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February Market Report

March 23, 2023 by lkw_df Leave a Comment

The monthly numbers have been published by the Canopy Realtor Association, and once again, we are seeing sales slip when compared to last year. This February in the Charlotte region, closed sales were down 27.8% from last February. This means just 2,731 homes closed in comparison with 3,783 last February. This continues the slow down trend we have been seeing due to rising interest rates in combination with rising prices.

New listings and pending sales are also down from last year. Inventory is climbing slightly so we now have a 1.2 month supply of homes. This is still down from a typical balanced market where 4-6 months of inventory are on hand. Sellers still have the upper hand in negotiations, but buyers are much less likely to pay over list price for a home. On average, sellers are only getting 95.3% of list price right now.

When you look at the Lake Wylie area, you see much of the same trend, except we are also seeing falling prices. Due to the small sample size, this drop in prices could be just a few waterfront homes difference, but it could be significant that prices, both median and average fell year over year. Median price is down 15.6% to $435,750 while the average price is down 3.3% to $519,818.

New listings, pending sales, and closed sales are all down from the same time last year. Inventory has risen to 117 homes, up from 62 last February. Sellers are getting an average of 95.7% of list price. Homes are also spending more time on the market before they sell. The average is now 47 days cumulatively from list until contract, up 95.8% from the 24 days average last February.

If you are curious about what your home is worth or if it’s a good time for you to buy, give us a call at 803-831-8588. We would love to share our perspective on Lake Wylie and the Charlotte area. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Harpers Green Lake Wylie

March 15, 2023 by lkw_df Leave a Comment

If you are just starting out or are downsizing, a townhome could be just the right sized home for you. In the Lake Wylie area, there are many options, but an elegant neighborhood that could be perfect for you is Harpers Green. The neighborhood was built between 2010 and 2014 and is zoned for top ranked Clover schools.

Harpers Green is a gated community within walking distance of shopping, dining, and is right in the heart of Lake Wylie. The neighborhood is located just to the west of the southern turn of Highway 49 west of the Buster Boyd Bridge. This means that a commute to Uptown Charlotte is easy. Also nearby are public boat ramps, and McDowell Nature Preserve.

Homes in Harpers Green typically have 3 to 4 bedrooms and 2.5 bathrooms in two story plans with around 2,000 square feet. They have open floor plans and oversized one or standard sized two car garages. There is plenty of storage and they even have drop zones. Kitchen islands are large and perfect for entertaining.

Exteriors of homes in Harpers Green have stone accents, shed dormers, shingle siding, or brick accents. Patio areas in the rears of the homes have small yards, fire pits, or roofs with ceiling fans. To make things easier on homeowners, lawn maintenance, exterior maintenance, and trash service are taken care of by the homeowners association.

In the past year, six homes in Harpers Green were sold. One of the homes sold the day it was listed, and the longest one stayed on the market was 16 days before a contract. These homes sold for an average of $343,050. There is currently one home on the market in Harpers Green, currently listed for $330,000. It has been on the market for 9 days so if the trend holds, it won’t last much longer before it goes under contract.

Neighborhood Spotlight: Southwoods Lake Wylie

March 15, 2023 by lkw_df Leave a Comment

If you are looking for a neighborhood zoned for amazing Clover schools, but you want to be close to Lake Wylie, check out Southwoods. This great neighborhood has smaller homes on good sized lots, with extremely reasonable price tags. These homes typically sell quickly so you have to be ready when one comes on the market.

If you are coming into Lake Wylie across the Buster Boyd Bridge on 49, take state highway 274 North. Southwoods is located on your left just a couple of miles past Pole Branch Road. This great location has you close to town, but far enough away that it’s nice and quiet. Residents are close to shopping, dining, and entertainment in Belmont, and Lake Wylie. A little bit further away you will have many options for larger shops and restaurants as well as highway access for an Uptown commute or just a trip into the city.

Originally built in the late 1980’s and early 1990’s, Southwoods homes are typically ranch style, and many have been updated and expanded since they were first built. The average home has 2 to 3 bedrooms and 2 bathrooms with 1,000 to 1,500 square feet of living space. Lots are between a fifth of an acre and a half acre in size.

In the past year, just three homes changed owners in Southwoods. Each home went under contract in 5 days or less. Prices ranged from $165,000 to $197,000. There is currently one home listed for sale in Southwoods, and it went under contract after just one day on the market. Because they sell so quickly, you have to be ready as soon as one of these great homes is offered for sale. Call us at 803-831-8588 and we can help you get all the paperwork done so you are ready to make your best offer.

New Cuban Restaurant Open in Belmont

March 13, 2023 by lkw_df Leave a Comment

If you are wanting to try a great new restaurant, head over to Belmont where you can get some amazing Cuban food at the newly opened My Cuban Corner. The restaurant opened March 6th and serves breakfast and lunch from 7 am to 4 pm Monday through Saturday.

The restaurant took over the space that formerly was White’s Restaurant. White’s was in that location for 41 years, but closed in 2021. The vacant restaurant called to new owners Nicole and Junior Montero. They had moved to the area in 2019 from Hialeah, Florida. They were lured North by the good schools and cheaper cost of living. When they saw the restaurant space, they knew they could make it feel like home or “Little Cuba” where Nicole grew up.

Breakfasts include eggs, croquetas, fries, Cuban toast, and Cuban coffee with milk also called cafe con leche. Lunch offerings will include steak sandwiches, chicken sandwiches, pork sandwiches, sweet plantains, and more. Friday specials will range from pork to chicken with rice and beans. Additional specials and menu items could be added later based on customer demand and seasonality of ingredients.

My Cuban Corner is a relaxed family space located at 417 N. Catawba Street in downtown Belmont. It is sure to be a place to get a meal before or after community events like parades, concerts, or just a day window shopping.

Neighborhood Spotlight: River Hills – Lake Wylie

March 8, 2023 by lkw_df Leave a Comment

Maybe you are in the market for casual Southern living and want a gated community with 24-hour security. Well, look no further than River Hills. This amazing community is a resort style community with amazing amenities so you feel like you are on vacation every day.

River Hills is located right off Highway 49 in the heart of Lake Wylie. The entrance is shared with YMCA Camp Thunderbird so occasionally you can see horses on your way in. As you drive in the entrance to River Hills, you are welcomed by magnolia trees. The neighborhood consists of over 800 acres with almost 1,100 homes set among mature trees and a championship golf course as part of the River Hills Country Club. The gate house is staffed by private security so only residents and their guests are inside the community.

The neighborhood and the amenities were designed by Sea Pines of Hilton Head. Amenities include an outdoor pool, playground, basketball court, dog park, community garden, beach park, and marina club with over 20 slips. There are many community events throughout the year run by the active homeowners association.

Homes in River Hills were built between 1973 and 2019 and come in a variety of configurations and styes. There are single family homes and townhomes in the community so there are really homes to fit every size family. In the last year, 44 homes in River Hills changed owners. There are currently 12 homes listed for sale with 5 already under contract. Prices range from $400,000 to over $2 million depending on the size of the home and if it has lake frontage.

Neighborhood Spotlight: Lakedale Lake Wylie

March 3, 2023 by lkw_df Leave a Comment

If the busyness of Lake Wylie is too much for you, there are some great neighborhoods with private ponds in the area. Lakedale is one of these. Lakedale has great homes on large lots, reasonable prices, and feeds to top rated Clover schools. With a South Carolina address, Lakedale also enjoys lower taxes than their North Carolina neighbors.

Located just North of the intersection of Highway 274 and Pole Branch Road, Lakedale is close to everything you need. There are great restaurants nearby as well as shopping, churches, schools, and entertainment. Nearby highway access will connect you quickly with Uptown Charlotte as well as Charlotte Douglas International Airport.

Homes in Lakedale are mostly ranch style with two or three bedrooms and at least 2 bathrooms. Many have garages or outbuildings for workshops, extra parking, or gazebos for enjoying the outdoors. While the pond is not large enough for big boats, residents can kayak, fish, or swim to relax on the water.

Homes in Lakedale don’t come on the market very often. In the last year, just one home and one lot were offered for sale and subsequently sold. Both sold in less than 4 days on the market. There is currently one lot for sale that is already under contract. There is also a home that is coming soon to be offered for sale. The lots typically sell for between $100,000 and $150,000 depending on size and features. Existing homes typically sell for under $300,000 depending on size of lot, size of the home, and if they have direct access to the pond.

Housing Market Trends: Charlotte and Lake Wylie

March 3, 2023 by lkw_df Leave a Comment

While most homebuyers don’t think much about the trends of investors, it is worth noting that investors are buying fewer homes across the nation right now. We are seeing this trend in the Charlotte area as well. This means less competition for homes as investors typically have deep pockets and can outbid easily in a bidding war.

The interesting thing is that investors are not selling the homes they have right now. This means that their portion of the marketshare is staying stable. It could also mean fewer homes listed for sale by flippers further reducing the inventory of homes on the market. We will just have to see if this impacts the typically robust spring season.

One trend that we saw in full force during the Covid pandemic was the rise of all-cash offers. There are even many companies that will help you to make an all-cash offer with a financing clause on the back end of the transaction. This has helped many people to be able to compete in the crazy market we saw in 2021 and 2022.

It appears that the trend of all-cash offers winning contracts in multiple-offer situations is going to stay. Sellers really seem to like the flexibility of closing sooner as the process to acquire a new mortgage can be lengthy. Deals can also fall through if the financing conditions are not met. This leaves a seller with the earnest money, but the stigma of relisting their home.

If you are considering an all-cash offer, but you don’t have enough cash on hand, be sure to research your options for a reputable company to help you. We can offer you our advice on companies we have worked with in the past to help you make your decision.

Neighborhood Spotlight: Crescent Land and Timber Lake Wylie

February 25, 2023 by lkw_df Leave a Comment

If you are interested in a waterfront home on Lake Wylie with few to no neighbors, check out Crescent Land and Timber. This amazing neighborhood has no homeowners association so you won’t have to pay any fees. Many of these home sit on large lots with close to ½ to 5 acres of wooded property. Crescent Land and Timber is right next to McDowell Nature Preserve so you are not going to get any new neighbors.

Crescent Land and Timber is located just off Shopton Road 9 minutes away from shopping at Rivergate including groceries, restaurants, and personal services. Highway access is convenient for a morning commute, and public lake access is nearby as well. Many of these homes have private lake access with docks, piers, or boat houses.

Homes in Crescent Land and Timber have many different styles of architecture. They were custom built to work with the landscape to take advantage of the lake views. Some of them even have multiple levels so you have views from every room. Homes were built between 1949 and 2014. Inside you will find features such as geothermal heating and cooling, gourmet kitchens, whole house generators, walls of windows and sliding glass doors and much, much more.

In the past year, just one home changed owners in this desirable community. Since 2018, one lot and four homes have been sold. Currently there is one home on the market in Crescent Land and Timber. This waterfront home has over 4,000 square feet of living space on a 0.78 acre lot with mature trees and landscaping. List price is $1.45 million. To schedule a private tour of this amazing home, call us at 803-831-8588.