Lake Wylie Blog

September Market Report – Greater Lake Wylie Area

October 18, 2021 by lkw_df Leave a Comment

The monthly numbers have been published by the Canopy Realtor Association. They report on data from the Canopy MLS system which shows that our trend is continuing of lack of inventory, rising prices, and now shortening of time from listing a property until closing.

This new trend has been happening for a while now and it seems to indicate the rise in all-cash offers on homes. There are many companies investing heavily in real estate right now with deep pockets to be able to make all cash offer. Many people have also been able to come up with cash for a home purchase. Additionally, there are now companies that will lend you money up front so you can make an all-cash offer on a home with financing happening on the back end of a transaction.

This is shortening the time between list and close to just 68 days, down from 84 last year. That is a 19% difference from last September. In September of 2019 the average was 90 days or 25% shorter two years ago than today.

When you look at the numbers for the Greater Lake Wylie Area, you see we are looking at the market slowing down. There are fewer new listings (-40.4%) and fewer pending sales (-24.9%) this September than last September. Homes on the market are going under contract in an average of 20 days, but are taking 104 days to close which is the opposite of the trend in the Charlotte region.

Prices are still on the rise in Lake Wylie, with the average sales price up to $501,207. Homes are selling for an average of 100.6% of list price, a little bit lower than previous months average, but not enough to push us into a buyer’s market just yet. We expect the market to cool off further this year as we gear up for the holidays.

If you are ready to buy or sell a home in the Lake Wylie area, call us at 803-831-8588 to get started. If you aren’t ready yet, but want to buy or sell a home next spring, give us a call and we will help you to get prepared. You can view current listings and create custom searches on our website here.

Where To Go For Spooky Halloween Fun

October 12, 2021 by lkw_df Leave a Comment

Ghosts and Goblins, get ready, it’s that time of year again for some spooky fun! From Scarowinds to haunted car washes to haunted houses to creepy trails, we have all of the details so you can make the most of the season.

Scarowinds – select nights September – Halloween night – 7pm – midnight – Theme park becomes scream park with haunted attractions, shows, and characters throughout the Carowinds theme park in Rock Hill. Online price $39 per person, $72 at the gate.
Tunnel of Terror Haunted Car Wash – Pack your car full of family or friends for a scare and get your car washed too. At the AquaWave Express Car Wash in Belmont. Tickets are $22 per car, wash included. Thursdays – Sundays until Halloween, 7pm – midnight.
Frightmare! At Mr. Putty’s in Tega Cay – Haunted House, Haunted Mini-Golf, and scare zones await you at Mr. Putty’s. Fridays and Saturdays until Halloween, 7-11 pm. $15 general admission, $20 combo pass for golf and haunted house.
The 901 Nightmare – wander the woods through old barns, an abandoned insane asylum, and various outbuildings in a maze of terror. Open Friday – Sunday and the Thursday before Halloween, 7:30-10:30 pm. Admission is $20 for adults and $15 for children.

If scary isn’t your scene, try one of these pumpkin patches with activities for the kids:

Curtin Farms – this working farm in Clover offers non-spooky fun for school groups. They offer two hour tours with multiple education stations, pumpkin patch, hayrides and hay maze.
Hunter Farm – closed Mondays, pumpkin patch, wagon rides, and petting barn. Reservations are required for wagon rides. On Providence Road in Weddington.
Tega Cay Pumpkin Patch and Grace Pumpkin Patch in Tega Cay – just pumpkin patches, no tours or hayrides. Photo opportunities and pumpkins you can buy and bring home.

If you are ready to buy or sell a home in the Lake Wylie area, call us at 803-831-8588 to get started. You can view current listings and create custom searches on our website here.

River District to Break Ground in 2021

October 5, 2021 by lkw_df Leave a Comment

It was just announced in The Charlotte Business Journal that the much anticipated The River District will break ground later this year. Developer Crescent Communities will begin phase one of construction before the end of the year.

Crescent Communities have been doing all of the behind the scenes work for the past five years, from announcing the project, to securing right-of-way on West Boulevard, to obtaining permits, to working with the city to plan infrastructure to support the community. Now it is time to begin building the vision.

The River District is located along West Boulevard just west of the Charlotte Douglas International Airport, along the banks of the Catawba River. It comprises 1,400 acres that will be turned into a master-planned, mixed-use project in multiple phases. The entrance was the last parcel to take shape in the plans and will be on land at 9826 Garrison Road. This 7.8 acres will be the first thing you see when you enter the community.

When the project is completed, it should have up to 2,300 single-family homes, 2,550 apartments, 8 million square feet of offices, 500,000 square feet of retail, and 1,000 hotel rooms. The build out is expected to take around 10 years, but when it is completed, it will be around the size of Ballantyne.

The first phase of construction will include extending West Boulevard to Dixie River Road, the location of the town center. The developer is awaiting the last land development permits, then they will get construction started. It is currently estimated that the first homes will be ready in spring of 2023.

If you want to be the first to know about new developments in The River District, call us at 803-831-8588. If you can’t wait for The River District and are ready to buy or sell a home in the Lake Wylie area, we can help. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: South Point Village

October 4, 2021 by lkw_df Leave a Comment

Tucked away just south of Belmont, North Carolina, you’ll find a wonderful newer construction neighborhood called South Point Village. The location can’t be beaten, the homes are beautiful and well maintained, and you are minutes from Lake Wylie and downtown Belmont. What’s not to love?

South Point Village is located just off South Point Road just down the road from South Point High School and Belmont Middle School. This puts residents within walking distance to the schools, a grocery store, and some restaurants.

A short drive will have residents in downtown Belmont for community events, shops, restaurants, and much more. Nearby highway access will connect you quickly to Charlotte Douglas International Airport. Uptown Charlotte is a reasonable commute and will be easier when the proposed light rail is completed.

Homes in South Point Village were built between 2011 and 2015 and they look brand new. They have between 3 and 6 bedrooms with 2,000 to over 3,400 square feet of living space. Most homes have open floor plans with large eat-in kitchen islands perfect for entertaining. The typical home in the neighborhood has large bedrooms, plenty of storage, a bonus room, and an expansive owner’s suite.

In the last year, just 5 homes changed owners in South Point Village. They sold for a low of $373,000 and a high of $410,000 with an average sale price of $393,600. All five homes sold quickly with most of them under contract in less than a week. There is currently only one home on the market in the neighborhood with a contract already on it. It went under contract after only being listed for two days. This shows that you have to be prepared when one of these homes gets listed so you can be the one to buy it.

Interest Rates on the Rise

September 29, 2021 by lkw_df Leave a Comment

Based on the numbers from the Canopy Realtor Association, the inventory situation in the Charlotte Metro Area is getting slightly better. With interest rates looking like they might rise, what does that do to the recovery of the real estate market?

Typically when interest rates rise, the market slows down. That may not be the case right now. Though rates are looking like they will rise, they are still at historically low levels so it may not slow the market as much as previous raises.

One issue we see when interest rates go up is that first time homebuyers take a step back. This is because a change in rates can mean the difference between approval of a loan and rejection of the same loan. A small change in a percentage can mean hundreds of dollars per month difference in a payment which can be devastating for a first time buyer, and can even deter an experienced buyer.

Many homeowners have been taking advantage of the low rates to refinance existing mortgages. They can be going for a lower payment, or doing a cash-out refinance so they can improve their current home. With rates headed higher, we could see a slowdown of this activity leading to a slowdown for contractors so they can finally catch up on all of the work that has been happening since Covid hit. There have been many materials delays causing schedules to be pushed out making projects more stressful than usual. It would be a relief to have balance back for homeowners and contractors alike.

Interest rates can’t totally be blamed for the craziness of the market right now. There are many other factors that are making many buyers hold off from entering a competitive market where the average home is selling over asking price. The competition alone can deter many sellers as they will have to become buyers to get their next home.

The best hope according to analysts is a robust spring season for the real estate market. Many people who have held off listing their homes will be willing to list in the spring. This additional inventory could bring the market back closer to a balance between buyers and sellers in transactions.

Clover Voters Turn Down Schools Referendum

September 28, 2021 by lkw_df Leave a Comment

This month, voters in Clover turned down the much debated Schools Referendum. The bond referendum would have cost $197 million and was to help alleviate congestion as the area is rapidly growing. Turning it down means that there is still overcrowding with no relief in sight, but it gives lawmakers an opportunity to come up with a better plan.

The Schools Referendum included plans for a second high school, an eighth elementary school and a third middle school. To help pay for the new schools, the bond would have been paid for with a tax hike which was estimated to be between 15% and 30%. This was just more than most taxpayers wanted to pay.

The local elections office in York County estimated that about 22% of registered voters turned out for the election. Around 71% of those that voted were opposed to the bond, while about 29% were for the bond. The last school bond measure that passed in Clover was in 2014.

The next steps are for the school district and the community to come up with a new plan to keep Clover schools great, while also keeping taxpayers happy. The district will work closely with residents to come up with a better plan to ease overcrowding without the large price tag for taxpayers. There will be a lot of community meetings like school board meetings, focus groups, town halls, and community information sessions, to help shape the new plan. These meetings could happen as soon as October led by York County Council member Allison Love.

If you want to be a part of the community in Clover and be a part of shaping the future of the community, you need to be ready when a new home hits the market. To be the first to know about homes in Clover, or any other town in the Lake Wylie area, call us at 803-831-8588 and we can help you find the perfect home for you and your family. You can view current listings and create custom searches on our website here.

To read more about this issue, see the full article in The Herald.

Coming Soon: 29 Commodore Point Road

September 21, 2021 by lkw_df Leave a Comment

Welcome home to an amazing home in an even more amazing community. 29 Commodore Point Road is about to come on the market so now is the perfect time to get ready to make an offer. With the real estate market the way it is, and the trends in the River Hills neighborhood, this home won’t last long.

River Hills is located in the heart of Lake Wylie, just across the Buster Boyd Bridge on highway 49, just down from the YMCA Camp Thunderbird. There are many shops and restaurants in town, and easy access to more options across the bridge in Rivergate and beyond with nearby highway access.

Resort style amenities in the neighborhood include a clubhouse, dog park, fitness center, games court, golf course, outdoor pool, picnic area, tennis courts, walking trails, playground, and of course the Lake. There are community events throughout the year as well.

You will find plenty of space for entertaining friends and family, both inside and outside of this home. There are 4 bedrooms, 3.5 bathrooms and just under 3,000 square feet of beautiful space and attention has been paid to each detail. You’ll love the gourmet kitchen open to the den with a fireplace. Picture yourself relaxing on the first floor master retreat, or making smores and telling stories with friends and family around the outdoor firepit.

This home, once listed, will be one of 19 currently on the market, though most of them are already under contract. Over the past year, most homes in River Hills sold in 10 days or fewer, with an average sale price of $577,877. Keep in mind that river front properties command a premium and can skew the average price.

Homes are selling quickly in the Lake Wylie area, and River Hills in particular. If you want to schedule a showing or make an offer on this property or any other in the area, give us a call at 803-831-8588 and we will get the process started. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Lake Forest

September 20, 2021 by lkw_df Leave a Comment

One of the most desirable locations in Lake Wylie over the last year is Lake Forest. Seven homes sold here over the last 12 months with all of them selling in two weeks or less on the market and almost all of them sold for at or above list price. It’s not hard to see why everyone loves Lake Forest. It is located in the heart of Lake Wylie, close to shopping, dining, and entertainment. Residents have lower South Carolina taxes, and sought after Clover schools. What’s not to love?

Homes in Lake Forest were built between 2007 and 2015 so they show like new. These craftsman style homes have between 4 and 5 bedrooms and 2.5 to 4 full bathrooms. Each has a two or three car garage which can be front or side loading. There is plenty of room in these homes with almost all being at or over 3,000 square feet of living space. Expect gourmet kitchens, open floor plans, home offices, lavish owner’s suites, and extensive outdoor living spaces. Most homes have in-ground irrigation and mature landscaping.

The neighborhood amenities include a lakefront park with paddle sport launch and community gathering area. There is space for picnics and outdoor recreation and catching up with all of the neighbors. Nearby public boat ramps, marinas, and yacht clubs are the perfect place to put into the water for additional motorized lake recreation.

With the high demand for homes in Lake Forest, you need to be ready when a new home hits the market. To be the first to know about homes in Lake Forest, or any other neighborhood in the Lake Wylie area, call us at 803-831-8588 and we can help you find the perfect home for you and your family. You can view current listings and create custom searches on our website here.