Year End Market Wrap Up

The start of the new year is always a time of reflection. Looking back at the year in Real Estate is a good way to see where we are and where we anticipate the market is heading. Predictions are imprecise at best, but we can show you the yearly trends and give a possible scenario for the future.

When you look at the Lake Wylie area, if you look at the trend over the previous few years, you can see that there are more new listings now than ever before. In 2013 there were just 1,056 new listings all year and in 2018, there were 1,656. This increase reflects the boom in the area with new construction, renovations, and the growth in the area.

Closed sales have gone up as well which shows more of the story of the population boom. In 2013 just 646 homes closed. In 2018 there were 1,227, an increase of 581 homes. When you look at the entire Charlotte area, the increase is much larger over the course of those years, 13,220 more, but the region has grown  a lot over that time and the MLS data also includes surrounding counties now and it did not before.

Prices of homes are one of the more dramatic areas of growth over the time between 2013 and 2018. In 2013 the average home in Lake Wylie sold for $327,130. In 2018 the average Lake Wylie home sold for $397,957, and increase of just over $70,000 in just 5 years.

When you look at the shorter trend, comparing 2018 to 2017, you see that Lake Wylie is not seeing the slump that the rest of Charlotte is seeing. Lake Wylie has had gains in new listings, pending sales and closed sales. In comparison, Charlotte as a whole has seen declines in all three. It remains to be seen if Lake Wylie will see the slowdown that has been evident in the region as a whole. The Lake is a huge draw so it will probably see the slowdown much later than the rest of Charlotte, if it sees it at all. Looks like the Lake is a good bet for the foreseeable future.

If you would like to own a home in Lake Wylie, give us a call at 803-831-8588 to schedule a private tour of homes. You can view current listings and create custom searches on our website.

Neighborhood Spotlight: Graystone Estates

Do yourself a favor and check out Graystone Estates in Belmont. This amazing neighborhood has all brick homes, large lots, plenty of privacy, yet is close to everything. It is zoned for great schools making it a desirable spot. Homes have between 4 and 6 bedrooms, perfect for a large family, or for creating the perfect work-from home atmosphere.

Graystone Estates is located in a small enclave just off South Point Road near the intersection with Henry Chapel Road. This cul-de-sac neighborhood has around 45 homes that are convenient to shopping, dining, entertainment, churches, and much more. Downtown Belmont is a quick drive up the road and has many quaint shops, great restaurants, Belmont Abbey and College, Greenway access, and community events.    Highway access is quick to get to and will connect you with Charlotte Douglas International Airport, Uptown Charlotte, and much more. In the next few years, light rail is expected to come to Belmont which should give residents another option for an Uptown trip or commute.

Children in Graystone Estates are currently zoned for Belmont Central Elementary School, Belmont Middle School, and South Point High School. Please verify school assignments as zoning boundaries occasionally cut through neighborhoods.

Homes in Graystone Estates are large in scale with most homes having between 2,800 and 3,400 square feet of living space. Vaulted ceilings, grand entryways, gourmet kitchens, sumptuous master suites and more are standard in most homes. All homes are four sides brick with at least a 2-car side-load garage. Many of the homes have the master suite on the main level with additional bedrooms on the second floor. Homes were built in the early 2000’s and many have been remodeled and updated since that time.

In the past year, homes in Graystone Estates have sold in the $355,000 to $515,000 range with an average price of $437,250. There are currently two homes on the market representing a 6 month supply of homes. This compares to the 5.7 month supply in Belmont and the 4.2 month supply in Gaston County. Average price per square foot for the last year has been at $137.32. The two current listings have an average list price just over $400,000.

July Market Report

Jason Gentry, president of the Charlotte Regional Realtor Association says “Without a doubt, limited inventory continues to pressure prices across the region, while also effectively slowing sales during what’s typically our prime selling season. Demand and pending contract activity remain strong, which means buyers must move quickly to purchase the home they want.” This was in response to the monthly report the association publishes based on data from the Carolina Multiple Listing Services.

When you look at the entire Charlotte region, average sales price is up to $290,486, inventory is down to just a 2.4 month supply, and homes are selling in an average of just 36 days. This means that buyers have to be ready to go quickly and be ready to pay top dollar for a home.

When you look at the numbers just for Lake Wylie, the picture is similar. Average price has risen to $409,133, a rise of 4.5% from July of last year. Inventory is dropping as well to a 3.7 month supply. This is dropping below the 4-6 months supply that typically represents a balanced market between buyers and sellers. Homes have been selling in an average of 50 days. This is down 7.4% from the 54 days last year at this time.

When you look at pending sales and closed sales in Lake Wylie, they are both way up over last year. Closed sales are up 11.3% from 115 to 128. Pending sales are up an amazing 41.1% from 102 to 147. We should see many of those sales close in the next month or two.

New listings on the other hand were only up 0.7% from 145 to 146. Based on the small increase, the inventory could drop again next month. As we have seen in the past, as inventory drops, prices usually creep higher following the laws of supply and demand.

As the Lake Wylie market is a smaller sample from the entire Charlotte region, sometimes what we think will be a trend is just the larger fluctuation of the smaller size. We will continue to watch the market to see what the numbers show. For now, buyers need to be ready to act quickly and will be hard pressed to find any bargains.

Neighborhood Spotlight: Pierpointe

Come and visit Pierpointe, a remarkable enclave of custom homes on the main channel of Lake Wylie. These homes have stunning views both inside and outside and epitomize the lakeside lifestyle. Add close proximity to major employers, an international airport, and Uptown Charlotte and this location is perfect.

You approach Pierpointe from Pine Harbor Road at Shopton Road. This means that Rivergate is just minutes away providing most of the necessities. There are shops, restaurants, and grocery stores in Rivergate. Residents can quickly get to I-77 or I-485 to connect with Charlotte Douglas International Airport and Uptown Charlotte.

Homes in Pierpointe are grand in scale and full of unique features. Many of the homes have two-story plans and some have fully finished basements as well. Some of the homes have extensive formal gardens, some have guest houses, some have media rooms, there are surprises in each home. Most homes have over 4,000 square feet of living spaces with between 3 and 6 bedrooms and 3.5-4.5 bathrooms.

The waterfront homes in Pierpointe have truly stunning views of the lake. Homes take full advantage of the views with terraces, sunrooms, decks, boat houses with lifts, floating docks and lakeside seating areas. Some homes even have pools that overlook the water. All have outdoor living spaces and lush landscaping making a true retreat. The lots are large, most are at least half of an acre with many over an acre, providing privacy.

These homes don’t come on the market very often, in fact in the past year only two homes came up for sale. Prices range from the $700,000’s to over $1 million.

Children in Pierpointe currently attend Winget Park Elementary School, Southwest Middle School, and Olympic High School. Please verify school assignments as they can change from one school year to the next.

Neighborhood Spotlight: Harbor Club

It may be hard to find a reasonable priced home in Lake Wylie, but Harbor Club on the North Carolina side of the lake is just such an enclave. This well established lake neighborhood has walking distance to shopping, reasonable prices, and beautiful grounds.

Harbor Club is located off Pine Harbor Road close to the intersection with Shopton Road. This location means that Steele Creek is close by for shopping and entertainment. Rivergate is also close by for shopping and dining. Easy access to I-77 and I-485 connect residents with Uptown Charlotte, Charlotte Douglas International Airport, and all points around the city.

Homes in Harbor Club were built in the mid-1990’s to 2000 and typically have 3-5 bedrooms and 2-3.5 bathrooms. They range in size from 1,700 to just over 4,000 square feet of living space. Many of the homes have been fully updated in recent years. Many homes have outdoor living spaces with decks, hot tubs, water features, fire-pits, patios and more.

Many of the homes are two story and some have fully finished basements as well. Rooms are large and floor plans are open making entertaining a breeze. Many of the homes come with deeded boat slips, but the Marina & Yacht Club is close by and offers day slips for residents.

Children in Harbor Club currently attend Winget Park Elementary School, Southwest Middle School, and Olympic High School. Please be sure to verify school assignments with the school district as boundary lines can change from one school year to the next and boundaries sometimes run through neighborhoods.

In the past year, homes in Harbor Club sold for between $242,000 and $293,000 with an average sold price of $268,967. There is currently one home on the market in Harbor Club representing a 2 month supply of homes. These homes don’t come up very often as 6 homes sold in 2017 and so far this year only two homes have sold with one currently on the market.

The Best Views: 7032 Brookview Drive

If you are looking for the best views on Lake Wylie in a newly remodeled space, you have to see 7032 Brookview Drive. This home has it all, amazing space upstairs, additional bedrooms and living space downstairs, a deck with million dollar views, covered patio, boathouse and more all in a great walkable location.

The home was originally built in 1977, but just underwent a major renovation. This includes a new three car garage, large enough to store cars, boats, and more. As you enter the property, the house is partially hidden behind a rise. As you approach you will see the new garage and paver patio and retaining wall.

As you enter the home, you will be amazed by the open floor plan and view all the way through and out the huge sunroom. This spacious feeling continues as you walk through the well appointed chef’s kitchen. There is a full dining room, or you can eat al fresco on the deck overlooking the water. The main floor also contains the master bedroom and bathroom as well as a half-bath.

Walk downstairs and you will find an additional living room, two bedrooms and another full bathroom. All of the bathrooms have been fully remodeled. With 3,220 square feet of living space and 3 bedrooms and 2.5 bathrooms, this homes is a great value at the current list price of $899,000.

You can access the lake from the walk-out basement or from the upstairs deck. You can walk all the way down to the covered dock with boat lift. With just under an acre, you will have plenty of room to enjoy everything the lake has to offer and have room for all of your guests.

Children in the neighborhood currently attend Oakridge Elementary School, Oakridge Middle School, and Clover High School. Please verify school assignments as they can change from one school year to the next and boundaries can sometimes cut through neighborhoods.

The location of this home really has few rivals. Lake Wylie YMCA and T-Bones on the Lake are within walking distance as are many other local businesses. York Road (highway 49) is just down the road making it easy to connect with I-77 and I-485. Rivergate is just down the road for additional shopping needs. Carowinds Amusement Park, Charlotte Douglas International Airport, and Uptown Charlotte are just short trips away. Closer to home you’ll find McDowell Nature Preserve and Daniel Stowe Botanical Gardens. Don’t miss your chance to own this stunning home.

 

Million Dollar View: 16201 Cozy Cove Road

Located right at the end of Cozy Cove road just past the Palisades you’ll find a truly spectacular home at 16201 Cozy Cove Road. Though not part of the Palisades, this home has an even more impressive view of beautiful Lake Wylie.

As you approach the home you see the all brick facade with side-load two-car garage. The lot is just over one acre so there is privacy from neighbors as well as room for lots of outdoor living. Relax on your beautiful sandy beach or take your boat out from one of the two covered boat lifts at the end of the pier. Relax and swim in the water from the floating dock, or just enjoy the view from the covered deck.

Inside this home rivals the outside. Enter through the front door and you will see high ceilings, columns, hardwood floors, and crown moulding. Explore through the 4,856 square feet and you will find 4 bedrooms and 4 full bathrooms. The master bedroom is on the main floor as are two of the additional bedrooms. You will also see the grand kitchen, dining room, great room and light filled sunroom.

Downstairs you will find a fully finished walk out basement with a full second living quarters, billiard room, and bar. You will also find the 4th bedroom and bathroom. Walk out to take advantage of the views of Lake Wylie’s main channel.

The 20 miles to Uptown Charlotte will take you right around a half-hour if you want to see a sporting event, museum, concert, night out, or commute. Charlotte Douglas International Airport is 18 miles away and will also take right around a half-hour.

Shopping, dining, entertainment and more are close-by at Rivergate. Just a little bit further away you will have more options at I-485 or I-77, both of which are close by. This close highway access is great for feeling connected to the city when you are relaxing with your lakeside living.

This home was made for entertaining and is move-in ready. Currently priced at $1,199,000, this home won’t last long. For more information, see our full listing here.

Gorgeous Lake Living: 5350 Blue Bird Lane

Located on a fully wooded lot facing the main channel of Lake Wylie, you’ll find Cedar Lodge. This unique home sits on possibly the best property on the Lake. There are breathtaking views from all over the property but especially from the glassed-in porch.

When you approach the property, you will see over 300 feet of road frontage. This gives plenty of privacy from neighbors making Cedar Lodge feel like a retreat. There are 1.9 acres of property included as well as the main house, adjacent bunk house and a large garage workshop.

The main home is a 1,566 square foot home with 2 bedrooms and one bathroom built in 1975. It includes the glassed-in porch which measures 26’ x 16’. This room is truly what makes this home spectacular as you can enjoy living on the water all year round from up here. This lake house is truly a classic.

Next to the main house is a second living quarters in the form of a bunk house which has one bedroom and one bathroom. This is a great place for guests, or for the kids to stay and have separate space from parents.

For the maker in your family, there is a large garage workshop that measures 24’ by 30’. This space is perfect for all of your projects, or just for storage space for a great car.

The best part of the home however, is the over 400 feet of lake frontage. This includes a pier and boat lift as well as two private sandy beaches. The views are incredible so this property is a must see.

The location of this house is great as well. Secluded and away from it all, but close enough for a commute or a trip to Uptown. A trip to Charlotte Douglas International Airport will take around 45 minutes and Uptown Charlotte takes around

5350 Blue Bird Lane is on the South Carolina side of the lake which comes with lower South Carolina Taxes. Current listing price is $685,900.

 

Neighborhood Spotlight: Lake Ridge at Pinsto Forest

Lake Ridge at Pinsto Forest is the premier location in Pinsto Forest. This grouping of 40 homes have waterfront and views of the main channel of Lake Wylie. These homes are in Belmont School District so have award winning schools. Some of the homes have private marina access to enjoy all the beauty of Lake Wylie from the water.

Located off South Point Road at Stowe Road, Lake Ridge at Pinsto Forest is tucked away from everything lending privacy and escape. Many options for shopping, dining, and entertainment are close by if you can tear yourself away from the Lake. A quick trip will take residents to Charlotte Douglas International Airport, Uptown Charlotte, Downtown Belmont and many more destinations.

Homes in Lake Ridge at Pinsto Forest are grand ranging from over 3,000 square feet to over 4,000 square feet of living space. These homes include luxury features such as libraries, sunrooms, decks, stonework patios, verandas, pools, and wine cellars.

In the past year, homes in Lake Ridge at Pinsto Forest sold for between $430,000 and $1,350,000. Homes have between 4 and 6 bedrooms and 3.5 and 4.5 bathrooms. Lots are range from just over half of an acre to 1.25 acres. These homes were built between 1996 and 1998 so many of them have been remodeled and updated since they were built. This only makes these amazing homes more desirable. Most of the homes have the master suite on the main floor. Gourmet kitchens and open floor plans are common in these homes as are home offices, fully finished basements and much more.

Children in Lake Ridge at Pinsto Forest currently attend Belmont Central Elementary School, Belmont Middle School, and South Point High School. Please verify school assignments as boundaries can change from one school year to the next.

Lake Wylie and and US Real Estate Market Report

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

Nationally existing Home sales will finish at a pace of 5.47 million the best since 2006 but still about 1.1 million less than that all-time best mark.

The lack of inventory has pushed prices up 48% from the low point of 2011, locally the Steele Creek area remains one of the hottest markets in the Country, the population is expected to jump 20-25% over the next 5 years, and for most of us originally from the area this is both a blessing and a curse.

Closings in the past 6 months are at 834 with 211 under contract and currently 221 listed for sale.

Prices on Waterfront Homes have steadily gone up and finding anything under $600,000 is tough sailing. Homes for sale are at an all-time low at this writing of only 78.  Median price is over $750,000 all record breakers.

Enough of the boring stats, if you’re planning to buy a Home or Condo now should be it, sitting on the fence so to speak is going to price you out of that dream Home. Quarterly prices have been increasing in some areas by 8% in the Charlotte area.

Buyers in the region are flocking to areas closer to Uptown Charlotte and prices are skyrocketing. Commute times and just being closer to the action seem to be the driving force. As traffic worsens that trend will surely continue and speaking of traffic it seems that it increases daily.

As a former member of the York County Planning Commission I always said the reason people left their former Cities and Towns and moved to this area will be the same reason they leave this area, Taxes, traffic, crime and poor planning.

David has been a Real Estate Broker, Developer and Contractor in the Charlotte area for 40 years and is currently Principle Broker and Partner of Lake Wylie Realty, David and his wife Karen live on Lake Wylie and are both Charlotte natives.

Copyright 2017 David McCorkle