Steele Creek and Lake Wylie Housing Market Report 2017-2018

The Steele Creek Real Estate market continues to be one of the top markets in the Country and is estimated to be one of the top 5 in the entire Country by the end of 2018.

On the National scene existing Home sales will finish at a pace not seen since the bubble bursting run up to 2006 clocking in at about 5.5 Million but amazingly still approximately 1.1 Million less than that all time high.

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

Back to Steele Creek, the availability of land, proximity to Charlotte’s 485 outer loop, Downtown and the Airport along with a widely diverse Housing Market are driving increases in prices and sales. A new master planned Development is in the final planning stages for the large mainly undeveloped area west and south of the Airport which will include the proposed River District slated to be larger than the Ballantyne area in South Charlotte. The area is expected to increase in population by 20-25% over the next 5 years.

Sales of new and existing Homes in the Steele Creek area over the past 12 Months for the zip codes of 28278 and 28273 were at a staggering pace of close to 2000 sold, leading the way the Community of Berewick with sales up 33% to 356, the Palisades with 131 sales was a distant second.

Another large Master planned Community is rising in Gaston County near Lake Wylie and Belmont called McLean, while just getting started sales were up to 40 in 2017.

Over on the South Carolina side of the Lake new Developments are popping up like spring flowers, national production Home Builders like Mattamy Homes and DR Horton along with local Builders, Fielding and Bonterra Homes are building a potpourri of styles and myriad of prices. New Home sales in the Lake Wylie SC area have increased from 75 in 2014 to around 200 per year at the end of 2017.

Sales of existing Homes in the Clover-Lake Wylie-York area zip codes of 29710 and 29745 although not quite as strong as its counterpart Steele Creek were close to 1300 over the past year. The top seller in that area is the well-seasoned “Jewell” of them all, the magnificently well planned Community of River Hills with close to 80 closings and an average sales price up 15% to $354,000.

WATERFONT MARKET UPDATE

Median prices continue to rise in the waterfront market due to low inventory and high demand, as of this writing there were just 57 active listings in both Carolinas down from the 120-140 we experienced for a few years with only 6 priced below $500,000. The 1 Million plus market was very active with 16- 1 Million Dollar plus Homes closed in 2017 and currently 12 were on the market. A total of 169 waterfront Homes sold down slightly from the year before with a median price pushing close to $700.000 up from the low $600,000’s that were steady for some time.

As urbanized Charlotte continues to gobble up large tracks of land for high density development the demand from those looking for the serenity and peace of Lake living along the shores of Lake Wylie will find it more and more difficult to afford.

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

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

LAKE WYLIE/CLOVER MAYDAY PROJECT FUNDRAISER

SIGN UP TO PLAY IN THE 7 th ANNUAL CHARITY GOLF TOURNAMENT TO BE HELD AT THE RIVER HILLS COUNTRY CLUB MONDAY, OCTOBER THE 9th:

For information  log onto maydayproject.org  and for those not wishing to play you can donate to the 501 (c) (3) Project through the website and see all the great things where  the money will go : Help our local underprivileged kids, local teachers, counselors and school nurses to by supply’s for the Homeless kids

Push for One Fishing License on Lake Wylie

The Lake Wylie Marine Commission is now contemplating whether anglers should be able to get just one license to fish in Lake Wylie. Not only would this make things easier and less expensive for the fishers themselves, but it would make things easier for the patrol officers on the lake itself.

Currently, with the a state line bisecting the lake, fishers need a license for both sides of the lake but there has long been a discussion over whether it would be possible or practical to get fishers a reciprocal license that would work on both sides. Reasons throughout the years supporting a single license include convenience and cost and more simplicity for officers on the lake. Reasons against it involve money and how the two states would split proceeds based on where the angler was caught and where the license was purchased.

The last time the issue was brought up in 2014, S.C. Senator Hayes admitted that South Carolina could lose money. This would be because North Carolina has two counties on the lake as opposed to South Carolina’s one and Charlotte has a larger population.

There are multiple agreements regarding bi-state waters between states like North Carolina, Georgia, and South Carolina so there is a precedent for this kind of law. But getting legislation passed between two states is very challenging and that may be why the issue has been in discussion for years without major progress. S.C. Senator Climer has stated that he is unsure that there is enough political interest to get a solution but thinks the issue is definitely worth looking into and that the discussion will continue.

To continue reading possible solutions and the benefits this dual license could offer, be sure the check out the full article at www.heraldonline.com

Lake Wylie Home Project May Have To Be Put On Hold

There have been recent plans by a developer for a 178 home project at a new subdivision called The Vista at lake Wylie. This subdivision would be located at 457 Highway 274 near Pole Branch Road. Although the plans fit land-use criteria, some county staff is recommending the request be denied when the planning commission meets August 14th.

The reason for this recommendation is traffic. A traffic analysis cannot be completed until two major road improvements are completed, both of which have yet to happen. The first is a signal and road relocation of S.C. 24 and Pole Branch Road and the second involves intersection changes at three points.

The first is estimated to be completed in a reasonable amount of time because the entire plan has already been funded and approved by a Pennies for Progress campaign. The second part is up for another Pennies for Progress referendum in November. The $7.4 million project would have no other funding and there are no guarantees at this time that it would be approved.

According to current traffic reports, levels of service on nearby roads are receiving failing grades. With the new neighborhood, developers would pay for new access points to S.C. 274 and Pole Branch Road

York City Councilwoman Allison Love has said she wouldn’t support this new development in the area no matter what the outcome of a traffic study is. She has said that Pennies projects currently being finished will fix traffic problems and adding new neighborhoods would increase traffic again, negating and progress or improvement. She also supports recommending denial for now in this matter.

To read more about this development and what the possible outcomes will be, be sure to check out the full article at www.heraldonline.com

Lake Wylie rezoning could mean more homes

A property totaling nearly 180 acres in Lake Wylie is up for rezoning, and if the county approves, 178 new homes would be built on this land located between Three Points and the Pole Branch intersection at 457 Highway 274 along Mill Creek.

The current zoning of the property does not allow for apartments and only permits one home unit per lot “not on less than an acre each and the total site can’t exceed a two acre per unit average.” The potential rezoning, which will not be confirmed until mid July at the earliest, would only alter the rules pertaining to lot size, and would not “limit how many homes can be built by acreage.”  The goal of the rezoning is to build up the neighborhood and to expand the growth there.

The new community of homes plans to showcase and amenity area that would be facing the lake. Plus, residents could take full advantage of all of the perks of living in Lake Wylie, with endless recreation and easy access to all the area’s conveniences, as well as a simple commute to the big city of Charlotte.

For more details and information on this possible rezoning that would lead to a large residential development, as well as what it would mean for one of the busiest intersections in the Lake Wylie area, be sure to read the full article at Heraldonline.com.

Popular restaurant opens new Lake Wylie location

The lake Wylie area just continues to grow and recently had yet another restaurant opening to add to its ever-growing list of dining options.

The much anticipated Sake Express Japanese steakhouse and Sushi just opened its fourth  location in Mill Creek Commons Center in Lake Wylie. This recent opening is the largest of the four locations that are currently open in Belmont, Mount Holly and Gastonia.

Totaling 4,900 square feet of cooking and dining pleasure, locals and visitors alike can take advantage of great Japanese food from 10 AM to 10:30 PM Monday through Saturday and from 11 AM to 9 PM on Sunday.  The menu features creative sushi rolls, bento boxes, Teppanyaki noodles, and so much more. The restaurant prides itself on great food and fantastic service, and it is a wonderful spot for families or a date night.

Mill Creek Commons is strategically located at the intersection of SC Highway 274 and SC Highway 557 and is a 75-acre master-planned retail development anchored by Lowes Home Improvement and Walmart. The shopping center also includes a “proposed 14.59-acre junior box retail development and 10 outparcels.” Five outparcels have already been sold or leased to Bank of America, Wachovia, Walgreens, Zaxby’s and McDonald’s. There are still five out parcels left for sale or lease.
For more details and information on this new dining option in Mill Creek Commons, check out the article at Gastongazette.com.

More potential development for Lake Wylie, Fort Mill and more

Plenty of residential and commercial development is on the horizon in Lake Wylie, Fort Mill and all over York County. Many projects are still in the planning phases, but locals  could expect some big changes around town.

Lake Wiley’s Mill Creek Commons could be the potential new site for a new apartment community right across from the Harpers Green subdivision. This will be a significant residential addition as Mill Creek Commons is already home to many commercial retailers, including Walmart, Lowe’s, McDonald’s, Bank of America, Wachovia, Walgreens and Zaxby’s.

Furthermore, the 13-acre Public Storage site at the corner of Bonum Road and SC 49 could be home to even more new mini warehouses.

Fort Mill may be getting a new vet clinic at the North Carolina state line just off of Hamilton Place. Also in Fort Mill, a 5,000 square-foot space at 3004 US could undergoing a change from retail space to restaurant space.

There are also talks of building a 157-lot subdivision in the Rock Hill area just east of Hands Mill Highway. County planners are also discussing expanding another home subdivision at Shadow Lane and Brush Creek Road, and expanding a single-family subdivision west of SC 901.

These are just a few of the projects that county and city planners are deliberating over. For more details on these potential developments and others in the area, be sure to read the full article at heraldonline.com.

 

Fish away on Lake Wylie

As the weather starts to warm up and winter turns into spring, residents of the Lake Wylie region can fully take advantage of all that life on the water has to offer. Avid fishermen can get excited about the several large fishing tournaments that are on the calendar for March, and the following is a lineup of what to look forward to.

March 4 will feature the Carolinas Bass Challenge. The Ebenezer Park Launch in Lake Wylie is the second stop on the four-part series that also has stops on Lake Norman, Lake Hickory and High Rock Lake. The events and the challenge are team fishing tournaments and competitors can work in pairs or alone. The first place prize is at least $8,000 and the Big Carolinas Best Challenge Classic can pay out $50,000.

Another fishing tournament series that is already underway is the Carolina Anglers Team Trail which features smaller events with smaller payouts, but feeds into larger events in both the Carolinas and Virginia. Part of this series is the CATTFish event on March 11, and it’s the final event after five qualifying events.

Stay tuned for what is up next for fishing enthusiasts in and around Lake Wylie, and for more details on these specific events, be sure to read the full article at Heraldonline.com.