Fed Cuts Rates Again

This Federal Reserve cut interest rates this week, the third such cut this year. The US economy is slowing due to trade disputes so they cut the rate to help spur additional growth. The rate affects the cost of mortgages, credit cards, and other borrowing instruments. This appears to be the last such cut in the foreseeable future as Federal Reserve Chairman Jerome Powell said the current level is “likely to remain appropriate”.

This cut in rates is good for homebuyers as it means that the rates for mortgages should stay low. This means that many people who couldn’t afford a mortgage may be surprised at how much home is in their budget. If you are interested in purchasing a home, getting pre-qualified for a home mortgage is one of the best first steps you can take. This will help you to realize just how big of a mortgage the bank is willing to extend to you. This should be one of the most important factors to steer your home search.

Once you are pre-qualified to purchase a home, give us a call at 803-831-8588 and we can help you to narrow your search to find the perfect home for you. There are so many listings that it can be overwhelming, so call us and we will set up a meeting to define your search terms. Once we have identified potential candidate homes, we will schedule a private tour of homes so you can see if the reality of a home matches the photos you can view online.

The other category of people helped by lower rates is current homeowners. If you are stuck in a mortgage with a high interest rate, refinancing is a great option. There are many different types of refinance products available from reducing the term of years for repayment, to providing cash to the owner from equity to use to remodel your home, to just lowering your rate to reduce your monthly payment.

If you’re ready to purchase a home, be sure to create a custom search on our website here for all current listings. We are ready to help you take advantage of these great low rates so you can be in the home of your dreams.

Return on Investment High Near Lake Wylie

This week the Charlotte Business Journal published their rankings for the zip codes that had the best return on investment over a 10 year period. They used data compiled by Zillow Group ranging from the middle of the recession 10 years ago until this August. The methodology took the median home price from ten years ago assuming a 10% down payment. They compared to the same figures for this year to determine the change.

Sometimes it’s hard to think of your home as an investment, but you never want to think that it’s not a good one. Luckily homes around Lake Wylie fared well in the reporting. They only looked at North Carolina, so we don’t have the figures yet for the South Carolina side of the lake. Here are the zip codes nearest the lake that ranked in the report:

28012 – Belmont in Gaston County came in at number 19, with a median home value of $211,700. The area encompasses the city of Belmont all the way south to Daniel Stowe Botanical Gardens, and the North part of Lake Wylie. This is an increase of 50% or $70,500. This puts the 10 year return-on-investment of 399%.

28214 – This zip code is in west Charlotte, north of the airport and includes the US National Whitewater Center. It came in at number 11. The median home value was $184,300, an increase of 56% or $66,500. This puts the 10 year return-on-investment at 465%.

28273 – This is another west Charlotte zip code that came in at #18. This area is Steele Creek on the eastside of Lake Wylie. The median home value of homes here was $216,300. There was an increase of 51% or $72,600. This translates to a 10 year return-on-investment of 405%.

If you would like to have us help you figure out the return-on-investment for your home, call us at 803-831-8588. We can help with the entire process of buying or selling a home. Be sure to check out our website here for all current listings.

To see the full Business Journal Article click here.

Serenity on Woody Point

Have you dreamed about having your own private retreat on Lake Wylie? If you have, there is an amazing opportunity right now to own 4.8 acres with lake frontage that includes two cabins. You can use the property as-is, or you can turn it into your dream home either keeping the existing structures or bringing them down to create your ultimate lake dream home. There is a chance to own the entire 4.8 acres, or just a portion of the property.

This amazing spot is right at the end of Woody Point Road on the North Carolina side of the lake. The address is technically Steele Creek, a booming area which had added many options for shopping, dining, employment, entertainment, and fitness recently. From this point, it takes around 20 minutes to get to the Charlotte Douglas International Airport, and just under 30 minutes to get into Uptown Charlotte. This property is close to Shopton Road which will connect you quickly to all of the services you will need including highway access. You truly have the best of both worlds with the city close, but you can live the slower lake lifestyle.

The lake access for the property is off the main channel so you don’t have to worry about too much boat traffic. This truly makes this a serene retreat perfect for family gatherings, or just relaxing in a hammock and enjoying the view. The property features expansive views of the lake as well as having a lot of wooded acreage affording privacy and homes for local wildlife.

There are two different MLS listings for this amazing property, to view each of the listings, click here and here. If this isn’t the property for you, call us to schedule a private tour of homes and properties in the Lake Wylie area at 803-831-8588. You can view all current listings and create custom searches on our website here.

Neighborhood Spotlight: Moore’s Landing

There aren’t many condos right on the lake in Lake Wylie. They don’t come on the market often so when they do, you need to be ready to jump at the chance. One of the best of the communities is Moore’s Landing. The community is nestled inside River Hills and shares the amazing amenities. Homes here are zoned for award winning Clover schools, are close to everything you need, and are commuting distance to Uptown Charlotte.

Homes in Moore’s Landing were built in the late 1970’s and early 1980’s and have a great retro style. This includes cathedral ceilings, and large windows letting in light and lake views. Many of the homes have been completely remodeled in the years since they were built. There are opportunities to update these homes yourself to make it truly the home of your dreams. Most units have 2 bedrooms and 2 full bathrooms with just over 1,200 square feet of living space. Prices are reasonable as well with a typical list price at or under $200,000.

The amenities are the real story in Moore’s Landing. This makes your home seem larger and provides ample opportunities to connect with the wider River Hills community. Amenities include a business center, club house, dock/pier, dog park, fitness center, gated community, golf course, lake, playground, pond, outdoor pool, recreation area, security, sidewalks, street lights, tennis courts, and walking trails. Residents have the opportunity to join River Hills Country Club to get additional amenities.

If you are interested in a home in Moore’s Landing, create a custom search on our website here. You can call us at 803-831-8588 and we will notify you when a home here comes on the market. We can also schedule a private tour of similar homes in the area.

Chronicle Mill Redevelopment in the Works

A redevelopment plan is in the works for the historic Chronicle Mill in Belmont. The plan has been floating around for a while, headed by John and Jennifer Church. The Churches are longtime Belmont residents and have owned this particular property since 2013. They have been talking to city and county leaders to test the waters on the plan with the hope of a quick approval through the Belmont Planning and Zoning board.

The property is located just off the main strip, and the owners are asking for a conditional zoning to “downtown district”. This change would allow them to have the mixed use for residential and commercial. It would also allow for parking as well and would cover seven acres which also includes nine parcels in total. The process entails approval by the Belmont Planning and Zoning board, then eventually a vote later this year by Belmont City Council.

There could also be hurdles around Deed Restrictions on the properties that would need to be amended. They need approval from surrounding landowners to get the deed restrictions lifted and are working on their way to getting the required support.

The current plan is for 240 upscale one and two bedroom apartments with around 12,000 square feet of commercial and retail space. There will be garden space created with the removal of a newer section of the existing building facing Catawba Street. They will retain the mill character by using the existing facade, but the plan calls for an additional building, and a fourth floor on the existing building.

The Churches will be collaborating with Armada Hoffler Properties out of Virginia Beach, Virginia. This could be a great addition to downtown Belmont and will bring life back into the old mill building.

If you are looking to buy or sell a home in the Lake Wylie area, which includes Belmont, call us at 803-831-8588. We can help you keep tabs on this project or any other property in the area. To view current listings and create custom searches, visit our website here.

YMCA Possibly Coming to Steele Creek

Paperwork has been filed for a new YMCA in Steele Creek. This location is the perfect place for families in Lake Wylie to hit on their way home from an Uptown commute. It will be easy to get kids there for weekend sports games, or swimming lessons. The YMCA is definitely a place to bring the community together.

The new YMCA proposal would be located on Sledge Road and Steele Creek Road. The current proposal would have up to 15,000 square feet of indoor recreation as well as plenty of space for outdoor recreation as well. This would most likely include many types of sports fields and pools.

Homebuilder Pulte Group filed a petition for rezoning of the land for the intended use in August. The entire parcel has 272 acres and would have up to 697 single family homes with 120 age-restricted units for 55+ residents.

Of course, all of this development depends on the approval from city council, but the area is booming with growth. This would be the first YMCA for the Charlotte area since the construction of Sara’s YMCA three years ago. Steele Creek is great because it is close to the lake as well as close to the city. It is a nice in-between point that is fully coming into its own as a destination.

This YMCA would join the other 25 locations in the Greater Charlotte Area. The new location would have the expected features of other locations including childcare, classes, independent workouts, camps, bootcamps, swimming, education, accessibility, day camps and more.

If you are looking to buy or sell a home in the Lake Wylie area, call us at 803-831-8588. To view current listings and create custom searches, visit our website here.

Project Destiny Proposed

Just south of Lake Wylie, on the Rock Hill side of the Catawba River lies Project Destiny. This 1,900 acre tract of land was purchased by York County for $21 million in 2018, and the proposal was just presented to York County Council. The plan was presented by architects and it looks like it is really going to be something. The county envisions the project to be similar to the Anne Springs Close Greenway in Fort Mill, South Carolina. This means preservation of the area, as well as facilities for visitors.

The land is located off of Neely Store Road and currently has only one entrance. With just under 2,000 acres, there will likely be multiple entrances for visitors. With around six miles of water frontage, this park will be truly unique and could be a great regional draw for visitors.

The next step for York County is to acquire a conservation easement for the property. The easement would make sure that, in perpetuity, the land is not developed. After that, there will be plans for additional roads, parking lots, trailheads, emergency phone service, and restroom facilities. It is likely that the first phase would grant water access to visitors.

Future development of the site may include additional recreation options, venues, and events. It is common in projects of this sort to have 100-year vision plans so other options may be a part of that plan.

Despite this project being a little bit far from Lake Wylie, it is still part of the Catawba River, and is close enough that residents will enjoy visiting. We may be seeing the first phases of Riverbend Park in as few as 9 months, or it could be slightly longer. In any case, this is truly a worthy project and will be a gem on the waterfront.

If you are interested in owning a home in the Lake Wylie area, call us at 803-831-8588 to schedule a private tour of homes. You can view current listings and create custom searches on our website here.

New Shopping Options Coming in Steele Creek

One of the pitfalls of living in the Lake Wylie area is that there are not as many options for shopping and dining out there. If you live closer in to town, you have many more options, but you don’t have the lake lifestyle. These trade offs are about to be less of a problem for lake residents as they are about to get more shops and restaurants nearby.

The new shopping center will be located on Steele Creek Road near the intersection with Interstate 485. There are existing shops already across from this spot, including a Walgreens, Starbucks, and Harris Teeter. Less than a mile away are the Charlotte Premium Outlets. This new development is expected to have a wide range of tenants from a steak restaurant, to bank, to cell phone provider to healthcare services.

Konover South, an over 60 year old firm based out of Florida, bought the property for $4.8 million and closed the deal last week. This is their first property in North Carolina, though they have many properties in Florida and Ohio. They are now in the planning stage where they will come up with the design and work through the permitting process. The construction phase of the development should begin in early 2020 with completion sometime in 2021. They are planning on around 32,000 square feet of space so there could be more tenants depending upon the plan.

Lake residents will be pleased with additional retailers to support them. There are so many new developments in the Lake Wylie area that we need more options.

If you are interested in owning a home in the Lake Wylie area, call us at 803-831-8588 to schedule a private tour of homes. You can view current listings and create custom searches on our website here.

September Market Report

Lake Homes Realty, an Alabama-based firm has ranked Lake Wylie the fifth-largest lake market from the 100-plus Multiple Listing Services they reported on. According to their report, the value of homes listed for sale, based on data for three months ending August 14th, was over $455 million. There were 1,082 homes available, which ranked Lake Wylie number 3. Their report only looked at homes and land that were adjacent to a lake, included a water view, lake access, or were in a lake-focused neighborhood. This could mean that neighborhoods that were not on the lake, but were considered by consumers to be lake listings were included as well.

When you look at the numbers from the most recent report from the Charlotte Regional Realtor Association’s Multiple Listing Service report, you find that the Lake Wylie region is humming along quite nicely. Almost category was up from the year before. Supply of homes was down to just a 3.2 month supply of homes, getting closer to the 2.2 month supply for the entire Charlotte region. This is not surprising given the general trend of lack of supply that has been plaguing the area for some time. New listings have not been able to keep pace, and this in turn has pushed prices even higher.

Lake Wylie is still more affordable than Lake Norman where the average price for a home is $472,444, but the average price for a home sale in Lake Wylie has risen to $423,236. Rising prices may be pushing some buyers to lakes further away from Charlotte when looking for their dream home or second home. However, there are still affordable options in Lake Wylie.

Pending sales were up 96.9% year over year and new listings were up 44.9% showing that for the next few months at least the market will continue to be strong. Closed sales were up 14% year over year and are up 12.8% year-to-date.

If you are interested in buying or selling a home in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

View the 2019 Parade of Homes

The annual Parade of Homes has already started, but there is still plenty of time to tour these amazing homes. This yearly event is brought to you by The Homebuilders Association of Greater Charlotte. It’s like the largest open house where you can tour a variety of different homes in different price points, areas, and styles. This event is free to the public, but it may just help you purchase your next home.

Homes on the tour are presented by local and national homebuilders and are in some of the most desirable neighborhoods. There are many neighborhoods in the Lake Wylie area that made the tour. The rest of the tour is spread over the entire Charlotte region.

The tour runs for three weekends with only the first already done. The next dates are October 11-13 and October 18-20. Homes are open from 11:00 am to 6:00 pm on Fridays and Saturdays, and from 1:00 pm to 6:00 pm on Sundays. Homes in neighborhoods closest to Lake Wylie are:

  • Paddlers Cove by Dan Ryan Builders
  • Arden Mill by Classica
  • Timberwood by Essex Homes
  • Harper’s Pointe by Taylor Morrison
  • The Meridians by Meritage Homes
  • Regency at Palisades by Toll Brothers (3 homes on the tour)
  • North Reach by Taylor Morrison
  • McLean by Essex Homes
  • Morgan’s Branch by Taylor Morrison

For more information on the most updated dates and times for the tour, you can like and follow on Facebook or you can check out the interactive Parade of Homes website ParadeCharlotte.com. They do have online maps or you can pick up a printed tour book at any of the homes.

Always remember that agents in those homes will work for the builder, so if you want fair representation in a transaction, bring your Realtor with you to help you negotiate. The seller pays for the buyers agent so there is no cost to you. If you are interested in purchasing a home in the Lake Wylie area, bring us along on the tour, or schedule a private tour without the crowds by calling 803-831-8588. You can view all current listings and create custom searches on our website here.