October Market Report

The monthly report has been published with data from the Carolina Multiple Listing Services, Inc. The report is compiled by the Charlotte Regional Realtor Association which reports on the entire Charlotte metro area including parts of South Carolina. The report is clear, the trend in the Charlotte area is continuing once again. For yet another month, supply of homes has gone down while prices have risen. This is great news for sellers, as they can expect to receive top dollar for their homes, but it is continuing to be hard on buyers as they have to be ready for a home as soon as it hits the market and be ready to pay top dollar.

When you look at the numbers for Lake Wylie, supply is falling and prices are still on the rise as well. Additionally, there are not many new listings compared to last year at this time so it is unlikely that the supply of homes on the market will recover soon. In fact, the supply of homes is down to just a 2.8 month supply, down from a 4.1 month supply last year. This decline of 31.7% brings the Lake Wylie area more in line with the rest of the Charlotte area. A balanced market between buyers and sellers is typically considered to be about a 4 to 6 month supply of homes so sellers have a distinct advantage at the moment.

Prices have been rising as the supply of homes dips which is a basic rule of supply and demand. The median sales price rose from $346,000 last year to $365,000 this year. The average price for a home sale rose to $438,669 which is getting closer to the average price in Lake Norman which was $498,318, just shy of $60,000 lower.

Closed sales were up from 62 last year to 121 this year, an increase of 95.2%. Pending sales were also up from 98 last year to 133 this year, an increase of 35.7%. New listings were down from 126 last year to just 110 this year, down 12.7%.

If you would like to help bring the new listing number higher by selling your home, give us a call at 803-831-8588. If you are interested in buying a home, first check out our website to view current listings and create a custom search. If you are interested in a particular neighborhood, we can let you know as soon as new listings are placed for sale.

Return on Investment High Near Lake Wylie

This week the Charlotte Business Journal published their rankings for the zip codes that had the best return on investment over a 10 year period. They used data compiled by Zillow Group ranging from the middle of the recession 10 years ago until this August. The methodology took the median home price from ten years ago assuming a 10% down payment. They compared to the same figures for this year to determine the change.

Sometimes it’s hard to think of your home as an investment, but you never want to think that it’s not a good one. Luckily homes around Lake Wylie fared well in the reporting. They only looked at North Carolina, so we don’t have the figures yet for the South Carolina side of the lake. Here are the zip codes nearest the lake that ranked in the report:

28012 – Belmont in Gaston County came in at number 19, with a median home value of $211,700. The area encompasses the city of Belmont all the way south to Daniel Stowe Botanical Gardens, and the North part of Lake Wylie. This is an increase of 50% or $70,500. This puts the 10 year return-on-investment of 399%.

28214 – This zip code is in west Charlotte, north of the airport and includes the US National Whitewater Center. It came in at number 11. The median home value was $184,300, an increase of 56% or $66,500. This puts the 10 year return-on-investment at 465%.

28273 – This is another west Charlotte zip code that came in at #18. This area is Steele Creek on the eastside of Lake Wylie. The median home value of homes here was $216,300. There was an increase of 51% or $72,600. This translates to a 10 year return-on-investment of 405%.

If you would like to have us help you figure out the return-on-investment for your home, call us at 803-831-8588. We can help with the entire process of buying or selling a home. Be sure to check out our website here for all current listings.

To see the full Business Journal Article click here.

September Market Report

Lake Homes Realty, an Alabama-based firm has ranked Lake Wylie the fifth-largest lake market from the 100-plus Multiple Listing Services they reported on. According to their report, the value of homes listed for sale, based on data for three months ending August 14th, was over $455 million. There were 1,082 homes available, which ranked Lake Wylie number 3. Their report only looked at homes and land that were adjacent to a lake, included a water view, lake access, or were in a lake-focused neighborhood. This could mean that neighborhoods that were not on the lake, but were considered by consumers to be lake listings were included as well.

When you look at the numbers from the most recent report from the Charlotte Regional Realtor Association’s Multiple Listing Service report, you find that the Lake Wylie region is humming along quite nicely. Almost category was up from the year before. Supply of homes was down to just a 3.2 month supply of homes, getting closer to the 2.2 month supply for the entire Charlotte region. This is not surprising given the general trend of lack of supply that has been plaguing the area for some time. New listings have not been able to keep pace, and this in turn has pushed prices even higher.

Lake Wylie is still more affordable than Lake Norman where the average price for a home is $472,444, but the average price for a home sale in Lake Wylie has risen to $423,236. Rising prices may be pushing some buyers to lakes further away from Charlotte when looking for their dream home or second home. However, there are still affordable options in Lake Wylie.

Pending sales were up 96.9% year over year and new listings were up 44.9% showing that for the next few months at least the market will continue to be strong. Closed sales were up 14% year over year and are up 12.8% year-to-date.

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

Investment Opportunity in Hamiltons Bay

Are you interested in second, mostly passive income stream? Rental property could be the right choice for you. There are not many opportunities in the Lake Wylie area to get in on a starter income property, but Hamilton’s Bay Condominiums are a great place to start. There are also opportunities to own and live in one of these units. They are a great price, a great location, and are zoned for award winning schools and have lower South Carolina taxes.

Hamiltons Bay was built in 1990 and has 216 units in 3-story buildings with condos and townhome options. There are one, two, and three bedroom units with one to two bathrooms. Many of the units have been completely remodeled, and some have opportunities to update them. Some of the units are fully furnished corporate units available for short term leases.

Amenities for Hamiltons Bay include fitness center, playground, laundry center, outdoor swimming pool with kiddie pool, patio area with grills, picnic area, tennis court, and complimentary boat and RV parking. There is also on-site management with 24-hour emergency maintenance.

To find Hamiltons Bay, go across the Buster Boyd Bridge to the South Carolina side of Lake Wylie. In the heart of Lake Wylie, Hamiltons Bay is on the right hand side just off Highway 49. There are many options for shopping, dining, and entertainment within just a few minutes. Going a little bit further away, you’ll find additional choices as well as outlet malls. A trip to Uptown Charlotte for work or pleasure is only 20 miles. Charlotte Douglas International Airport is just under 20 miles, perfect for a weekend retreat or a business trip.

There are currently no homes on the market in Hamiltons Bay and they do sell quickly when they do hit the market. In the past year 10 homes sold for between $87,500 and $127,000. Most of them sold the first week they were on the market and sold for between 94% and 103% of list price.

If you are interested in a home in Hamiltons Bay, call us at 803-831-8588 and we will contact you as soon as one hits the market. You can view all current listings and create custom searches on our website here.

Visit RiverPointe

There are just as many amazing neighborhoods on the North Carolina side of Lake Wylie as on the South Carolina side. One of the best examples is RiverPointe. This heavily wooded neighborhood has two artfully landscaped entrances leading you to rolling hills with stately custom homes, and expansive views of Lake Wylie.

RiverPointe was built between 1989 and 2009 by a variety of custom builders. There are almost 200 homes most with full brick or stucco exteriors. Most streets end in cul-de-sacs so you see children playing, residents walking, biking, and skating regularly. In addition, there are great amenities enjoyed by all homeowners and their guests. You’ll spot them at the pool and clubhouse, tennis courts, playground, gazebo, or heading out on the lake from the Marina.

RiverPointe is located just to the east of the Buster Boyd Bridge on the North Carolina side of the lake. This can make a morning commute into Uptown Charlotte go quickly as highway access is convenient. It is also quick to get to Rock Hill, Gastonia, or Charlotte Douglas International Airport. Also close by are plenty or places for hiking, boating, camping and more. McDowell Nature Preserve, Kings Mountain, Nanny’s Mountain and Copperhead Island are all nearby.

Homes in RiverPointe were custom built, and many of them have been extensively updated since they were built. There is not much turnover of these homes, especially the waterfront homes, so when they do appear on the market, they don’t last long. Just some of the amazing features of these homes include soaring ceilings, extensive trim work, gourmet kitchens, custom closets, sunrooms, decks, and terracing. Waterfront homes can include deep water docks, boat houses, floating docks, and boat lifts to more fully enjoy the lake. Interior homes can take advantage of the neighborhood marina so they can equally enjoy lake living.

In the last year, interior homes have sold for upwards of $300,000. Lakefront homes typically sell for near to over $1 million. If you would like to schedule a private tour of listings in RiverPointe, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Commercial Marina Coming to McLean

If you needed another reason to take a look at a home in McLean, there is a new commercial marina coming to the neighborhood. This adds yet another luxury feature to this amazing neighborhood.

The marina is being built by McLean in a partnership with Morningstar Marinas. The facility is already under construction and will have 300 dry slips, 35 wet slips, a waterfront event lawn and a ship’s store. Morningstar plans to handle day-to-day operations as they do on their three marinas on Lake Norman.

This adds to the list of amenities in McLean that is frankly, impressive. There are 130 acres of green space throughout the community. Residents have clubhouses, playgrounds, pools, mountain biking trails, pavilions, and 5 miles of shoreline on Lake Wylie.

When McLean is completed, there will be a total of around 800 homes in three distinct neighborhood sections in the 670-acre community. The land was the homestead of Daniel Stowe in Belmont.

All of these homes are located around 30 minutes from Uptown Charlotte. They are luxury homes on estate sized lots. Prices start in the $300,000’s but can go well over $1 million for custom waterfront properties. This is one of the last of the large scale neighborhoods to be developed in Lake Wylie as there are not many large tracts of undeveloped land left. If you want to get in on one of these amazing homes, now is the time to begin.

To read more about McLean, click here. If you would like to schedule a private tour of homes in McLean or any other Lake Wylie neighborhood, give us a call at 803-831-8588. You can view current listings and create custom searches on our website here.

Get Top Dollar by Staging Outside

If you want to get top dollar for your home, that starts when people drive up to your home. If you don’t have good curb appeal, it sets the tone for a potential buyer to turn around and not even go inside. If they do come in, it sets them up to think that your home can be had for a bargain price. To make the best first impression on a prospective buyer, you have to stage the outside of your house as well as the inside. Below are some of the best projects you can do to get you top dollar when you sell your home.

The simplest and cheapest upgrade you can do is to clean up your home. Sure, you keep the inside of your home clean, but the exterior probably hasn’t been washed in some time. Pressure washing or just cleaning with a hose to get spider webs, wasp nests, pollen, and dirt away can make a world of difference. Cleaning windows helps let more natural light into your home and can make it sparkle from a distance as well.

If you have a little bit more time and money in your budget, refreshing or replacing part or all of a door or door hardware package is a great next step. Painting or staining an entry door can make it look brand new and replacing hardware can take a dated home and make it look more modern. If there are issues with the door, replacing may be the way to go and will give you a great return on your investment. This goes for garage doors as well because they can be a large percentage of what a buyer will see from the curb. You can also add updated house numbers in a modern font so buyers know they are at the right home.

Landscaping can be a great refresh for your home as well. This can be as involved as hiring a contractor to help you, or just trimming your bushes so people can actually see your home and all of its best features. Planting flowers can add a pop of color or just add a hanging plant or some window boxes to highlight your newly cleaned windows. If you have a larger budget, think of adding lighting, upgrading paths or sidewalks, or refreshing your driveway.

If you have done all of those things and your home still could use more sprucing up, maybe painting the exterior will get you top dollar for your listing. If you have more money in the budget, a contractor can help you clad your exterior with new siding, or improve your facade with stone or brick accents.

If you are thinking about listing your Lake Wylie area home, give us a call at 803-831-8588. To view current listings and create custom searches for your next home, visit our website here.

YTD Market Reflections

More than half of the year has already passed us by, and the real estate numbers for Lake Wylie look good. In fact, only three areas, Mt. Holly, Moresville, and Harrisburg, had a larger increase in closings. This is great news for current homeowners in the area as they can expect to see a stable market for equity in their homes as well as for resale values. It can be challenging for buyers as it means that the market is strong so finding a home can be tricky.

Lets dig into the numbers a bit, all numbers we are looking at are Year-to-date from January to June and we are comparing 2018 to 2019. All of these figures come from the Multiple Listings Services, Inc which is owned by the Carolina Regional Realtor Association. In 2018 there were 601 home sales that closed. During the same period of 2019, there have been 656. This increase of 55 closings represents a rise of 9.2%.

New listings and pending sales are indicators of how the market will do for the next few months as those will head towards the closing table. In 2018 there were 954 new listings. In 2019 so far there have been 1,019. This is an increase of 65 listings or 6.8%. Pending listings were 677 in 2018 and are at 826 in 2019. Increasing by a whopping 22%, this represents 149 additional pending sales.

Price is the other big factor when comparing data from year to year. One waterfront sale can make a big difference in numbers as the sample size is smaller and can be skewed. In 2018, the average price for a home sold was $395,023 and in 2019 it is $396,509. This is a modest increase of just $1,486 which is just a 0.4% increase. Homes are selling a little bit quicker as well, in just 121 days from list to close. This is a whole week quicker than 2018 at this time.

It appears that the Lake Wylie area can expect the real estate market to remain strong at least for the near future. If you are interested in buying or selling a home near or on Lake Wylie, give us a call at 803-831-8588. You can view current listings and create your own 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.

Neighborhood Spotlight: Mill Creek Falls

If the last bit of summer has you thinking you’d like to live closer to the Lake, Mill Creek Falls could be the place for you. This master-planned community has great amenities, award winning schools, lower South Carolina taxes, and is still close enough to the city for commuting.

Mill Creek Falls was named after Mill Creek, a nearby tributary to Lake Wylie. The neighborhood was initially built between 2005 and 2006, and was completed over the next ten years. There is an active homeowners association which organizes events and activities throughout the year. These range from an annual chili cook-off to an Easter egg hunt. Many of the events are held at the Junior Olympic sized pool, and many at the Clubhouse. In addition, amenities include a children’s pool, tennis courts, gazebo, picnic area with barbecue grill, walking trails, and a six-acre lake for the community to enjoy.

Located off of Highway 274, Mill Creek Falls is just south of the North Carolina state line. This great spot means that you are close to the Lake and public lake access, as well as outlet malls, restaurants, grocery stores, entertainment, and the town of Clover.

Homes in Mill Creek Falls are single-family and semi-custom homes ranging between 2,000 and 4,000 square feet. Most of the homes have 3 to 5 bedrooms and 2.5-4 bathrooms. Average list price of homes is just under $300,000, though there is a pretty wide range depending on features and size of the home.

Currently there are 10 homes for sale in Mill Creek Falls which represents a 4 month supply of inventory. The entire Lake Wylie region now has a 6.1 month supply of inventory. This community has a very stable market with an average of 2.5 homes selling each month. To schedule a private tour of available homes in Mill Creek Falls, call us at 803-831-8588. You can view current listings and create custom searches on our website here.