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.

 

New Restaurant Coming to Lake Wylie

Residents have been waiting with baited breath to find out what will replace beloved T-Bones on the Lake. The wait is finally over. A new restaurant and bar is headed to the prime Lake Wylie spot called Papa Doc’s Shore Club.

T-Bones on the lake was a fixture of Lake Wylie for 24 years. Located on Highway 49 on the South Carolina side of the Buster Boyd Bridge, T-Bones was the perfect location for car riders as well as boaters. It served thousands of customers Western themed seafood, steaks and late night comfort food. This location has been a restaurant for almost 50 years so before T-Bones it was Hungry Fisherman.

The new Papa Doc’s Shore Club is being put together by Charlotte’s Bottle Cap Group. In Charlotte they have been behind restaurants Ink N Ivy, All American Pub, Slate Charlotte, Whiskey Warehouse, Jacks Corner Tap, Brazwells Premium Pub, Hot Taco, Rosemont and Oak Room. They also have locations in Greenville and Charleston, South Carolina.

Papa Doc’s Shore Club is expected to serve a modern American menu including seafood influences. Offerings will include oysters, lobster tails, and daily chef’s specialties. The bar will feature a tiki-themed cocktail menu. They plan to serve lunch and dinner each day, have a merchandise store, and have to-go service for boaters.

Expect Papa Doc’s to be a great gathering space for community events as well. T-Bones was known for charity work and community events and Papa Doc’s wants to fill that slot. Hopefully they will continue the annual Lake Wylie Children’s Charity fall benefit concert, Riversweep, and the Lights on the Lake holiday boat parade as well as many smaller events throughout the year. An opening date has not yet been set, but expect it sometime in 2019.

For information on waterfront properties in Lake Wylie, take a look at our website, or call 803-831-8588.

To read more about this exciting new project, check out the articles in The Charlotte Business Journal or The Charlotte Observer.

New Bakery open in Lake Wylie

A new bakery just opened in Lake Wylie co-owned and run by local resident Joy Sanderson. The new place is called the Fast Frog Bakery and is a great place for go for a sweet indulgence, custom cake, or cookie to go.

Joy Sanderson grew up in Charlotte and has lived in the Lake Wylie area for the last 20 years. She earned her baking degree at Central Piedmont Community College. She went on to work for different restaurants and Harris Teeter  for the past 14 years and has broken out to do her own thing now.

Fast Frog Bakery is located at 5400 Highway 55 near the old 5 points intersection where South Carolina 49, 274 and 55 and Lake Wylie Road meet. This is a growing area and should be a great place to be for years to come. With recent neighborhoods such as Revere at Lake Wylie, Tullamore, Paddlers Cove, Autumn Cove and Kings Cove, there are many more customers nearby.

Offerings at Fast Frog range from muffins, to cakes, to cookies, to chocolate dipped fruit. They also do custom cakes for weddings, baby showers, birthdays, and other occasions. Fast Frog is open 10 am until 7 pm Tuesday through Saturday.

If you would like to live in this growing area and feed your sweet tooth regularly, call us at 803-831-8588 or explore our website first and call when you are ready.

To read more about the Fast Frog Bakery, check out the full article in The Herald.

Don Stephens longtime Lake Wylie Realtor passes away

 

Don Stephens longtime Lake Wylie Realtor and Partner in Lake Wylie Realty passed away unexpectedly at Home last week. Don was recently awarded the Realtor Emeritus designation from the National Association of Realtors for 40 years of service to the Community and the Industry, no one in this area has ever achieved that status.  We used to laugh about the fact that Don probable sold every Home on the Lake at one time or another and some twice. Don knew the Lake like the back of his hand and was the real “MISTER LAKE WYLIE”

Don was a native of Charlotte a true Gentleman and Scholar and will be greatly missed, He is survived by his Daughter Natalie and her Husband  Andy Adams of Clover, three Grandchildren and of course  all his friends and Business associates over the years. So long Don.

Steele Creek and Lake Wylie Housing Market Report 2017-2018

The Steele Creek Real Estate market continues to be one of the top markets in the Country and is estimated to be one of the top 5 in the entire Country by the end of 2018.

On the National scene existing Home sales will finish at a pace not seen since the bubble bursting run up to 2006 clocking in at about 5.5 Million but amazingly still approximately 1.1 Million less than that all time high.

According to forecasts by the National Association of Realtors the steadily improving US economy, sustained job growth and rising confidence that now is the time to buy a Home should pave the way for an increase in Homes sales in 2018.

Back to Steele Creek, the availability of land, proximity to Charlotte’s 485 outer loop, Downtown and the Airport along with a widely diverse Housing Market are driving increases in prices and sales. A new master planned Development is in the final planning stages for the large mainly undeveloped area west and south of the Airport which will include the proposed River District slated to be larger than the Ballantyne area in South Charlotte. The area is expected to increase in population by 20-25% over the next 5 years.

Sales of new and existing Homes in the Steele Creek area over the past 12 Months for the zip codes of 28278 and 28273 were at a staggering pace of close to 2000 sold, leading the way the Community of Berewick with sales up 33% to 356, the Palisades with 131 sales was a distant second.

Another large Master planned Community is rising in Gaston County near Lake Wylie and Belmont called McLean, while just getting started sales were up to 40 in 2017.

Over on the South Carolina side of the Lake new Developments are popping up like spring flowers, national production Home Builders like Mattamy Homes and DR Horton along with local Builders, Fielding and Bonterra Homes are building a potpourri of styles and myriad of prices. New Home sales in the Lake Wylie SC area have increased from 75 in 2014 to around 200 per year at the end of 2017.

Sales of existing Homes in the Clover-Lake Wylie-York area zip codes of 29710 and 29745 although not quite as strong as its counterpart Steele Creek were close to 1300 over the past year. The top seller in that area is the well-seasoned “Jewell” of them all, the magnificently well planned Community of River Hills with close to 80 closings and an average sales price up 15% to $354,000.

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 57 active listings in both Carolinas down from the 120-140 we experienced for a few years with only 6 priced below $500,000. The 1 Million plus market was very active with 16- 1 Million Dollar plus Homes closed in 2017 and currently 12 were on the market. A total of 169 waterfront Homes sold down slightly from the year before with a median price pushing close to $700.000 up from the low $600,000’s that were steady for some time.

As urbanized Charlotte continues to gobble up large tracks of land for high density development the demand from those looking for the serenity and peace of Lake living along the shores of Lake Wylie will find it more and more difficult to afford.

New Housing Development: The Vista

A new housing development called The Vista at Lake Wylie is planned for the intersection of S.C. 274 and Pole Branch Road. There are 169 homes planned. Because this development is planned for such a busy intersection, the developers are hosting a meeting for residents. Instead of the typical presentation, this meeting is an open-mic, question and answer meeting to hear resident’s concerns.

The money for this development came from the 2003 and 2011 Pennies for Progress votes. In this project, county residents decided whether or not to charge a cent sales tax for improvements to roads. Because the money came from this project, residents have had concerns that the development will affect conditions of the roads.

In addition to the 169 planned homes, the development is planned to include an amenity area on the lakefront property with two separate entrances and a new intersection. However, in order for this development to happen, a rezoning still needs to take place. This proposal has been submitted but has not gone through yet due to the currant lack of traffic impact studies.

Assuming the approval of the rezoning, construction should be starting April and wrapping up in 2020. Construction bids for the $35 million development should open in February. To read more about the project and its details, be sure to check out the full article at heraldonline.com