakers.

Enough of the boring stats, if you’re planning to buy a Home or Condo now should be it, sitting on the fence so to speak is going to price you out of that dream Home. Quarterly prices have been increasing in some areas by 8% in the Charlotte area.

Buyers in the region are flocking to areas closer to Uptown Charlotte and prices are skyrocketing. Commute times and just being closer to the action seem to be the driving force. As traffic worsens that trend will surely continue and speaking of traffic it seems that it increases daily.

As a former member of the York County Planning Commission I always said the reason people left their former Cities and Towns and moved to this area will be the same reason they leave this area, Taxes, traffic, crime and poor planning.

David has been a Real Estate Broker, Developer and Contractor in the Charlotte area for 40 years and is currently Principle Broker and Partner of Lake Wylie Realty, David and his wife Karen live on Lake Wylie and are both Charlotte natives.

Copyright 2017 David McCorkle

New Automotive Shop in Belmont

After decades of tinkering with cars, a Belmont man has finally fulfilled his dream of opening up an automotive shop. The shop is called South New Hope Automotive and it is located near the intersection of South New Hope and Twin Tops Road. It is open 8 am to 5 pm every Monday through Friday.

Sid Allman has been working on opening a shop since 2008 and eventually signed a lease on the property in March. Since then, he has been renovating the property to make it perfect for customers. Allman has worked at a dealership repairing cars for 17 years and has said that the one thing he noticed was that they tend to overpromise customers. he says he does not plan on doing that at his new shop.  He hopes that he is able to call his customers friends and develop his shop into more than just a place of business.

Allman says the best part of his new shop is that he no longer has to commute to work so he is able to spend more time with his family. His wife even works with him in the shop.

The opening of this shop is on trend with the expansion of Belmont. New shops have been opening every day as the area becomes more popular. To read more about Allman’s new automotive shop, be sure to check out the full article at gastongazette.com

Neighborhood Spotlight: Austen Lakes

Austen Lakes is a neighborhood that provides a small town feel while still being close enough to the city. This community has a lot to offer including the lower South Carolina taxes and the premiere school district of York County.

Along with the neighborhood amenities, it is also close to Lake Wylie which offers swimming, boating, fishing, and hiking, as well as many ore outdoor activities perfect for the whole family. Austen Lakes is also only a short drive from the city which offers antique shopping, historical attractions, and many parks and trails for people who prefer the outdoors. These include Lincoln Park and Magnolia Street Park which have things like playgrounds, trails, picnic tables, and more.

Currently there are 2 homes on the market in Austen Lakes which represents 2.2 months of inventory. This means that Austen Lakes is a seller’s market which matches York County as a whole.

In the last year the average sales price has increased while the average price per square foot has slightly decreased. The homes range in square feet from 1200-3600 square feet and from 2-5 bedrooms. Homes are currently listed from $205,000 to $225,000.

With so many neighborhood amenities as well as things to do in the city, Austen Lakes provides the perfect small town feel for your next family home!

Parking Lot Added to Help Belmont Traffic

Parking has recently been a major issue for residents of Belmont as new restaurants and shops have opened downtown but hopefully the addition of a new parking lot will make things easier. City officials recently cut the ribbon on a brand-new, 60 space parking lot. The lot is located on Mill St. right around popular restaurants such as Old Stone Steakhouse and Sammy’s Pub. Taxpayers lease the space for $1700 a month which Manager Adrian Miller hopes will not only keep tax dollars within the town but also help residents really enjoy their nights out.

In recent years, multiple new restaurants have opened that have become popular, which has only increased the demand for parking. Private business used to be lenient on public parking but have recently cracked down on local restrictions, which is what sparked the push to build the new parking lot. Since last year, this is the second new parking lot that has been added. In addition, several private lots have been leased adding 200 spots overall in the last year.

The lot sits in the most congested part of Belmont on what used to be the city’s public works building. Workers had to remove the previous foundation and overall it took about a month to get the lot ready for the public. The city manager has visited the lot and says that while people are still getting used to it, it should definitely ease the difficulty of parking downtown from now on.

To read more about the new parking lot and where it is located be sure to check out the full article at gastongazette.com

Neighborhood Spotlight: Kings Grove

Kings Grove is a beautiful neighborhood filled with distinctive new homes with easy access to everything Charlotte has to offer. In addition to being able to take advantage of the lower South Carolina taxes, the neighborhood is in a renowned school district, making it perfect for a family home. King’sGrove is also just minutes away from Lake Wylie, which offers a range of fun activities from fishing, to swimming, to hiking. The neighborhood itself includes amenities like walking trails, sidewalks, a swimming pool, and cabanas.

Shopping, dining, and entertainment options are also located just minutes away from the Lake Wylie area. Some popular nearby attractions include the famous Carowinds Amusement Park as well as the McDowell Nature Preserve. This nature preserve has playgrounds, campgrounds, walking trails, and lake of its own.

Currently there are 5 homes on the market in King’s Grove which represents 6.7 months of inventory. This makes the neighborhood a balanced market compared to York County as a whole which has more of a seller’s market.

In the last year the average sales price and average price per square foot have both slightly increased. Homes in King’s Grove range from 2100-3900 square feet and are listed between $299,000 and $346,000. Most homes built have 3-4 bedrooms.

With so many fun amenities both within the neighborhood and nearby, King’s Grove could be perfect for your next family home!

 

Neighborhood Spotlight: Heron Cove

Heron Cove is a serene neighborhood located near Lake Wylie. The neighborhood offers large homesites in order to best preserve the beauty of the land around it. Residents of Heron Cove get to enjoy South Carolina’s lower taxes as well as the benefit of being in one of the best school districts in the state (Clover school district).

Heron Cove offers many amenities, the largest one being its Waterfront Park. This puts all the amenities of Lake Wylie at your fingertips, providing the perfect place for swimming or fishing. There are even storage racks for resident’s kayaks and canoes. In addition to water based activities, the Waterfront Park also provides the perfect setting for picnics and fire pits.

Throughout Heron Cove there are many winding walking trails, perfect for enjoying the natural environment of the area. There is also a children’s park to offer a safe place for kids to play.

Currently there are 3 homes on the market in Heron Cove which represents 2.6 months of inventory. This makes the neighborhood a seller’s market similar to that of York County as a whole.

In the past year, the average sales price of homes as well as the average price per square foot have both decreased. Homes are priced anywhere from $450,000 to $650,000 and land sites are priced from the $60s.

Heron Cove is a peaceful neighborhood that offers small town comforts while still being close to big city amenities. It is the perfect place for nature-lovers to check out for their next home!

Neighborhood Spotlight: Clover Meadows

Clover Meadows is a beautiful neighborhood that offers a small town feel while still being close to big city amenities. Residents of Clover meadows get to enjoy the lower South Carolina taxes while still being close to city attractions in North Carolina. It is also in the premiere Clover school district.

Clover Meadows is close by to many dining options as well as antique shopping and historic attractions. In addition, it is only minutes from Lake Wylie which offers activities like fishing, sailing, hiking, and picnic shelters. the neighborhood is also close to Clover community park which offers walking trails, a playground, baseball fields, and a disc golf course.

Currently there are 14 homes on the market in Clover which represents 4.2 months of inventory. This makes Clover Meadows a seller’s market. This is very similar to the markets of Clover and York County as a whole.

In the last year, average price and average price per square foot have both decreased. Homes in this area range from 1200-3200 square feet and from $160,000 to $200,00 a month.

Homes in this area are selling fast so be sure to check out Clover Meadows for your next family home!

Plan to Raise Water Levels in Catabwa River

Duke Energy has a plan in place that will raise summer water levels in three lakes on the Catabwa River by six inches. In recent years, municipal water providers and the company have been meeting to discuss extending the time line of how long the river can continue to support business and residential growth in the area and raising water levels would be vital to this plan.

However, the company does not want to increase water levels without first fully examining all impacts it could have. The major concern here is whether raising levels could create a higher risk in high water situations. Lake James would have the highest risk flooding according to their research, but that risk is minuscule compared to potential benefits. The FERC also issued Duke a 40 year license in late 2015, but the company has appealed for an extension to a 50 year license with millions of dollars in improvements contingent on the extension.

The current plan is to raise summer target elevations by the end of 2025 or when the Watertree spillway is complete, whichever one is later. This is not just an issue of water quantity, it becomes an issue for boats to as it could affect whether boats remain afloat or sit on land in the dry summer weather. The goal is to have enough storage to withstand droughts but enough room to be able to withstand major rain events. According to the company, drought is a more pressing issue than potential flooding and thus the benefits of raising water levels outweigh the flood risk. In fact, it was a major drought in the late 1990s and early 2000s that began the conversation in Catabwa about possible solutions.

Current research shows that by 2048 the demand for water use will outweigh the amount the river is able to supply so this will be an important issue in the near future. To read more about potential benefits to Duke’s plans, be sure to check out the full article at heraldonline.com

York County Council Asking to Vote on Concrete Plant

In mid-August, county planners met and discussed plans for a concrete plant on Bethel School Road. Although this plan has not yet been approved, city council members are worried about its effects on citizens and how much they would be able to interfere to help. This issue has sparked a conversation about what the county should allow without a council vote.

As it stands, if land uses are listed in zoning and the project meets density, building, and traffic requirements, there is little a city council can do to stop something from being built. In the case that a special exception is made, the proposals can go to vote on the council, which is what leaders are trying to do in the case of the concrete plant.

People have argued both for and against building this new plant. Many people do not want the plant so close to family homes and rural areas. But many others supported the economic development that new business would bring to the area. It has also been compared to a plant at another site that has been causing traffic problems. The county’s main concerns are what the plant would do to the property value of homes in the area as well as potential traffic problems it could cause on a small road headed to a school.

If the county decides to make concrete and quarry plans an exception, the council would be allowed to vote on each issue and look at each one individually in terms of how it would affect the community rather than companies just being able to build whenever zoning allows it.

Council members say that zoning in the area is outdated and are working hard to change that. It is unclear how quickly these changes can come but to read more about what council members are doing to progress and what potential affects of a concrete plant would be, be sure to check out the full article at www.heraldonline.com

Neighborhood Spotlight: Tullamore

Tullamore is a beautiful neighborhood located just minutes from the stateliness giving its residents plenty of access to both the amenities of Lake Wylie, and the benefits of city life. Tullamore offers a secluded feel in large brick houses but residents still have easy access to I-85 which can take them downtown as well as to the airport. Residents also benefit from the lower South Carolina property taxes.

Tullamore is the perfect place for families, located in the renowned Clover school district and offering many amenities both within the neighborhood and locally. The neighborhood amenities include a playground and picnic area. There are also many amenities outside the neighborhood including the popular McDowell Nature Preserve and Waterfront which offers campgrounds, walking trails, and fishing docks.

There are currently 8 homes on the market in Tullamore which represents 6.4 months of inventory. This makes Tullamore a more balanced market compared to the clover district and York county as a whole, which are both more of a seller’s market.

In the last year, the average sales price for a home in this neighborhood has slightly increased but the average price per square foot has remained roughly the same. Homes on the market now range from $310,000-$420,000.

With so many local and neighborhood amenities, Tullamore is the perfect place for your next family home!