September Market Report

If you look at the entire Charlotte Region, you get a little bit different picture of the real estate market then if you look at just Lake Wylie. In the entire region, sales have dropped by 15.3% year over year. New listings were down 10.5% and pending sales were down 6.6%. They were down year over year and year-to-date though not as dramatically. The supply of homes is now at a 2.5 month supply, and these homes spent less time on the market before going under contract, just 36 days. The only thing going up were prices, up 5.2% from this time last year.

These numbers are from the monthly report by the Charlotte Regional Realtor Association and are based on the data from the Carolina Multiple Listing Services, Inc. President of the CRRA Jason Gentry said “Without a doubt, sales in September were affected by Hurricane Florence, as local Realtors and community volunteers mobilized to assist homeowners who were reeling from flood and wind damage. The impact of the storm, just off the heels of weakened summer sales, helped to depress sales locally.”

When you look at just Lake Wylie, the picture looks similar, though with a few important differences. Sales were dead even from this time last year with 106 homes sold in the month of September. This is encouraging as Lake Wylie did not see the same drop as the rest of the region.

Pending sales were down substantially as were new listings so we may follow closer with the entire region next month. There were 67 pending sales this September compared with 90 last September. This is a decline of 25.6% and could signal a severe drop in closed sales next month. New listings were down to 107 from last year’s 132, a drop of 18.9%. This at first appears grim, but year to date, pending sales are up 8.3% over last year and new listings are up 7.9%.

The supply of homes in Lake Wylie is down to a 4.2 month supply, down from last year with a 4.3 month supply. Homes have been staying on the market for an average of 55 days before accepting a contract, down from 60 days last year. This signals that there are still buyers out there and that they are acting quickly to purchase the homes that are for sale.

Sales prices are climbing, with the average sales price going up $2,261 from $390,908 last September to $393,169 this September. Year-to-date average sales price is up 4.5%.

Due to the smaller sample size for Lake Wylie compared to the Charlotte Region as a whole, sometimes numbers can appear skewed. It appears that Lake Wylie is following the wider trend that the market seems to be slowing. This could be due to the storm, rising interest rates, or a general cooling of the housing market. It is too early to make this call, though this is generally the time of year when the market cools.

 

Neighborhood Spotlight: Montreux

If you are looking for a recently established neighborhood with grand homes near Lake Wylie, Montreux should be on your list. Built between 2009 and 2017, Montreux has old world estate homes, on large lots in close proximity to the lake lifestyle.

Montreux is located just off Youngblood Road near the Palisades on the North Carolina side of Lake Wylie. There is no direct access to the lake from the neighborhood, but there are public boat ramps and access points close by. There are many options for shopping, dining, and entertainment near to the neighborhood. A trip to Uptown Charlotte should take just over a half hour and a trip to Charlotte Douglas International Airport should take around a half hour.

Homes in Montreux are truly grand with the smallest home around 3,000 square feet and the largest at over 7,500 square feet. Many of these home include custom features such as bars, media rooms, gourmet kitchens, heated salt-water pools and much more. Most homes have a full bathroom for each bedroom. Homes have 4 or 5 bedrooms and from 3 full baths to 5 full baths and 4 half baths. Many homes have covered porches, some of them screened in.

Crown moulding, wainscotting, and trey ceilings are all common in homes in Montreux. In fact, these homes have many different design details and built-in features to please any homeowner. Expect three car garages, and lots of at least half an acre going up over a full acre. This leaves plenty of space for sports courts, pools, outdoor kitchens and much more.

In the past year, homes in Montreux have sold for between $440,000 and $900,000. There are currently two homes on the market representing a 4 month supply of inventory.

Children in Montreux are currently zoned for Palisades Park Elementary School, Southwest Middle School, and Olympic High School. Please verify school assignments as they can change from one school year to the next and zoning boundaries can cut through neighborhoods.

More Transportation Options Coming to Belmont

Last week we told you about the light rail potentially coming to Belmont. This week there are two more options that are coming to the city. The first is the rail trail greenway and the Belmont Trolley. Both of these transportation options should be coming in the next two years and will continue to strengthen the culture and appeal of downtown Belmont.

The new greenway should open in late 2019 or early 2020. The greenway will initially extend for about a mile from Glenway Street to Main Street near Belmont Abbey College’s Sacred Heart Campus. This trail will follow the tracks of the old Piedmont and Northern Railway and has been dubbed the “rail trail”.

There is a bigger plan for the greenway to extend all the way to Belmont Abbey’s main campus and then to north Belmont. The eventual end goal is to connect with and become a part of the regional Carolina Thread Trail. The greenway has been broken up into pieces so that additional phases will come online after road project plans are finalized particularly for the intersection of Main Street and Wilkinson Boulevard and the new interchange on I-85 at exit 26.

The other option coming soon is the Belmont Trolley. The Trolley has been in the works since at least 2015 when a nonprofit purchased a 1912 trolley from a streetcar museum near Vancouver, Canada. The idea is to increase local tourism and connect parts of the city by running along those same unused tracks along the rail trail. The first portion of the track is set to open sometime in 2019. There will be challenges in getting the trolley to cross Wilkinson Boulevard and Interstate 85.

The design phase of both projects is wrapping up right now and bids should come in for doing the work next spring. The construction is expected to take around 12 to 18 months to complete.

For more information on both of these projects, see the full article in The Gaston Gazette.

Tower Crest Coming to Belmont

Construction is set to begin soon on a new development just west of downtown Belmont. The project, called Tower Crest should break ground in the next two months and the first homes should be ready by late summer or fall of next year. The plan is for twelve single family homes on the elevated vacant lot.

Tower Crest will be built at the current site of an athletic field located at the corner of Main and Oak Streets. The site used to be the home of the original Belmont High School before it was torn down. It is one of the last large parcels to be developed that has close, walkable proximity to downtown Belmont.

Development partners Andy Pressley of MECA Realty and BowerTraust Construction and developer Ralph Falls jointly purchased the 2.1 acre lot in June 2017 from First Baptist Church of Belmont. Pressley has been involved in Belmont Reserve residential community at Main Street and Eagle Road. This makes us excited to see what Tower Crest will bring to the community.

What we know about the community so far is that it will have two story brick homes ranging from 2,000 to 2,800 square feet. Most homes will have four bedrooms and three and a half bathrooms.They will offer two car garages and covered outdoor patios. Cars will have three entrance and exit points via driveways on Oak Street. Prices are expected to be in the mid-$400,000s to the mid-$600,000s.

Tower Crest’s name is derived from the elevation of the lot and the city water tower located next door. Belmont City Council has already signed off on the project so the next step is breaking ground which should be in the next two months.

Pressley says “Our projects are not just a quick little infill. Our main objective as a company has been to leave things better than find them.” This is a project we will definitely keep our eyes on.

To learn more, check out the article in the Gaston Gazette.

Check out Masons Bend

Just to the south of the southern tip of Lake Wylie is a new construction neighborhood that is worth a good hard look. Masons Bend was named Community of the Year by the Homebuilders Association of Greater Charlotte in 2017, and it’s easy to see why. Masons Bend has been thoughtfully planned with fantastic homes, amazing amenities, and great schools all bordered by the Catawba River.

Masons Bend is located just off South Sutton Road near Riverview just off I-77. The close proximity to the highway makes a trip to Uptown Charlotte or Charlotte Douglas International Airport a breeze. Carowinds Amusement Park is nearby and if you need a scare, Scarowinds is now open, the haunted version of the amusement park.

There are many options nearby for shopping, dining, entertainment and more. Fort Mill is just down the road, as is Ballantyne and Rock Hill. You can zip up to Charlotte for a pro-sports event, or see Baseball just down the road in Rock Hill.

Homes in Masons Bend have a variety of floor plans and architectural styles which appeal to many different families. There are one and two story homes with 2 to 4 garage bays. There are three builders to choose from in the neighborhood giving a range of styles, details, and upgrades. Saussy Burbank, The Cunnane Group Inc, and Fielding homes are all providing homes ranging from the $300’s to the $800’s. These homes have open floor plans, gourmet kitchens, flex spaces, home offices and much more. You will be impressed with the attention to detail. There are still new construction homes available, though there are some quick-move in homes, and occasionally an existing home will come on the market.

Amenities include a pool, clubhouse, and children’s park. There is community access to the Catawba River and miles of trails for residents to explore the natural landscape. The homeowners association puts on social events throughout the year which help bind the community together.

Children in Masons Bend currently attend top rated Riverview Elementary School, Banks Trail Middle School, and Fort Mill High School. Please verify school assignments as they are subject to change. There is a parcel in the neighborhood slated for a future school to support the growing community.

Neighborhood Spotlight: Graystone Estates

Do yourself a favor and check out Graystone Estates in Belmont. This amazing neighborhood has all brick homes, large lots, plenty of privacy, yet is close to everything. It is zoned for great schools making it a desirable spot. Homes have between 4 and 6 bedrooms, perfect for a large family, or for creating the perfect work-from home atmosphere.

Graystone Estates is located in a small enclave just off South Point Road near the intersection with Henry Chapel Road. This cul-de-sac neighborhood has around 45 homes that are convenient to shopping, dining, entertainment, churches, and much more. Downtown Belmont is a quick drive up the road and has many quaint shops, great restaurants, Belmont Abbey and College, Greenway access, and community events.    Highway access is quick to get to and will connect you with Charlotte Douglas International Airport, Uptown Charlotte, and much more. In the next few years, light rail is expected to come to Belmont which should give residents another option for an Uptown trip or commute.

Children in Graystone Estates are currently zoned for Belmont Central Elementary School, Belmont Middle School, and South Point High School. Please verify school assignments as zoning boundaries occasionally cut through neighborhoods.

Homes in Graystone Estates are large in scale with most homes having between 2,800 and 3,400 square feet of living space. Vaulted ceilings, grand entryways, gourmet kitchens, sumptuous master suites and more are standard in most homes. All homes are four sides brick with at least a 2-car side-load garage. Many of the homes have the master suite on the main level with additional bedrooms on the second floor. Homes were built in the early 2000’s and many have been remodeled and updated since that time.

In the past year, homes in Graystone Estates have sold in the $355,000 to $515,000 range with an average price of $437,250. There are currently two homes on the market representing a 6 month supply of homes. This compares to the 5.7 month supply in Belmont and the 4.2 month supply in Gaston County. Average price per square foot for the last year has been at $137.32. The two current listings have an average list price just over $400,000.

Check out Meadowview in Tega Cay

If you are looking for all of the benefits of living on the lake, without the lakefront price tag, Meadowview in Tega Cay is the place for you. This amazing community is close to the lake with nearby public boat ramps. There are also fantastic schools, and miles of hiking and biking trails.

Meadowview is located off Tega Cay Drive, walking distance to Tega Cay City Hall and Trailhead Park. There are restaurants and shops that residents can walk to as well as many other options just a short drive away. I-77 is close by for a quick trip to Uptown Charlotte or Charlotte Douglas International Airport. Just past the highway, residents will arrive in Fort Mill for many more options for dining, shopping, and entertainment.

Homes in Meadowview have 3 or 4 bedrooms and 2 or 2.5 bathrooms. Homes have two car garages and partial brick facades and many are on cul-de-sac streets. Square footages range from 1,600 to 2,200. Many of the homes have open floorplans, home offices, private owner’s suites, and much more. Homes were built in the early 2000’s and many have been upgraded since they were built. Many of the homes have had remodeling done to update kitchens, bathrooms, or open floor plans further.

Meadowview is currently zoned for coveted Tega Cay schools. Children attend Tega Cay Elementary School, Gold Hill Middle School, and Fort Mill High School. All schools are top rated and award winning. Please verify school assignments as they can change from one school year to the next.

In the past year, homes in Meadowview have sold for between $245,000 and $283,000. There is currently one home for sale in the neighborhood listed at $275,000. This represents a 1.5 month supply of inventory which compares to the 4.3 month supply in the rest of Tega Cay and the 4.3 month supply for all of York County.

Neighborhood Spotlight: Regency at Palisades

Prepare to be fully relaxed in a low-maintenance active-living community right on the shores of Lake Wylie. Regency at Palisades is a new construction community developed and built by Toll Brothers. There are existing homes, new construction homes and a few quick move-in homes available. The community features abundant amenities, exquisite homes and a luxurious lifestyle.

Regency at Palisades is located south of York Road (highway 49) on the North Carolina side of the lake right near Palisades Elementary School. Within a 30 minute drive, residents can get to Uptown Charlotte or Charlotte Douglas International Airport. There are many different options for museums, sporting events both pro and amateur, theater, arts, entertainment, and more close by. Just to the North is McDowell Nature Preserve with over seven miles of walking and hiking trails.

A lifestyle director helps residents take advantage of the amenities and activities for the community. There is a full calendar of activities in the clubhouse, indoor pool, recreation facilities, spa, billiard and game room and more. Outside, explore the pickleball courts, outdoor pool, bocce courts and tennis courts, not to mention walking trails. The homeowners association also provides lawn maintenance for homes giving residents more time for other activities.

Homes in Regency at Palisades were started in 2014 and there are still lots available for you to build your dream home. There are 8 different floor plans available, but they can be customized to make them work for your lifestyle. These exceptionally crafted homes have master suites on the first floor, open floor plans and designer details.

Children in Regency at Palisades currently attend Palisades Park Elementary School, Southwest Middle School, and Olympic High School. Please verify school assignments as they can change from one school year to the next.

In the past year, homes in Regency at Palisades sold for between $419,000 and $732,217 with an average price of $524,865. There are currently 21 homes for sale in the neighborhood representing a 6.8 month supply of homes. Current listings have homes for sale in the low $300’s up to the high $600’s.

If you are looking for an amazing 1,500 acre master planned community, Regency at Palisades is right for you. This low-maintenance, high-end lifestyle can be yours every day.

Light Rail Could be Coming to Belmont

If you have been looking for another reason to invest in Belmont, pending light rail should be on your list. There was a meeting at the end of August where over 200 community members met at Gaston College in Belmont with Jason Lawrence, Senior Transportation Planner with Charlotte Area Transit System (CATS) to discuss the plans and hear input from residents.

The light rail extension is still in the preliminary planning stage. The reason for the meeting was to discuss extending the LYNX light rail system across the Catawba River into Belmont and possibly Gastonia. This planning phase is important to gather public comments. Next will come the planning, design, funding, and other considerations, then finally building.

Funding has already been secured to replace the Wilkinson Boulevard bridge. This should happen in the next few years. This makes the timing of the meeting appropriate so future light rail plans can be incorporated into the design for the bridge.

The western line for the light rail will also eventually connect to the Charlotte Douglas International Airport. This is great for residents of Belmont as they will be able to get to the airport or an uptown commute, or get up to the University with ease.

When the light rail first came to Charlotte, properties along the first line increased dramatically in value. Many more homes, condos, and businesses were built to serve commuters. The same is likely to happen in Belmont and Gastonia. That means that now is a great time to invest in these areas.

The light rail could take a few years before they begin construction, and then a few more years until completion of the western line, but it could be a real boon to the area and could spur growth for years to come.

To read more, check out the article in the Banner News.

Neighborhood Spotlight: Lake Forest

If you are looking for a fantastic home with access to Lake Wylie and top rated Clover schools, check out Lake Forest. This amazing community has it all and a convenient location as well.

To get there from Charlotte, you can take Charlotte Highway all the way, or you can connect with I-485 or over to I-77. Carowinds Amusement Park is close by as well as Rivergate for shopping and dining. An Uptown commute will take around 30 minutes as will a trip to Charlotte Douglas International Airport.

Residents have access to a community boat launch suitable for canoes and kayaks. There are also many marinas nearby and public boat launches  available for use. Other amenities include a playground, recreation area and street lights.

Homes in Lake Forest were built between 2007 and 2014. Many of the homes are grand in scale with sizes ranging from 2,100 square feet to over 5,000 square feet. Lots are typically between a fifth and a third of an acre with some lots being much bigger. Many of the homes have outdoor living spaces including saltwater pools, outdoor kitchens, fire pits, decks, patios and sports courts.

Most of the homes in Lake Forest have three to five bedrooms and two and a half to four and a half bathrooms. Many homes have home offices, butlers pantries, mudrooms and many more builder features and upgraded features.

Lake Forest is currently zoned for top rated schools making the area even more desirable. Children attend Crowders Creek Elementary School, Oakridge Middle School, and Clover High School. Please verify school assignments as they can change from one school year to the next and zoning boundaries can cut through a neighborhood.

In the past year, homes in Lake Forest have sold for an average of $301,643 with $265,000 being the low and $330,000 being the high. There are currently 4 homes on the market which represents a 6.9 month supply of homes. This is in comparison to the 5.5 month supply for all of Lake Wylie. This means that the market is pretty balanced between buyers and sellers in Lake Forest at this time.