17604 Spinnakers Reach Drive for $1,120,000

By Dave Yochum. While real estate activity nationally fell or flattened out in 2014 after a strong comeback in 2013, Golden Crescent residential real estate, particularly high-end properties, is still hot.

For one thing, tear-downs are up. It’s an indication that in densely developed submarkets like Lake Norman, property is scarce.

In 2014, there were multiple lakefront lot transactions in the $700,000 to $1.3 million range, according to Reed Jackson, of Ivester Jackson Distinctive Properties in Cornelius. In The Point in Mooresville as well as  the Terrell area lots traded in the $900,000 to $1 million range during the second half of 2014. “Inventory of Lake Norman waterfront lots declined from 261 mid-year to 202 at the close of 2014, while pending lot transactions reached 22 lots under contract at year end,” Jackson said.

Prime waterviews in the high demand areas of The Point and the Jetton corridor in Cornelius are topping $1 million, particularly those with private settings and wide open views.

The experts are saying real estate this year could once again mirror the growth and activity of 2013. Pat Riley, president of Allen Tate Companies, says homes will appreciate about 2.5 to 3 percent on average, with some neighborhoods appreciating more.

Lake Norman is viewed as one of the hot markets.

“Showings are definitely picking up; particularly for new listings,” says Dixie Dean of Allen Tate.

“Because of the low inventory buyers are waiting at the starting gate for new product to hit the market,” she says.

It means sharp would-be sellers are fluffing and dusting their homes and interviewing Realtors.

“New listings, particularly $1.5 million and under typically experience a rush of showings, and sellers need to understand that this rush is the prime time to snag a buyer.  There are two reasons a property doesn’t sell—price or condition.  If the condition is perfect and the house is growing stale on the market past the average, then price is the issue. The converse is also true,” Dean says.

While many empty-nesters are downsizing, move-up buyers are looking for bigger and better homes. Then too, millennials are finally feeling confident enough to buy their first homes.

Strong economic development activity in and around Charlotte will continue to positively impact the market, Riley says. That means more qualified buyers in the marketplace.

“Buyers who have been waiting the past few years are expected to finally make a move, potentially prompted by a slight rise—maybe one point—in mortgage interest rates by summer,” Riley forecasts.

Cornelius Overview

Cornelius overall showed signs of returning to a more predictable pattern of real estate activity in 2014. Jackson said 2013 was marked by “rapid contractual activity and double digit price appreciation,” and while some of that still exists in pockets, sell through and appreciation seem to be returning to more sustainable single-digit range increases. The $500,000 to $1 million range currently has 19 homes pending, with 49 homes in active inventory. But  above the million dollar level, there is one deal pending vs. 22 homes listed ($1million to $2 million range). As of Jan. 13, there were no pendings over $2 million vs. 15 homes on the market, Jackson says.

Cabarrus County Overview

All statistics show 2015 off to a stronger start than 2014 in the Cabarrus County real estate market, in keeping with predictions that 2015 is going to be a great year for Cabarrus. The Alevo plant is starting to gear up, meaning new, high-paying jobs.

Closed sales for January were up 7.6 percent over January of  2014, according to Diane Honeycutt of Allen Tate.

“In addition, there are fewer homes on the market this January,” she says. Inventory is down 15.4 percent compared to January of 2014. “This means…competition for those homes is going to be strong.  Homes that are priced correctly and available for showings, should sell for competitive prices,” says Honeycutt, who is also a Cabarrus County commissioner.

In Cornelius

A lakefront home at 17604 Spinnakers Reach Drive in The Peninsula has sold for $1.12 million after being listed at $1.2 million by Lori Jackson of Ivester Jackson Distinctive Properties. The five-bedroom 3,385 square foot home has a private pier and good lake views.  With an assessed value of $829,000, the house is all brick with a three-car garage. It was on the market a total of 315 days. Dixie Dean of Allen Tate brought the buyers to the table.

In Davidson

19200 Davidson Concord Road for $1.15 million

A contemporary home on 22 acres at 19200 Davidson Concord Road has sold for $1.15 million after being listed at $1.275 million by Jane Elliott of Berkshire Hathaway Home Services. The property is only a two-mile walk from downtown Davidson, but heavily wooded. According to Mecklenburg County records, the tax value is $967,800. Julie Jones of Lake Norman Realty represented the buyers.

In Mt. Ulla

An 11,485 square foot home on a total of 28 acres has sold in Mt. Ulla, a township out in the country just northeast of Mooresville. The house, of course, is spectacular, but so is the property. There’s a pond and an in-ground pool, as well as a gym and sauna, and an outdoor kitchen with a pizza oven. The six-bedroom home has a theater room, wine cellar and a geo-thermal heating system. Discerning readers may ask, “Is there a hidden cigar room?” Yes, of course there is. Eric McCauley of Lake Norman Realty had the listing. Jay Martin of BCB Investments represented the buyers.

In Concord

2442 NW Christenbury Hall Drive for $755,000

A 5,510 square foot house at 2442 NW Christenbury Hall Drive has sold for $755,000 after being listed at $799,000 by Laura Bowman of Berkshire Hathaway. The house, which was on the market six months, is in a gated section of the Christenbury Hall neighborhood. The six-bedroom home has custom archways, trim and a master suite with dual closets. The basement has a second living quarters. Beth Wylie of Berkshire Hathaway represented the buyers.