Lake Wylie Blog

Neighborhood Spotlight: Point Lookout Lake Wylie

November 3, 2022 by lkw_df Leave a Comment

If you are interested in an exclusive neighborhood, how about one where only one home has sold since 2017? Point Lookout is on the North Carolina side of Lake Wylie so it is in perfect positioning for an Uptown Commute via Shopton Road. There is no HOA, and the homes feel like they are situated in an oasis.

Homes in Point Lookout are located on Point Lookout Road and sit on large lots terraced down to Lake Wylie. They take advantage of all of the amazing views with seating areas, screened porches, docks, and boat lifts.

These homes were custom built and include great features like carriage houses with second living quarters. Interiors are fully appointed with chef’s kitchens, custom closets, spa-like bathrooms, and open concept gathering spaces.

Since only one home has sold through the Canopy Multiple Listing Service, we don’t have averages. One home sold in 2021. It was a waterfront home with over 3,700 square feet of living space, 3 bedrooms, and 3.5 bathrooms. Sales price was $1,199,999. Interior homes would not command the premium of a waterfront lot, but we don’t have the data to be sure in this amazing neighborhood.

That same home is for sale again right now, and is currently offered for $1,395,000. The home has garage spaces for more than 4 cars, multiple decks, paver patio, boat dock with built-in lift, and much more. The listing won’t last long so call us to schedule a showing.

If you want to know more about Point Lookout or about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

New Tax Values Coming for Mecklenburg County

November 2, 2022 by lkw_df Leave a Comment

For those of you at the lake that are within Mecklenburg County, you need to be aware that another tax valuation is in the works. The last time this happened was in 2019, so you can bet that values will go up again since the market has been robust in the last few years.

In 2019, the median home price in Mecklenburg County was $270,000. As of September 2022, the median home price is $349,150. This is an increase of $79,150. This means that we could probably expect the valuation for the median priced home to rise almost $80,000 when your tax bill arrives.

In 2019, the median home price in Lake Wylie was $349,900. As of September 2022, the median home price is $427,678. This is an increase of $77,778. Keep in mind that the Lake Wylie numbers also include homes not in Mecklenburg County, but they do show that homes near the lake have values typically higher than the whole of Mecklenburg County, but that prices have risen around the same amount.

The real thing we need to know is what will the tax rate be? Mecklenburg County could keep the tax rate the same. The effect of this could be that your property taxes will go up since the valuation is expected to go up. Another option is that the rate would go up, this is unlikely since the property valuations will be going up and the county budget is not expected to rise dramatically. The last option is probably the most likely that the tax rate would go down. Values for homes have gone up significantly, but costs for government goods and services have not gone up dramatically so the tax rate will most likely go down.

Even if the tax rate goes down, that doesn’t mean that you will see a smaller tax bill. Costs have gone up, so you will probably see just enough reduction in your tax rate that taxes will go up, but not dramatically.

If you want to know more about the tax valuations or about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Riverwalk Plantation Lake Wylie

October 24, 2022 by lkw_df Leave a Comment

If you are looking for a luxurious lifestyle on the shores of the Catawba River, Riverwalk Plantation could be the right neighborhood for you. These custom homes are all unique and vary in size and style to fit any type of family.

Riverwalk Plantation is located just off I-485 in close proximity to the Charlotte Douglas International Airport. This great location has residents within easy commuting distance to Uptown Charlotte, or just to catch a game, a concert, or a museum. There are tons of great restaurants nearby as well as lots of options for shopping and entertainment.

Homes in Riverwalk Plantation range from 1,900 square feet all the way to over 6,300 square feet. There are still a few lots left which typically sell for around $130,000 for around a half-acre parcel, depending on location and features. The lots are perfect to bring your own builder to make you dream home a reality.

Existing homes were built between 2001 and 2006. In the past year, the smallest of these homes was a 3 bedroom, 2.5 bathroom with 2,365 square feet and a two car garage that sold for $520,000. The largest was a 4 bedroom, 3.5 bathroom with 4,258 square feet and a two car garage on a waterfront lot that sold for $1,160,000. Homes are filled with custom details like custom cabinetry and millwork. Most have open floor plans perfect for entertaining.

If you want to know more about Riverwalk Plantation or about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Featured Listing: 6 Crowders Ridge River Hills Lake Wylie

October 24, 2022 by lkw_df Leave a Comment

Have you always wanted to live in River Hills, but just haven’t found the perfect home? Look no further. Our new listing at 6 Crowders Ridge is the one you have been waiting for! The home was custom built in 2018 with incredible attention to detail & function. You won’t find another home like this in River Hills!

Inside this immaculate home you’ll find 10 foot ceilings and an open floor plan that give this energy efficient dream home a much larger feel than the heated living area shows! The kitchen has an incredible Brazilian granite island, double oven, farmhouse sink, 6-burner gas top, enclosed coffee station, stacked soft-close cabinets, quartz counters, marble backsplash and glass deco panel. The kitchen is open to the great room and features a linear fireplace with stacked slate surround.

The primary bedroom has access to the screened-in porch bringing the outside to the inside. The primary bathroom is a dream! It even has a walk-in cave shower, heated towel rack, under head runway lights, appliance drawer with outlets with USB and custom cut mirrors with sconces.

Throughout the home you will find California Closet Systems, surround sound, 3-zone HVAC, ultraviolet and dehumidifying systems, guest suites with double insulation (Quiet!), slate accent walls, oversized 3-car garage w/ epoxy, upgraded electric panels, Holiday light outlets are already installed outside ready for your decorations.

If you want to know more about buying this home or about buying and selling any other 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.

To see the full listing for this home, click here.

September Market Report – Greater Lake Wylie Area

October 19, 2022 by lkw_df Leave a Comment

This time of year when we are headed into the holiday season, we expect to see fewer new listings hit the market. What we don’t typically see is the amount of inventory increasing at the same time. This shows just how different our market conditions have gotten this year.

The new monthly numbers from the Canopy Realtor Association show that inventory is up to a 1.6 month supply with 7,104 homes for sale. Homes are going under contract in an average of 22 days, up 37.5% from 16 days at this time last year. So, more homes are available and they are staying on the market longer. Prices however have continued to rise with the median home price now up to $380,000, up 13.4% from last September.

When we look at the numbers for just Lake Wylie, you see the same trend. There are now 176 homes for sale, up 19.7% from 147 homes for sale last September. These homes are going under contract in an average of 23 days up 15% from the 20 days last year. This shows stronger demand for homes at the lake than in the entire Charlotte region.

Prices in Lake Wylie are going up with the median price rising 19.6% to $549,990. Last September the median price was $460,000. This is a rise of just under $90,000 in just one year.

Between prices rising and interest rates being hiked, and the time of year, we are seeing fewer homes listed for sale than last year when we were in a frenzy of real estate transactions. New listings are down 19.7%, pending sales are down 27.1%, and closed sales are down 21.8% from last September.

All of these trends mean that buyers are finally gaining some leverage in transactions. Gone are the days when sellers got everything they wanted. Sellers are starting to offer to pay closing costs and/or buy down interest rates. Buyers are no longer waiving inspection clauses or appraisal clauses in contracts. Buyers are also not in as big of a rush to grab the last good deal so they can be much more discerning.

If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Lake Wylie Homebuyers Have the Advantage

October 17, 2022 by lkw_df Leave a Comment

In the current real estate market, average homes are selling for just over $100,000 more than they were just two years ago. Interest rates have been climbing steadily to help combat inflation. That has left homebuyers with the prospect of purchasing a home that will cost them substantially more per month than two years ago, but wages have not increased at the same rate so they are feeling the pinch.

There is no relief with continuing to rent either. Rental prices have soared as landlords are having to pay more in taxes as home values are reassessed and as the costs for management and maintenance have risen sharply. They pass these costs directly to renters with higher pet deposits, increased rent payments, and maintenance fees.

So, why should buyers hold out any hope? Well, right now buyers are holding all of the cards except for the high interest rates. With more homes on the market, buyers are able to set a lot of the terms of real estate transactions including getting sellers to pay closing costs, having the seller pay down their interest rates, and being able to negotiate price. Dangerous practices such as waiving inspections and appraisals are not happening anymore further protecting buyers.

Buyers who felt rushed during the height of the frenzy now have time to consider decisions instead of being rushed into what is typically the largest single financial decision you will make. High interest rates won’t be around forever so the one downside can always be remedied by refinancing a loan when conditions are more favorable.

If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Harbor Oaks Lake Wylie

October 13, 2022 by lkw_df Leave a Comment

If you are looking for a totally unique neighborhood, keep your eye on Harbor Oaks. This small enclave of homes sits near the shores of Lake Wylie but has its own private pond. No two homes look alike, and each has unique features. They don’t come on the market often, so you have to be ready when one is listed for sale.

Built back in the 1980’s, homes in Harbor Oaks are mainly 3 bedroom, 2.5 bathroom homes with around 2,500 square feet. Homes that border the pond take advantage of the amazing views with large outdoor living spaces and decks to make the most of the surroundings.

Harbor Oaks is located on the North Carolina side of Lake Wylie just off Shopton Road. This great location has residents close to shopping, dining, and entertainment. Highway access is right down the way to quickly connect to Uptown Charlotte and Charlotte Douglas International Airport. This makes Harbor Oaks the perfect spot to work from home or to commute to the office.

In the past year, just one home sold in Harbor Oaks for $465,000. Since 2019, just six homes and one lot changed ownership in the neighborhood so you can see that owners are reluctant to part with these amazing homes. It could be the park-like setting with mature trees, or the proximity to the Copperhead Boat Landing on Lake Wylie. In any case, you need to be prepared if you want to own one of these gems.

If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Community Meeting Scheduled for Henry Chapel Development

October 11, 2022 by lkw_df Leave a Comment

A community meeting has been scheduled for the proposed Henry Chapel Development which has been proposed off of South Point Road. The proposal would create an entrance to the new neighborhood by widening an existing road in an existing neighborhood.

Timber Ridge residents are obviously concerned about the new development. It would take a non-pass through street and divert a lot of new incoming traffic past homes where there has been no traffic before. It could change the character of the neighborhood from quiet and relaxed to busy and loud, especially in the construction phase.

Many people who live off South Point Road are concerned about extra traffic on an already congested portion of the road. During peak times, there can be a lot of traffic, and if there are an additional 628 homes in Henry Chapel on 275 acres of land. These single family homes could put an additional thousand or so cars on the road during peak times.

Turnstone Group filed the plans with the City of Belmont and are required to hold a public hearing about the proposal. This will be a venue for residents to voice their concerns about the project and see if there is an alternative entrance point instead of routing through an existing neighborhood. This is also a time to bring up the potential traffic issues which could result in changes to South Point Road.

The hearing is scheduled for next Tuesday, October 18th at 6pm at FUMC Belmont, 807 South Point Road. To see more information about the development filing, check out the City of Belmont page here.

If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.