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.

New Development Needs More Time

County planners for York County, SC met on August 1 to review new housing developments. One of the most exciting projects is for a proposed 224 acres that spans from Bethel School Road all the way to Crowders Creek. This is right behind existing homes in Paddlers Cove and the new sports park which is underway. This plan would be on the south side of the creek. This development is in the initial stages of the process and is under review for the preliminary plat and permitting at this point. As we find out more details we will publish them.

The second major development that was discussed was Meriway Pointe with developer Walton Development. They have asked for another extension for their plan for 449 homes on just about 213 acres on the North of Crowders Creek. These extensions are not uncommon and property owners can request up to 5 each year while in the process. This would be the third extension this year on this particular project.

It looks like getting connected to utilities, specifically water and sewer is the holdup at this point. There are some capacity issues that need to be ironed out that are causing delays. They should be resolved soon and the development schedule will be going once again.

Keep in mind that these projects are proposed and could run into substantial hurdles in the days ahead. Additional issues can always crop up as part of any project, large or small. Some or all of the plans could be altered or eliminated as part of the process.

To read more about these neighborhoods and the planning stages, see the full story in The Herald Online here. To schedule a tour of homes in the Lake Wylie area, call 803-831-8588. To view all current listings and create custom searches, click here.

Proposals for Extension of Light Rail

County leaders for York County recently met to consider proposals for extension of the Lynx light rail system in Charlotte. They heard four small area plan proposals with one potentially serving the Lake Wylie area. This could be great for bringing in commuters and reducing traffic. It could also bring a lot of day-trippers for weekend fun on the lake.

The light rail plan proposals are a way to look at the area in a different way. This means that leaders have to look at how the light rail may affect properties in the proposed path, look at supporting infrastructure, and look at opportunities for how development patterns may change. There is also a potential that the light rail could head to Rock Hill as well which could be a place to park and ride until a Lake Wylie corridor comes to fruition. The Rock Hill connection is especially likely as the Charlotte Panthers just announced that they are building a training facility there.

There are many more steps to take after the proposals are laid out. There are traffic studies, land acquisition, and much more. There will be interstate cooperation by North and South Carolina. There will be funding hurdles and bureaucratic hurdles to be cleared, but it is an exciting prospect for many people.

If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. To create custom searches and view all current listings, click here.

To read more about these proposals, visit the Herald Online here.

Papa Doc’s To Open Soon

As soon as the liquor license is in hand, Papa Doc’s Shore Club is set to open to the public in the former space of T-Bones near the Buster Boyd Bridge in Lake Wylie. This past Thursday they began a charity event raising money for Lake Wylie Children’s Charity featuring a taste test of the cuisine. The sold-out charity event runs through Sunday.

Residents and visitors alike are excited for the opening after T-Bones on the Lake closed in December ending a 24 year run. This location is fantastic as you can arrive by foot, bike, car or boat to enjoy food, drinks and fellowship. Papa Doc’s is also close to Uptown Charlotte, around a half-hour, so is a perfect quick escape.

The new space has a tiki theme that you can enjoy as individuals, families, groups, or reserve for larger events. There is an oyster bar as well as lake themed decor and a large events space. With a total of 4 bars, the restaurant can seat 650 people. There is a huge outdoor deck, 38 boat slips, and many indoor seating and bar areas. The menu is large and varied so there is sure to be something to please every palate. Expect a wait at first as this is sure to be a popular spot.

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

To read more about Papa Doc’s Shore Club, read the full article in The Herald.

February Market Report

The monthly numbers have been published by the Carolina Regional Realtor Association. They base the report off of numbers from the Multiple Listing Services, Inc. The big story for the Charlotte region is that almost every number is down. From supply of homes to new listings, to days on market from list to close, all of these numbers are down. The numbers that are up are average and median list price.

When you look just at Lake Wylie, the numbers are a little bit different, but keep in mind that the small sample size can make the trends seem extreme. In Lake Wylie, most of the numbers are up from last year at this time. New listings are up 12% over this time last year, from 133 to 149. They are also up when you look at year-to-date, 10.6% over last year from 246 to 272.

This increase is responsible for an uptick in the supply of homes which rose from 3.5 months up to 3.6 months. A balanced market between buyers and sellers is considered to be a 4-6 month supply. This is welcome news for buyers as they have had a harder time in recent years with a rise in multiple offer situations and prices above list. If this trend continues, we could see prices slow in their rise.

Prices for homes in Lake Wylie have increased from an average of $382,147 last February to $393,761 this February. This represents a 3% increase year over year. When you look year-to-date, there has been an 8.4% rise in average sales price which could be the result of a few large sales.

Pending sales were way up year over year from 91 up to 120, a rise of 31.9%. This means that we should see strong sales for the next few months as the homes that are pending head to the closing table. As we head into spring, we should see the market speed up.

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

 

State of the Housing in the Charlotte Market by UNCC

A comprehensive report issued last week by the Childress Klein Center for Real Estate (CKCRE) at UNC Charlotte offered a sobering picture of the State of Housing in the eight-county Charlotte Region. Using a wide range of housing data from 2010 – 2017, the report concludes that our region is woefully under-producing both for-sale and rental housing, leading to a growing affordability crisis that is most directly impacting middle-income families.

Read the article:

https://rebiccharlotte.com/2019/01/22/unc-charlotte-state-of-housing-summit/

Lake Wylie/Steele Creek/ Charlotte Real Estate report

The yearly numbers are in for 2018 for the Lake Wylie/Steele Creek Real Estate Market. The Carolina Realtors Association compiles data from the Carolina Multiple Listing Services to get a portrait of the local real estate market and provide us with data to analyze for our readers interested in Real Estate. This is what they show.

The Charlotte Region:

When you start digging into the numbers, for the entire Charlotte region sales were down 14% from December of 2017. Prices were up slightly, with the average sales price up 1.1% to $282,894. Inventory was down yet again from a 2.3 month supply to a 2.2 month supply, a decline of 550 homes. This leaves sellers again in the best position in real estate deals with a balanced market considered to be a 4-6 month supply of inventory. Pending sales were dead even and new listings were down 4.4% from this time last year.

In the Steele Creek area zip codes 28278 and 28273 the Market is extremely tight,

1325 Homes were sold compared to around 2000 in 2017. Currently there were only 15 Homes priced under $300,000 in the entire 28273 area, most sell within 10 days of entering the market and the overwhelming majority of those were priced under $350,000.

York, Clover and Lake Wylie: Zip Codes 29710 and 29745

A similar pattern continues in the South Carolina Market, sales were down from 2017 from a high mark of 1300 to 1135 in 2018, the majority of those 848 were priced under $350,000. Current active inventory is 221 Homes.

When you look just at Lake Wylie, South Carolina non waterfront resale Homes the story is a little bit different. Closed sales were indeed down year over year 15.3% from 98 to 83. Due to the small sample size, the percentages can look extreme so please keep that in mind. Average price was up year over year to $409,539, an increase of 16.2%. Inventory was dead even from last year in terms of months of supply at 3.3, but remember about that extreme note from earlier, there were actually 26 more homes on the market.

This means that sellers are still in a slightly better position in the Lake Wylie area. New listings are on the rise in the area with many new construction projects helping to boost the supply. The new listings were up 23.9% from 67 to 83. Pending listings were down year over year from 75 to 62, down 17.3%. Homes spent longer on the market in 2018 with days on market up 102% from 51 to 103, but this probably reflects new construction homes which typically stay on the market substantially longer than existing Homes.

In River Hills there is an extreme shortage of Homes on the Market the lowest in recent memory 52 closed last year with currently only 9 on the Market. New Homes accounted for an amazing 245 sales with strong sales in the Paddlers Cove Community

WATERFONT MARKET UPDATE

Median prices continue to rise in the waterfront market due to low inventory and high demand, as of this writing there were just 91 active listings in both Carolinas down from the 120 to 140 we experienced over the last decade with a median asking price of $839,000 which is over $100,000 more than last year with only 5 priced below $600,000.

The 1 Million plus market was very active with 11 Million Dollar plus Homes closed in 2018 and currently 14 are on the market, both numbers are about the same as 2017. A total of about 120 legitimately waterfront Homes sold down from about 160 from the year before due to a shortage in inventory with a median price pushing close to $725,000 up from the low $600,000’s a number that stayed steady for some time.

TIPS FOR BUYERS AND SELLERS:

In this unusual Housing market it is still important to discuss Home staging, photography, drone shots, brochures, marketing, Web presence and most of all pricing strategy. Here are a few other tips to guide the process.

The Real Estate transaction is a complicated and emotional process. Contracts and addendums are extensive sometimes reaching 20 to 30 pages.

Make sure you review all the documents prior to listing or purchasing a property, that way there will be no surprises when time comes to make an offer or negotiate an offer..

Understand the hard deadlines for Loans to be approved, Inspections to take place and negotiations on any repairs, speaking of repairs this is the biggest deal killer of them all as Inspectors are paid to find out everything that is not perfect with the Property, that offends most all Sellers.

The best tip of all is always hire an experienced professional Agent not a friend of a friend that just got Licensed or the former Barber or Hair Stylist. Transactional experience is key to a successful and Happy Purchase or Sale.

 

David McCorkle

David lives on Lake Wylie and is the Principle Broker of Lake Wylie Realty. David has been a Licensed Broker for 40 Years.