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October Market Report

November 20, 2020 by lkw_df Leave a Comment

Following the trend of previous months, the Charlotte area is once again facing a shortage of inventory while prices climb higher. The homes that do hit the market are selling quickly so even though there are more new listings than last year at this time, inventory can’t keep up.

These numbers come from the monthly report from the Canopy MLS which is run by the Canopy Association of Realtors. When you look just at Lake Wylie, you see the same trend holding. Inventory is down to just a 1.2 month supply or just 171 homes listed for sale. These homes are going under contract in an average of 30 days and are closing in an average of 90 days.

Prices are on the rise as well with the average list price climbing to $498,510. The average sale price is $485,271. This means that the average home is selling for 97% of list price. New listings are up 7.1% and pending sales are up 3.9% so we expect this trend to continue with strong sales again next month.

The Charlotte Business Journal reported this week that the Lake Wylie market is the 7th largest lake market in the country at $447.2 million with Lake Norman coming in at 3rd largest at $952.5 million. The values were determined by using home listings and land listings from August of this year. When compared to 2019, there was a drop of $62 million. Lake Wylie is still one of the most affordable lakes in the country and as long as economic conditions don’t worsen, then lake homes should continue to sell well.

If you are ready to buy or sell a home in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Neighborhood Spotlight: Sanders Landing

November 16, 2020 by lkw_df Leave a Comment

If you are looking for a modern farmhouse in coveted Clover schools, be sure to check out Sanders Landing. This great neighborhood is full of new construction homes on large lots, with all of the modern farmhouse touches including shiplap.

Sanders Landing is located off of Lawrence Road just south of Clover, South Carolina. Just a few minutes away you’ll find Lake Wylie with many watersports and recreation areas you can enjoy.

The neighborhood started building in 2019 and phase three of homes is now open. Homes start around 2,000 square feet and can be much larger. They have 3-4 bedrooms, bonus rooms, and can have up to 3.5 bathrooms. Kitchens are lavish and floorplans are open

Homes have 2 or 3 car garages and sit on lots averaging 1-2 acres, but some lots can be as large as 8 acres. Many of the homes have screened in porches, and space for sports courts, pools, playscapes, and gardens.

In the last year, 14 homes sold in Sanders Landing ranging in price from $330,000 to $430,000. There are currently 5 homes and 4 lots available in the neighborhood with 3 lots and 1 home already under contract.

To schedule a private tour of homes in Sanders Landing or if you would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Featured Listing: Buckland Road

November 11, 2020 by lkw_df Leave a Comment

If you have ever dreamed about owning your own family compound, or creating a space for you to live with your chosen pod of people, we have a property for you. This 12.12 acre parcel is up for sale and with the right zoning and land use approvals, can be the compound of your dreams, right in the heart of Steele Creek and just down the road from Lake Wylie.

This land is located at the corner of Buckland Road and Windygap Road in the Brown’s Cove neighborhood. Last year three homes sold in Brown’s Cove with two selling for over a million dollars and one selling for just under half a million dollars. These homes are on large lots, ¾ of an acre or more. Waterfront homes command a premium of course, but homes are packed with custom features and have plenty of room to spread out.

While this particular parcel may not be waterfront, it is fully wooded so it is perfect for your private retreat. Imagine yourself ensconced in your dream home fully secluded from neighbors. Have space for your whole pod in your custom built home with home offices, school rooms, home gyms, or anything else you need to quarantine in style.

To view the full listing for this property, click here. If you are interested in a private tour of this great property, or if you would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Covid-19 Trends

November 11, 2020 by lkw_df Leave a Comment

The Charlotte Business Journal is reporting that there has been an increase in single-family home permits for builders in rural areas. This trend is directly due to the virus and is based on demand for larger homes with home offices further out from cities.

You can see the trend most clearly around the largest cities like New York City, but in Clarksville, just outside Nashville, TN there has been a 63% increase in approvals to build single-family homes.

Homebuilders and analysts are banking on the trend continuing pushing homebuilders to locations that used to be deemed “too far out”. Land further from cities is typically cheaper so the initial costs for construction are less, but there could be increased costs trucking supplies and setting up utilities. Buyers may have homes without many city conveniences like city water and sewer.

People seem to be willing to trade off those conveniences due to demand for space for home-schooling, home working out, and home working. People who can work from home are not facing long commutes anymore so they are willing to be further out to get what they want at an affordable price. The Carolinas have many places where this trend is playing out and Lake Wylie is one of them. New housing starts are up 17% over 2019, but builders can’t keep up with demand yet.

If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Read more in the Charlotte Business Journal.

Neighborhood Spotlight: Patrick Place

November 6, 2020 by lkw_df Leave a Comment

Just minutes from Lake Wylie, in desirable Clover, South Carolina, you’ll find a gem of a neighborhood called Patrick Place. This beautiful community is comprised of stately, brick, single-family homes in a secluded feeling wooded setting. The neighborhood amenities take advantage of nature with wooded trails, picnic pavilions, ball fields, and a basketball court. There is also a historic building called “The Cabin” available for private resident use.

Homes in Patrick Place are all custom built so have touches built to suit for each resident. Many homes have chef’s kitchens, media rooms, bonus spaces, home offices and more. Lots are large, between ½ and 1 full acre so there is plenty of room for outdoor sports, pools, lawn games, and socially distanced gatherings.

There is currently one lot offered for sale in Patrick Place. This is a perfect opportunity to build your dream home from the ground up. This lot is sloped so it is perfect for a crawl space or basement style home. You can bring your own builder and really create something special here.

In the last year, just six homes sold in Patrick Place for an average sale price of just over $430,000. Patrick Place is currently a seller’s market, especially compared with the 3 month supply of homes in Clover and the 2.9 month supply in York County.

If you are interested in buying or selling a home in Patrick Place or would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Delays Persist on I-85

November 6, 2020 by lkw_df Leave a Comment

It looks like delays are the order of the day on I-85. The current road projects in Gaston County are yet again delayed. There are a few in the works as well, the first, widening of I-85 and the replacement of the Wilkinson Boulevard bridge over the Catawba River are the largest at this time. There are many smaller projects delayed as well including sidewalk replacement and road rehabilitation projects which have also been delayed.

One of the reasons for the delays is of course Covid-19. People are traveling less which means they are purchasing gasoline less often. Many of the road projects are funded by taxes on gas and on tolls from toll roads. With more people staying home and now working from home, those revenue sources have taken a hit.

New projects have pushed start dates out as well. The I-85 widening project which was supposed to begin in early 2021 has now been pushed to 2025 with a new completion date expected in 2029. This $387 million project is supposed to expand I-85 from six to eight lanes between Gastonia and Belmont.

The replacement of the Catawba River bridge over I-85 has been delayed until 2023. Additional projects such as roadwork and pavement rehabilitation that were supposed to begin in 2022 have been pushed as far as 2025.

If you are interested in buying or selling a home in Lake Wylie or would like information on any neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Neighborhood Spotlight: Paddler’s Cove

November 5, 2020 by lkw_df Leave a Comment

To take advantage of all of the activities at Lake Wylie and great neighborhood amenities, Paddler’s Cove is the place to be. Paddler’s Cove is directly on the lake, is zoned to coveted Clover schools, and enjoys lower South Carolina taxes. With a great location near the Buster Boyd Bridge, a commute into Uptown Charlotte is a breeze as well.

Homes in Paddler’s Cove are new construction with the oldest homes built in 2017 and new construction homes still available. There are one and two story plans as well as townhomes so there is truly a home for every kind of family. Homes have open floor plans, chef’s kitchens, and airy and open owner’s suites.

In the last year, 81 homes sold in Paddler’s Cove with townhomes typically selling in the $200,000’s and single-family homes selling between around $300,000 to around $625,000 with the average sale price around $440,000. There are currently four townhomes for sale that are all under contract, and 11 single-family homes for sale that are also already under contract. All of the current listings are new construction. When an existing home comes on the market, it typically goes under contract very quickly so you have to act fast to get in on this desirable spot.

If you are interested in buying or selling a home in Paddler’s Cove or would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

Commuter Rail Still in the Works

October 31, 2020 by lkw_df Leave a Comment

A commuter rail from Kings Mountain into Uptown Charlotte has been talked about again this month, this time by the Mayor of Kings Mountain, Scott Neisler. He says “COVID kind of put everything on the backburner”, but the idea is still in the works.

Last year, the North Carolina Department of Transportation did a feasibility study for expanding the commuter rail system. The projected route would start at Gateway station in Uptown Charlotte, head to Charlotte-Douglas International Airport, then continue through Belmont, Lowell, Gastonia, Bessemer City, then terminate in Kings Mountain.

This would mean growth in each of the areas where the train stops as shops, restaurants, and housing naturally spring up around transit as can be seen in the SouthEnd corridor.

The project could have a total more than $810 million according to the study that was conducted, but the benefits could outweigh that after a few years. The entire project scope includes building four stations, improving infrastructure, creating parking areas for park and ride customers, and purchasing more trains for the new tracks.

The last hurdle with the train line, and the most critical, is securing a deal with Norfolk Southern to use the tracks for the rail like. This is a 32-mile section that would need to be shared with the company who owns the tracks.

The commuter rail is necessary as Charlotte is a growing city with a traffic problem. Covid may have eased a lot of traffic woes as many workers are working from home. When the crisis is over and people return to working in Uptown, the traffic concerns will come back with a vengeance. This is a great opportunity to secure these needed infrastructure improvements to keep Charlotte a world class city.