Lake Wylie Blog

Neighborhood Spotlight: Rosedale

November 27, 2018 by lkw_df Leave a Comment

Rosedale is an amazing neighborhood in Lake Wylie, and now is the best time to buy a home here. According to Attom Data Solutions, a California-based property database firm, the best time to close on a home in December 26th. This means that now is the best time to get a contract on a home to close and pay around 1.3% or $2,500 less than full market value.

Attom’s senior vice president says “Buyers and investors willing to start their home search right about when stores are setting up Christmas decorations will face less competition and likely be dealing with more motivated sellers, giving them the upper hand in price negotiations.” There are typically fewer people trying to purchase homes during this time and that is exactly why it is the best time to buy.

Rosedale was built by D.R. Horton between 2010 and 2016, and the homes are just beautiful. Many homes have stone exteriors adding charm and character. There are a variety of plans for these homes, many with finished or unfinished basements. Homes are typically well over 2,000 square feet and can be almost 4,000 square feet with finished basements.

Homes in Rosedale have many features making them desirable. Many of the homes have trey or coffered ceilings, open floor plans, stainless steel appliances, hardwood floors and much more. Homes have 3-5 bedrooms, 2-4 bathrooms, and additional features like home offices and bonus rooms. Prices in the last year have been in the $290,000 to $385,000 range.

Children in Rosedale are currently zoned for top rated schools. Assignments are for Crowders Creek Elementary, Oak Ridge Middle, and Clover High Schools. Please verify school assignments as they can change from one school year to the next.

Rosedale is located just minutes from the lake and close to shopping, dining, and convenient to highway access. River Hills Country Club is adjacent to the neighborhood. There is easy access to highways I-77 and I-485 connecting residents to Uptown Charlotte, Charlotte Douglas International Airport, and all other points of Charlotte.

Renovation in the works for Belmont Bar

November 20, 2018 by lkw_df Leave a Comment

A vacant storefront is soon to become a new Bar in downtown Belmont. The property is located at 101 Kenwood Street and it is currently under construction being outfitted to become a great venue. Opening of this space is expected sometime in 2019.

The space did have the same owner for more than a decade, but is under new management. Jimmy Smith owned and operated Belmont Food and Beverage in the space from the middle of the 2000’s until 2015 when he renamed the space Supply. He chose to end his lease and close down almost a year ago and the space has been vacant until now.

One of the people behind the new bar is Chuck Craig, operating partner of Mayworth’s Public House in downtown Cramerton. Mayworth’s Public House features a great menu of made-to-order food using the freshest ingredients available. They complement the bar selections which include a rotating selection of craft, draft, and local beer. If this new space is anything like Mayworth’s, we’re excited.

The style and configuration of the new space have not yet been made public, but the building was built in the 1950’s and has around 7,500 square feet of space. The location is about a block away from Main Street close to City Hall and other bars and restaurants. We don’t yet know if the restaurant will be open for lunch, but expect at least dinner and most likely weekend brunch. We should know more about the space and the direction the new concept will go after the first of the year.

To read more, check out the The Gaston Gazette.

Stunning Home: 173 Mill Pond Road

November 20, 2018 by lkw_df Leave a Comment

Check out this just listed home in the Lake Wylie community of The Landing. This amazing home has something for everyone in your family. There is a wonderful open kitchen, light and airy bedrooms, room for a home office, and plenty of room to play in the backyard.

When you walk up to the home past the three car garage, picture yourself sitting down to relax on a glider swing on the deep front porch. Open the front door and you will find yourself in a grand columned space housing foyer, living room and dining room. You will be struck by the soaring ceilings and gleaming hardwood floors. Architectural features abound with heavy mouldings, trey ceilings, wainscotting, and columns.

The rear of the downstairs features the open kitchen with dining area as well as countertop seating. The kitchen is open to the family room, but also features a mud room/utility room with great storage. The gleaming hardwood floors continue through this area and the family room boasts a cozy fireplace. The downstairs bedroom has no closet, but is perfect for a home office with built-in bookshelves.

This home has five bedrooms and three and a half bathrooms in 3,719 square feet of living space. One of the upstairs bedrooms features window seats with storage, but all are generously sized. The master suite contains amazing walk-in-closets with custom built-in storage and a bright master bath with separate tub and shower. Laundry is also upstairs along with a bonus room perfect for a playroom.

This home sits on 0.45 of an acre and has an iron fenced yard. The backyard has ample space to entertain and features terracing and a paver patio. There is space for backyard barbecues as well as sports equipment for the kids.

Current school zoning is for Oakridge Elementary, Oakridge Middle, and Clover High Schools. These top rated schools make this an even better option.

This home is in the ideal location, walking distance from the Lake, yet also close to shopping, dining, grocery stores, and much more. There is easy access to I-77 and I-485 making a commute a breeze. This amazing home is currently offered at $474,875. Give us a call to schedule a private tour.

Starter Homes Becoming a Thing of the Past

November 8, 2018 by lkw_df Leave a Comment

With the way the market has been for the past few years, people have started staying in their homes for longer than before. This has contributed to the lack of supply of homes on the market. This lack of supply, combined with higher interest rates, more college debt, higher taxes, and more credit card debt are keeping people in their homes. It is also keeping many people out of the market for longer while they save up for their dream home.

Another factor keeping families in homes longer is that the price to renovate/remodel homes is often less per square foot than buying another home. Once a remodeling project is completed, it can keep a family in a home for much longer as the home can meet their changing needs. It can also be a daunting prospect to live through a remodel, then think of moving up to another home that needs to be remodeled.

Many families think that they will buy a small home close in to the city, live in it for a few years, then move up to a bigger home farther out with better schools. This has traditionally how many families have approached home ownership. That model doesn’t happen as often anymore. The average homeowner has been moving less often per the US Census data which shows that only 11 percent of households changed homes in 2017, down from 13 percent in 2007. The National Association of Realtors data shows that families are staying in their homes for 10 years on average down from 6 years.

What all this means is that you need to make sure you are ready and that you take time and do the research with your Realtor. This way you can find the perfect home for you every time you move in case you will be there for at least 10 years.

To read the full article, check out the Charlotte Business Journal or their partnership with The New York Times.

Check Out Summerhouse in Lake Wylie

November 8, 2018 by lkw_df Leave a Comment

Out past the Buster Boyd Bridge in Lake Wylie, South Carolina, you’ll find an amazing neighborhood in Paddler’s Cove called Summerhouse. There are great one and two story homes with great amenities and lake living. Summerhouse has small town feel but is still close to Charlotte so you can enjoy all the city has to offer.

Homes in Summerhouse range between 2,041 to 3,104 square feet of living space with 2 to 4 bedrooms and 2 to 3.5 bathrooms. Homes can have an optional second story guest suite great for hosting out of town guests, or for a teenager to have privacy. These homes are perfect for downsizing as they aren’t as large as some in the area, and they are not part of a 55+ community as many others in the area are.

Homes have two or three car garages and prices start in the low $300,000’s and can go up to the mid-$400,000’s. With six plans to choose from, there is a plan to fit any family’s needs. In the past year, homes have sold for between $249,000 and $444,899 and can be packed with options and upgrades.

Schools are another great draw to Summerhouse. Current zoning has children attending Crowders Creek Elementary, Oakridge Middle, and Clover High Schools. All schools are top rated in the area and are highly desirable. Please verify school assignments as zoning boundaries occasionally cut through neighborhoods.

Amenities include access to Lake Wylie with public and private marinas. In addition, residents can enjoy a large covered outdoor patio and swimming pool bordering the water. This is the perfect community for beautiful homes and a beautiful landscape.

Grant Program to Help Homeowners

October 30, 2018 by lkw_df Leave a Comment

There is a new program being offered to residents of Gaston County to help with down payment or closing costs associated with purchasing a new home. This can be a great help for people who have trouble coming up with the upfront costs that are associated with homeownership.

The program is called NeighborhoodLIFT and it provides eligible homebuyers with a grant for $15,000. The grants are available for homebuyers in Gaston, Cabarrus, Mecklenburg, Rowan and Union counties, and best of all, they are available for first time buyers and those that have owned a home in the past but do not now.

This unique opportunity is made possible by a partnership between Wells Fargo and local nonprofit Charlotte-Mecklenburg Housing Partnership. They really want to help people who have been longtime renters to get into the homes they want. This grant can be combined with the smaller-scale down payment program offered by Gastonia.

Some professions can get even more of a boost, police officers, firefighters, teachers, emergency medical personnel, and current or former members of the military can qualify for more assistance. If you meet the criteria, you can get up to $17,500 towards closing costs or down payment.

To qualify for assistance, an individual or family income cannot be more than 80% of the area median income. Police officers, firefighters, teachers, emergency medical personnel, and current or former members of the military have an income cap of 100% of the area median income. Grant funds will be made available to qualified applicants who go under contract on a home within 60 days. Recipients will not have to repay the grant if they attend homebuyer education classes and stay in the home for 5 years.

If you are interested, you must attend one of two information sessions in Charlotte during November. The first is on Friday November 16th and the second on Saturday November 17th. Information sessions will be held at the Charlotte Convention Center at 501 S. College street and appointments are recommended. Admission and parking are free for the event. To make an appointment or get more details on the program or to see if you can qualify, call 866-858-2151 or log on to wellsfargo.com/lift.

To read more about this program, check out the full article in the Gaston Gazette.

Inclusive Playground Coming to Tega Cay

October 30, 2018 by lkw_df Leave a Comment

Children of all abilities are soon going to have a great new place to play in Tega Cay. The All Play Together playground will be a place where all children, regardless of physical challenges or lack of mobility will have a chance to enjoy themselves.

This long-awaited playground was supposed to be in Fort Mill on land donated as part of the Waterside at the Catawba neighborhood. Issues with that site including the slope were taken into account and instead the playground will be the feature of the revamped Trailhead Park in the heart of Tega Cay. The location can’t be beaten as the Tega Cay Police Department and Tega Cay City Hall are just across the road. This years-long effort is going to be a great addition to the community.

Now that the site is official, All Play Together is meeting with engineers to lay out the site. They expect the playground to open in 2019. This is the first playground of its kind in the area.

There have been many local fundraisers to help pay for the project at an expected cost of $500,000. They have about 60% of the funding secured at this time. This price tag includes improvements to the current park as well as playground equipment, bathroom facilities, trail work, and more. There will be a period of time during construction that the current park will be closed to the public.

The All Play Together playground will have structures with accessibility for all people. This means double wide ramps, multi levels accessible by wheelchair. There could be wheelchair accessible gliders, roller tables, roller slides, climbing domes, quiet space, seesaws with seating for four, and a variety of swings. The ground will have cushioned surfacing, there will be shade and fencing as well.

The city and All Play Together will meet in the coming weeks to determine the final project timeline. This playground will truly be a place for everyone to play together regardless of their abilities. To read more about this amazing playground, check out the full story in The Herald.

Mortgage Rates are Rising, Here’s What It Means

October 25, 2018 by lkw_df Leave a Comment

Mortgage rates have been on the rise for a while, but what does that mean for the average home buyer? For most buyers that means that they can’t afford as much of a home as they used to. With home prices on the rise, that can mean that homes that last year were within reach could be unobtainable now.

Mortgage rates have been averaging around 4.85% lately (as of 10/18/2018 Freddie Mac numbers). This is up 3.88% from a year ago and is likely to keep rising as the Federal Reserve is expected to continue raising the benchmark interest rate. They meet again in early November and are expected to raise the benchmark rate yet again.

Though this is nothing like the double digit mortgage rates in the 1980’s, affordability is a concern for buyers as rates tick upwards. This can have the effect of keeping many buyers out of the market.

Prices have also been on the rise with the average home in the Lake Wylie area up to $395,183 year to date, an increase of 4.5% over last year. This is per the Charlotte Regional Realtor Association September report. As supply of homes remains low, prices continue to be driven higher by the basic law of supply and demand.

The residential brokerage firm website Redfin has crunched the numbers and they say buyers buying power is weakening as a result of interest rates rising and prices increasing. For instance, Redfin says a home buyer with a housing budget of $2,500 per month and a down payment of 20% could have afforded a residence of up to $473,759 at the beginning of the year. Now with higher interest rates, they can only afford a home of about $444,000, a decrease of almost $30,000.

With rates decreasing nationally, according to residential real estate website Zillow, it remains to be seen if this will at last be the catalyst to swing the market back to a buyer’s market.

To read more about it, check out the full article in the Charlotte Business Journal.