17606 Westward Reach Road in Cornelius for $2.45 million

The economy is good enough that even lenders are loosening up. Appetites for mortgages over $500,000 are back at levels not seen since the downturn, and more small banks and investor funds are looking for a piece of the action.

Nationally, home prices were up 4.2 percent from April of last year to April of this year. Charlotte home prices were up 5.6 percent in that same period. We’re not Denver, where prices are up more than 10 percent in the one-year time period, nor are we Washington, D.C., where prices climbed only 1.1 percent according to S&P Dow Jones.

S&P/Case-Shiller Home Price Index – Source: S&P Dow Jones Indicies and CoreLogic – Data through April 2015

“Home prices continue to rise across the country, but the pace is not accelerating,” says David M. Blitzer, a managing director S&P Dow Jones.

A recent national survey published by the New York Fed showed the average expected price increase among both owners and renters is 4.1 percent. Both the current rate of home price increases and the consumers’ expectations are a bit lower than the long term annual price change of 4.9 percent since 1975. The figures, however, do not adjust for inflation. The real, or inflation adjusted, price change since 1975 is one percent per year.

“Given the current inflation rate of under two percent, real home prices today are rising more quickly than is typical,” Blitzer said.

Jumbo mortgages are attracting a lot of portfolio money from small banks, large banks and investor funds, which means more flexibility for buyers in the high end.

“There are new mortgage products hitting the market almost monthly that are targeting the higher end,” says Max Robertson, a senior mortgage banker at NewDominion Bank. “The larger players in this space are aggressively competing by reducing standard down payment terms and are flirting with relaxing credit requirements for folks that can put down more money,” he said.

A stronger economy means things are good in the real estate business. Sandy McAlpine, an owner/broker at ReMax Executive, says there are now 51 agents in the lake offices, up from 46 a year ago.

Lake Norman Realty has just brought on nine associates in five Lake Norman offices.

Reed Jackson at Ivester-Jackson Distinctive Properties, with offices in Cornelius and Charlotte, has grown the firm from 35 agents a year ago to 53 today. It is now affiliated with Christie’s International.

In Cornelius

A 1,900-square foot lakefront home in Cornelius that was in foreclosure has sold for $699,900 after being listed at $710,000 by Tim Mills with The Jamison Group. The house, at 18121 John Connor Road, was on the market for just over two weeks. Sandy Reynolds ReMax Executive at the Lake brought the buyers. Tax records show the house was valued at $893,000 in 2011, and $379,000 in 2003. The house was owned by members of the Connor family, for whom the adjacent Connor Quay neighborhood is named.

A 8,540 square foot home with a wide view of Lake Norman has sold for $2.4 million after being listed at $2.45 million by Dixie Dean in Allen Tate’s Cornelius office. The house, at 17606 Westward Reach Road in The Peninsula, has “dazzling unobstructed” views of Lake Norman, as well as an elevator, a commercial stove and a steam room. Julia Pfeffer of Ivester-Jackson Distinctive Properties represented the buyers. The tax value of the home is $2.3 million.

A French country lakefront home at 18611 Peninsula Club Drive has sold for $2.06 million after being listed at $2.195 million by Lori Jackson of Ivester Jackson Distinctive Properties. The house, on nearly two-thirds of an acre, has seven designer chandeliers, sunrise and sunset views, an automatic iron gate, a summer kitchen and five or six bedrooms. The 8,000 square foot house was on the market just over nine months. Leslie Fisher of HM Properties represented the buyers of the house, which has a tax value of $1.9 million.

A house at 18101 Watercraft Place in The Peninsula has sold for $1.06 million after being listed at $1.1 million three months ago by Dixie Dean of Allen Tate. The waterfront home, with 3,900 square feet, is assessed at $1.06 million. Judy Raghaven with Cottingham Chalk Hayes represented the buyers.

In Davidson

A house at 18340 Woodlands Trail Drive in The Woodlands neighborhood has sold for $685,000 after being listed at $689,900 by Julia Lopez of Ivester Jackson Distinctive Properties. Nancy Venally of Allen Tate represented the buyers. The 3,550 square foot house has coffered, vaulted/beamed and beaded ceilings as well as bluestonepaved covered porches. The chef’s kitchen has custom cabinets with a five-burner range on the center island. The tax value is $633,000

In Concord

A turn-of-the-century home on tree-lined Union Street North adjacent to downtown Concord has sold for $750,000. Known as the D.F. Cannon House, the five-bedroom, four-bath home at 100 N. Union was listed by the Love/Morrison Team at ReMax Leading Edge in Concord. Diane Honeycutt of Allen Tate in Concord represented the buyers.