Charlotte-based Helen Adams Realty will move its Lake Norman office from Huntersville to Jetton Village in Cornelius, just outside high-end neighborhoods like The Peninsula, Patrick’s Purchase and Shearwater.
The new office, some 3,000 square feet, will be within eyesight of Premier Sotheby’s International and some of the luxury agents at Allen Tate’s Lake Norman office on Old Jetton.
Bob Dellinger, broker in charge at Helen Adams in Lake Norman, has been a fixture in the Lake Norman real estate community for a decade. He came on board with Helen Adams and opened the Lake Norman office, near Birkdale in 2005.
Before that, he was in commercial real estate in Cabarrus County after the textile industry snagged on overseas competition. He was a textile industry executive, having been president of sales and marketing for Fieldcrest Cannon in Kannapolis.
The Davidson resident says the demographics around Lake Norman, Cornelius in particular, are “significant.” The corner location near Sotheby’s and Allen Tate will provide increased activity. “The visibility is something we really like,” he said.
The Lake Norman office has 25 agents. Helen Adams, which was founded four decades ago in Charlotte, has offices on Randolph Road and in Ballantyne Commons.
Dellinger said the high-end market, by it’s very nature, is a little slower than homes priced around the median..
Over the past six months, the average DOM for houses in Cornelius priced between $500,000 and $1 million was 66 days. For homes over $1 million, the average DOM was almost twice as long.
Homes priced between $500,000 and $1 million sold at an average of 9 per month which equates to a 4 month supply. For the same six month period, the statistics for homes priced $1 million and higher, the average DOM was 127 days. Homes in this category sold at an average of 3 per month which equates to a 15-month supply.
In spite of all the discussion about I-77, Dellinger—as well as commercial broker and former Mayor Gary Knox—said Cornelius is “hot.”
“As we begin 2016, the DOM is beginning to trend downward and prices are solid and according to the past three months, they are trending up in the luxury category,” Dellinger said.
Currently in Cabarrus County, there are 49 listings over $500,000—ranging from $500,000 to $4.9 million—and 10 under contract. Average days on market is 119, according to Leigh Brown, CEO of Re/Max Executive Realty in Concord.
“The long and short of it is that in the upper tier, we are on the army crawl back. The uber-luxury homes are still waiting on buyers to reappear, which can be a challenge when competing with the lake markets and with the Southpark/Ballantyne market,” Brown said.
Turmoil in the stock markets continues to shake things up on Wall Street, with a “great wall” of cash coming from China, according to Jason Van Brand, CEO of Lenda, an online mortgage platform.
Nonetheless, Allen Tate CEO Pat Riley forecasts interest rates creeping up, to roughly 5.5 percent by year-end. He said the Carolinas are “well-positioned for the steady, sustainable growth that makes for a healthy real estate economy.”
A “mountain retreat” in close-in Concord has sold for $850,000 after being listed at $875,000 by Debbie Little of Craven & Co. The four-bedroom Cape Cod style house, which has a total of 6,200 square feet on three levels, sits on 3.24 acres at 410 Conifer Place. It features glass pocket doors to the dining room, as well as heated floors in all four baths. The garage is 30 by 30 feet, and there is a 900 square foot workshop directly below the garage as well. The selling agent was Brian Bain of Keller Williams
A 4,073 square-foot house at 13205 Davidson Park Drive in The Woodlands at Davidson has sold for $800,000 after being listed at $819,900 by the Julie Jones Team. The house, which was on the market for more than 13 months, has four bedrooms, four baths and two large bonus rooms. The great room has accordion sliding glass doors onto a stone patio. Ann Scott of Lake Norman Realty represented the buyers.