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

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: Handsmill on Lake Wylie

Handsmill on Lake Wylie is a beautiful gated community that combines natural beauty with resort-style amenities. Homes are right on the lake offering exclusive access to all the activities Lake Wylie has to offer. These activities range from fishing to boating to hiking. The neighborhood even has two private marinas and boat ramp solely for residential use.

Hndsmill also offers many amenities within the neighborhood. For nature-lovers, there are many walking trails and green space to spend time in. But the centerpiece of the neighborhood is the luxurious Handsmill Club complete with a state of the art kitchen, two gathering areas, and a large outdoor patio perfect for entertaining. There are also amenities like a junior olympic swimming pool and fitness center only available to residents. For children, there is a separate playground. But while Handsmill offers seclusion and natural beauty, it also has the advantage of being within half an hour of all the activities Charlotte has to offer.

There are currently 3 homes on the market in Handsmill which represents 6 months of inventory. This means that right now there is a balanced market in the area, which is comparable York County as a whole, which also leans towards a balanced market.

In the last year the average price per square foot has slightly decreased while the average sales price of homes has stayed roughly the same.

With so many wonderful natural and community amenities, Handsmill at Lake Wylie is definitely worth checking out!

Charlotte’s River District is its biggest new development in decades

screen-shot-2016-12-11-at-3-51-33-pmJust east of Belmont, between Charlotte Douglas International Airport and the Catawba River, lies Charlotte’s River District, the newest, massive, mixed-use master-planned development to hit Charlotte in decades. The potential for such a project, conveniently located right near the airport and only eight miles from Uptown Charlotte, is huge.

This new development aims to create a walkable, urban environment that showcases a variety of housing in a community that really connects with nature. Developers plan to take advantage of the unique topography, woodlands, streams and creeks that the area is home to. While developers plan to build housing, retail space, office space and more, the plan for development also calls for preserving approximately 500 acres of land and using that land for mountain biking, walking and hiking trails with a walkable community laid out around them.

Approximately 10,000 people will occupy the new homes here, which will range from very moderately priced homes all the way up to luxurious estate homes. With the hopes of having some of the trails open to the public possibly as early as the summer of 2017, as well as completing construction on the first stage of the residences in the next two years, final completion of the entire project, which is slated to be as big as Ballantyne occupying approximate 1,400 acres, is not expected for about 30 years. The project will be completed in stages, but given its size and scope, it will certainly take quite a bit of time.

Stay tuned for the ongoing development of the River District. And, for more details and information on the project, check out the article at WCNC.com.

Market spotlight: Lake Wylie’s Autumn Cove

screen-shot-2016-10-17-at-9-18-55-pmAutumn Cove at Lake Wylie might just have everything you have been searching for in a community. With competitively priced homes in a beautiful neighborhood and plenty of waterfront options, Autumn Cove also offers an easy commute to Charlotte, Gastonia or Rock Hill. The neighborhood features relatively new construction homes generously sized with an average price point of approximately $228,000.

Because Autumn Cove is located in the charming town of Clover in York County, residents can take advantage of South Carolina’s low taxes as well as the  fantastic and desirable Clover school district, making this neighborhood great for families.

We are looking at a seller’s market in Autumn Cove, with six homes currently on the market representing 3.1 months of inventory. This is lower than the inventory in Lake Wylie and York County overall, which have 5.1 months of inventory and 5.3 months of inventory respectively.lw

The market here is stable with very little fluctuation in the number of homes sold per month, in the average sales price of homes, or in the average price per square foot. The average price per square foot has hovered around $94 for the past year, with an average sales price not straying far from $224,000, and approximately two homes selling per month.lw1

Autumn Cove at Lake Wylie is a great neighborhood with plenty to offer and perhaps has everything you’ve been looking for. Plus, Clover offers a small town feel with big city conveniences and easy access to fantastic shopping, dining and entertainment.

Check it out!

 

Major development is happening in York County

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Exciting things are happening in and around the Lake Wylie area, and if you have been thinking about moving to the area, now may be the best time yet.

Development plans are in full swing in York County, with major residential projects on the horizon in Lake Wylie, and plenty of commercial construction happening in Fort Mill, as well. There are currently several hundred acres of land up for review for new construction plans across the region.

The southwest corner of US 21 and Gold Hill Road occupying almost 25 acres is tentatively planned for four commercial 30,000-square-foot buildings, plus another 20,000 square-foot building, as well as plenty of parking.  The property is currently zoned for residential use but rezoning efforts are in the works. This will be big!

There is also a residential subdivision in the planning stages in Lake Wylie on a piece of property owned by Crescent Communities, a very prominent developer. The proposed site is located at SC 49 and Daimler Boulevard, and plans include the development of single family homes.

There are also plans for an apartment complex at the corner of SC 49 and Senator Road, just east on Mill Pond Road. Furthermore, another car wash could also be moving into the Lake Wylie area on a 15 acre lot on SC 49.

So much growth and development throughout York County shows signs of a strong economy here as well as it being a desirable place to live. As the community grows and more residential options become available, the business community will also continue to thrive. For more details on the projects currently underway in Lake Wylie and Fort Mill, read the full article at heraldonline.com.

 

A Dream Home for Father’s Day

A Recently Sold Home in Eagle Park

A Recently Sold Home in Eagle Park

This Father’s Day, make his dreams come true by investing in a home of his dreams. What could be better than a home that is close to golfing, tennis, water sports, has a great yard to putter around in and has all of his favorite features? Where can you find all of these things? Eagle Park in Belmont has all of this and more, all within walking distance to downtown Belmont.

The U.S. National Whitewater Center, the Catawba River and just to the South, Lake Wylie are all of the water sports places Dad will need to keep himself in shape and get the vitamin D he needs. He can also mountain bike on the 8.3 mile loop of trails around the U.S. National Whitewater Center.

Dad can choose between Green Meadows Golf Course, or he can play a much more fun round at Purple Planet 3D Mini Golf. He can head to Davis Park for some tennis, or join CrossFit Belmont for some intense circuit training.

He’ll also love going out to the many restaurants, antique shops, pubs and art galleries all just a quick walk away.

Eagle Park is a new neighborhood of traditional single-family homes, cottage style homes and townhomes. The project features parks, trails and green space that both Dad and Mom will love. Builders include David Weekley Homes, Westwood General Contractors and Brookline Homes, LLC.

Pool at Eagle Park

Pool at Eagle Park

The amenities of Eagle Park include a playground, competition pool, clubhouse, fitness center, pocket parks and a bark park for dogs. The community is already strong hosting many weekly events in the clubhouse. The pool includes a splash area for kids as well as relaxation areas for the adults.

In the past year, homes have sold in Eagle Park for between $201,000 and $340,000. As of June 18th there are currently 8 homes on the market in Eagle Park with one under contract. List prices range from $270,000 to $359,900. There are also still opportunities to customize and build a home. So this Father’s Day, give Dad what he really wants, a lifestyle upgrade.

Sellers Market Appears to Stay Strong in Lake Wylie

Toronto-Real-Estate-Stock-MarketYear over year, homes in Lake Wylie are selling in less time, 117 days down from 153 days. This is 23.5% faster than a year ago per the May monthly report released by the Carolina Regional Realtor Association.

Inventory is smaller by 20.2% over the same time last year, down to 376 homes from 471. This appears to bear out the trend we have been following showing the seller’s market staying strong at the current time.

The average sales price in Lake Wylie is $368,003 with the median sales price at $329,172. However, new listings are up by 9.3% year over year with 153 new listings in May. Year-to-date 376 homes have already sold in Lake Wylie up 14% from last year when only 347 homes had been sold by the end of May.

The number of new listings was up again this month from 140 to 153, an increase of 9.3%, as more sellers are listing their homes. The number of homes sold was also up from 91 last year to 109 this year. This represents a 19.8% increase. The continuing trend is significant for both buyers and sellers.

In the City of Charlotte, the trend is still dramatic. Year over year, homes are selling in 86 days down from 97 days last year. Homes within the City are selling for an average of 97.8% of list price up from 96.5% in 2015. There are 1.9 months of inventory down from 3.1 months. There has been a 4.8% increase in new listings as more sellers are taking advantage of the seller’s market. This means there is more demand for less supply driving prices higher.

The entire Carolina MLS Region, which includes parts of South Carolina, the trend is less dramatic, but is showing the same pattern. Year over year, the inventory supply is down while sales price is up, days to close are down and new listings are up. We will have to wait and see how the market changes as the hotter months usually lead to a slow down in the cooler months. Will the sellers continue to have a great market or will the buyers begin to have the advantage? We will have to see what next month’s report has to tell us.

Gaston County launches Gaston Outside

Wednesday June 1st marked the launch of  Gaston Outside, a three year marketing initiative and image campaign designed to increase the speed of the Gaston county’s growth. The mission is to “inspire the people of Gaston to share with the world Gaston’s incredible stories and all that it has to offer as a terrific place to live, work and play.”

The hope for the South Carolina marketing agency that coined the phrase — and the Gaston County business and political leaders footing the bill — is that the two words will tell people that Gaston offers not just outdoor recreation, but a quality of life unattainable in Charlotte.

Billboards to be placed along Interstates 85 and 74 and an almost 4-minute video were unveiled at the Gastonia Conference Center on Wednesday.

Gaston Outside launch event at the Gastonia Conference Center

Gaston Outside launch event at the Gastonia Conference Center

The cost for the three year campaign is $900,000 of which almost $1 million has been raised and promised including $225,000 from private investors. The rest comes from a mix including Gaston County Travel and Tourism, as well as Gastonia, Belmont, Mount Holly and other cities.

The initiative was launched in response to a 2015 survey commissioned by the Greater Gaston Development Corp. The survey showed that people in the Charlotte region had little or no thoughts about Gaston. Developers and investors saw the county negatively.

Gaston Outside wants to celebrate all of the people, places, businesses and natural beauty in Gaston County. If it is successful, the hope is to draw more businesses and residents to the area to help bolster the local economy, tax base, and help the area flourish.

Gaston County does have some pretty great things going for it including great outdoor living, charming towns and municipalities, strong educational programs, business friendly policies, and proximity to Charlotte. This campaign hopes to make more people aware of them. This could be a boon to existing homeowners as more people moving into the area could boost home values. It could also mean more options as developers try and build to keep up with increased demand.

As Gaston Outside says “No matter what your idea of a good time looks like, you’re bound to find it in Gaston County.” From hiking, paddling and cycling to vibrant local culture and arts, Gaston county’s opportunities for fun are endless. Hopefully it won’t be long before the campaign reaps rewards and there will be an influx of new people, energy, and opportunities in real estate.