Merry Christmas and Happy New Year from the Professional Agents of Lake Wylie Realty and Macintosh McCorkle
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Neighborhood Spotlight: Longlea Estates
Longlea Estates is a wonderful neighborhood of 224 stately homes located in Clover, South Carolina. It features lower South Carolina taxes, yet one of the most coveted award winning school districts around. This makes any home in the boundary more desirable for families with school aged children.
There is more to Clover than just the school district however. There is the small town charm and community events, but is located near Lake Wylie and commuting distance to Uptown Charlotte. There are many nearby choices for shopping, dining, and entertainment as well.
Homes in Longlea Estates are newer construction single-family homes with a variety of floor plans. These homes sit on generously sized lots and they were custom built so expect a lot of unique features and details.
There are currently two homes on the market in Longlea Estates representing just 1.4 months of inventory. Both of these homes are under contract at the moment and one went under contract after just one week on the market.
In the last year, seventeen homes sold for an average price just under $250,000. This means that this great spot is budget friendly as well, especially with the low mortgage interest rates right now.
You do not want to miss Longlea Estates, and for more homes available and other great neighborhoods in and around Lake Wylie, be sure to visit LKWRealty.com.
Neighborhood Spotlight: River Hills
If you want a one-of-a-kind experience, River Hills is a unique neighborhood on Lake Wylie that you need to explore. This resort-away-from home could be your new home and it is only 18 miles from the center of Charlotte, North Carolina. The neighborhood was designed by Sea Pines of Hilton Head. It features casual Southern living in a gated community with 24-hour private security, a staffed gatehouse and all the amenities plus low South Carolina taxes and top-rated schools.
A magnolia tree lined entrance welcomes you to the over 800 acres of River Hills. Within the neighborhood you will find almost 1,100 homes set among mature trees and a championship golf course as part of the River Hills Country Club. Residents can choose from one of several types of club memberships. Residents also enjoy a playground, basketball court, dog park, community garden, beach park, and marina club with over 200 slips. Residents also gather throughout the year for community events organized by the homeowners association. Seasonally the neighborhood sees horses come through from YMCA Camp Thunderbird which is located adjacent to the River Hills, close to the Buster Boyd Bridge.
Homes in River Hills range from more affordable condominiums and patio homes to exclusive lakefront estates. In the past year homes in River Hills sold for between $211,000 and $800,000 though some of the premium waterfront homes occasionally come on the market and can list for well over $1 million.
If you would like to schedule a tour of homes in River Hills or 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.
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.
Neighborhood Spotlight: Austen Lakes
Austen Lakes is a neighborhood that provides a small town feel while still being close enough to the city. This community has a lot to offer including the lower South Carolina taxes and the premiere school district of York County.
Along with the neighborhood amenities, it is also close to Lake Wylie which offers swimming, boating, fishing, and hiking, as well as many ore outdoor activities perfect for the whole family. Austen Lakes is also only a short drive from the city which offers antique shopping, historical attractions, and many parks and trails for people who prefer the outdoors. These include Lincoln Park and Magnolia Street Park which have things like playgrounds, trails, picnic tables, and more.
Currently there are 2 homes on the market in Austen Lakes which represents 2.2 months of inventory. This means that Austen Lakes is a seller’s market which matches York County as a whole.
In the last year the average sales price has increased while the average price per square foot has slightly decreased. The homes range in square feet from 1200-3600 square feet and from 2-5 bedrooms. Homes are currently listed from $205,000 to $225,000.
With so many neighborhood amenities as well as things to do in the city, Austen Lakes provides the perfect small town feel for your next family home!
Neighborhood Spotlight: Clover Meadows
Clover Meadows is a beautiful neighborhood that offers a small town feel while still being close to big city amenities. Residents of Clover meadows get to enjoy the lower South Carolina taxes while still being close to city attractions in North Carolina. It is also in the premiere Clover school district.
Clover Meadows is close by to many dining options as well as antique shopping and historic attractions. In addition, it is only minutes from Lake Wylie which offers activities like fishing, sailing, hiking, and picnic shelters. the neighborhood is also close to Clover community park which offers walking trails, a playground, baseball fields, and a disc golf course.
Currently there are 14 homes on the market in Clover which represents 4.2 months of inventory. This makes Clover Meadows a seller’s market. This is very similar to the markets of Clover and York County as a whole.
In the last year, average price and average price per square foot have both decreased. Homes in this area range from 1200-3200 square feet and from $160,000 to $200,00 a month.
Homes in this area are selling fast so be sure to check out Clover Meadows for your next family home!
