Lake Norman Waterfront Real Estate

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It’s a record breaker! A Lake Norman estate has sold for a whopping $7.5 million, breaking the previous highest sales price for the region by nearly $1.2 million (set in 2007 in south Charlotte). The property is located in Norman Estates, a gated waterfront community in Denver, NC which is on the western side of Lake Norman. The 13,000-square-foot estate includes beamed ceilings, travertine and walnut floors and floor-to-ceiling stone fireplaces. Outdoor amenities include a boat dock, covered slip, heated swimming pool with swim-up bar, vanishing-edge spa and a fully equipped sunken outdoor kitchen. The estate was built by Tony J. Forouzad Construction Company, LLC, a local luxury home builder.

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Here are some interesting numbers taken from the MLS:

In the summer of 2011 from June 1^st to August 1^st 2012, 64 homes have sold. The minimum sale price was $147,500 and the maximum $2.55 million. The average cost for a home for sale was $769,831, which was approximately $198 per square foot. The percentage of sold price to list price came in at 93%.

For the same period in the summer of 2012, 72 homes sold at an average cost of $716k. That may seem like a savings of around $50,000, but the average price per square footage was actually a little higher at $201 per square foot. The ratio of sold price and list price stayed the same at 93%. The most expensive home sold for $2.45 million and the least expensive selling at $135,000.

Based on these numbers activity has increased, but not with the savings that many people would have expected. Are there still great deals to make on waterfront homes? Absolutely, but for how long is the BIGGER question.

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Lake Norman located in beautiful North Carolina is becoming one of the most popular areas to relocate. In the past 2 months 172 homes have closed or gone under contract. That activity has prompted many prospective buyers to begin looking for real estate on Lake Norman.
That is the first step but be aware that there are many things to consider when buying a waterfront home. First of all, make sure you are working with a Realtor who has experience buying around the lake. They can help explain the various differences associated with each and every lake property.
If you are looking to add a pool is there enough room based upon the 760 high water mark? What are the setbacks if you are looking to rebuild? Is the cove drought resistant? Can you build a pier on the lot?
These are just a short list of questions that should be answered. So make sure to do your homework before buying on our Lake. You will love living here!

Lake & Town Realty, July 2012