Lake Wylie Real Estate

October Market Report – Greater Lake Wylie Area

November 17, 2021 by lkw_df Leave a Comment

The monthly numbers have been published by the Canopy Realtor Association and they confirm that the market is slowing for the holiday season which is a typical trend. Inventory is still tight, maintaining the seller’s market that we have seen for the past few years. Prices are still on the rise and we are still seeing homes sell for above list price. Homes are still selling in an average of 17 days which shows that buyers are still motivated.

When you look at just the Lake Wylie area, you see that in every metric, we are doing better than last year. Home sales are happening faster and selling for more money than last year. They are selling in an average of 21 days on the market. Sellers are typically getting 101.5% of list price for an average sales price of $493,288, up 16.1% from 2020.

While this is great news for sellers, it can be disheartening for buyers. They have to bring more money to the table, and be willing to offer above list price for a home, and they can’t take any time to think over what can be the largest financial decision in their lives. And sellers typically have to turn around and become buyers so they don’t escape the tough parts of the current market.

New listings are up 11.4% in Lake Wylie when compared to last October. Pending sales were up a fraction at 0.8% gain from last October. Closed sales were down in number compared to last year, but year to date are still up 13.7%.

All of this is to say that the market is still robust, and sellers still have the upper hand in negotiations. There are not many deals to be had currently, and we are still seeing multiple offer situations. Mortgage rates are currently still hovering just above 3% for a 30-year fixed rate which is still a great deal for buyers.

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

Lake Wylie area Neighborhood Spotlight: Montreux

November 6, 2021 by lkw_df Leave a Comment

For a wonderful old world styled neighborhood of executive and estate homes, visit Montreux. This stately and serene community sits on the North Carolina side of Lake Wylie near the Palisades. These custom homes have all of the features you could ever need and a few you may not have even imagined. Live the life of luxury in one of these amazing homes.

Montreux was established around 2007 and custom homes have been built, and are still being built today. These grand homes sit on large lots with some over an acre. Owners have used these large lots to include many outdoor living spaces, sports courts, heated salt-water pools, pool houses, outdoor kitchens, treehouses, and much more. Homes have at least 3 car garages and can include ports for charging electric vehicles, epoxy flooring, and custom workshop spaces.

Inside these gorgeous homes you’ll find top-of-the-line everything, from electronics, to appliances, to security and more. There is plenty of space for everyone with most homes having well over 3,000 square feet and some over 7,500 square feet. Many homes feature bars, home theaters, gourmet kitchens, home offices, and flex spaces. Expect at least 4 bedrooms and 4 bathrooms, guest suites, and sumptuous owner’s retreats.

To find Montreux, from Charlotte, travel south on I-77 and exit on Gold Hill Road headed west. Montreux is off of Youngblood Road, just east of Palisades Country Club. All of the conveniences you need are between the neighborhood and the highway. For access to Lake Wylie, there are many options for public or private boat ramps nearby.

In the past year, 10 homes and 3 lots changed ownership in Montreux. Lots sold for between $85,000 and $115,000 depending on size and location. Homes sold for between $615,000 and $1,250,000 with an average price of just under $825,000. Most of these homes sold in less than a week after they were listed showing they are highly desirable.

If you would like to learn more about Montreux, call us at 803-831-8588. We can help make sure you are ready to make an offer the moment one of these spectacular homes comes on the market. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Meadowview

October 27, 2021 by lkw_df Leave a Comment

One fantastic area in Tega Cay on Lake Wylie is Meadowview. This neighborhood is not to be missed because it has everything you could want in a lake community, without the high prices of being right on the lake. The schools are great, there is a ton of outdoor recreation both on and off the lake nearby, and residents are within walking distance from the center of Tega Cay, and a short trip to Fort Mill.

There are wonderful community amenities in Meadowview. There is an outdoor pool, fitness center, playground, pond, recreation area, sports court, tennis court, picnic area, and walking trails. There is a dog park and golf in the neighborhood as well as a clubhouse and streetlights.

Homes in Meadowview were built in the early 2000’s and typically have 3 to 5 4 bedrooms, 2.5 bathrooms, and between 2,000 and 3,000 square feet of living space. There are many coveted cul-de-sac lots in the community. Homes have two-car garages, partial brick facades, and most have open floor plans. Many of the homes have been updated and improved since they were built.

In the past year, just three homes in Meadowview changed ownership. They sold for between $315,000 and $450,000 with an average price of $375,000. Two of the homes sold the same day they were listed, and the other home was under contract in 22 days. All three of them sold for at or above list price showing the desirability of Meadowview. There are currently no homes listed, but we can help you to be the first to know when a new listing comes on the market.

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 are waiting 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.

Neighborhood Spotlight: Copper Cove

October 21, 2021 by lkw_df Leave a Comment

If you are interested in a unique opportunity for a custom home in an exclusive waterfront community, Copper Cove may be right for you. Knotts Builders has put together a plan for the perfect neighborhood and they are building these homes right now.

The community is made up of just nine waterfront homesites on Waymart Lane, surrounded by McDowell Park Nature Preserve. This private location is perfect for unplugging and having a private retreat. Located on a no wake area of Lake Wylie, Copper Cove is perfect for swimming, paddle boarding, kayaking, and fishing. All home sites can accommodate private docks so you can enjoy motorized water sports as well. The cove was dredged so even larger boats can be accommodated.

Everything you need is still close by with a three minute drive taking you to the center of Steele Creek. There you will find grocery stores, medical offices, shopping, personal services, fitness centers, and restaurants. It is also easy to get into Uptown Charlotte for a commute, or just a night on the town.

Home sites in Copper Cove are large with most over half an acre and some over an acre with old growth trees providing shade and more privacy. The builder is offering 4 home plans with either 3 or 4 bedrooms and 3 or 3.5 bathrooms in over 3,000 square feet of living space. Homes have 2 or 3+ car garages, and loads of features throughout. A few of the lots will accommodate basement homes for additional living space, or a guest apartment.

In the last year, four homes and three lots sold in the neighborhood. The lots sold for an average of $276,000. Homes sold for an average of just over $910,000. There are currently no homes or lots for sale in the neighborhood.

If you want to be the first to know when a home or property becomes available in Copper Cove, call us at 803-831-8588 to get started. If you aren’t ready yet, but want to buy or sell a home in the Lake Wylie area 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.

Neighborhood Spotlight: Forest Cove

October 20, 2021 by lkw_df Leave a Comment

If you are in the market for a rare find, Forest Cove on the shores of Lake Wylie may be the place for you. This gem of a neighborhood is highly coveted and homes rarely come up for sale. When one does hit the market, you have to be ready to snatch it up or it can be gone the same day.

Forest Cove is tucked away right down the road from Daniel Stowe Botanical Gardens near the Conservancy at McLean. Uptown Charlotte is just 30 minutes away, and you can get on a plane for a weekend getaway from Charlotte Douglas International Airport in just 15 minutes. Downtown Belmont is a few minutes away for shopping, dining, community events, and more. Residents can also hop on the Carolina Thread Trail greenway access for hiking, biking, or walking.

This enclave of homes was built in the 1980’s, but most of the homes have been remodeled since that time. Most homes have 3-4 bedrooms and 2.5-4 bathrooms, some even have fully finished basements. Square footage ranges from just under 3,000 to over 4,000, so there is plenty of room for any size family, or to entertain guests. Most homes have wooded lots for extra privacy and shade.

The community in Forest Cove offers lake access, a community boat ramp, and slips for boat storage. There is a beach area for swimming and small watercraft. A playground is perfect for the smaller kids.

In the last year, only three homes sold in Forest Cove. One waterfront home sold in the high $800,000’s and the two interior homes sold for $445,000 each. All homes sold in less than 4 days on the market for above list price.

If you would like to be the first to know when one of these amazing homes comes on the market, call us at 803-831-8588 to get started. We will go through all of the steps for you to be prepared to make an immediate offer. 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.

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.

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.

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.