Here's hoping everyone is enjoying the advent of the holiday season! I'm hoping the new year will usher in a real estate market recovery. We are seeing some evidence that it will, albeit a slow recovery. Local real estate sales are up over the past two years, both on the lake and off. Check out the stats on the graph above!We are continuing to work through a lot of distressed sales; about 35% of waterfront sales this year have been foreclosures or short sales. Market prices have adjusted accordingly, and buyers are responding.
The market remains VERY tough for vacant lots. Through November 30, just 17 lots have sold on Lake Wylie (that compares to 42 in '07). Average price this year is $241K, down about a hundred thousand dollars from the market peak in '06/'07. Over 80% of this year's sales have been under $275k, with a third advertised as distressed sales. (Key word there = advertised. Many sales have in deed been "distressed" without being officially labeled as such.)
With about 200 lots currently listed on the MLS, and about 50 of those priced under $200k, buyers become quite overwhelmed sifting through the choices. I get many calls about these lower priced lots, only to have the buyers be disappointed and evaporate when they see the quality of what's available at those prices. Be it shallow water, close proximity to large power lines, or steep topography, most lots available at the super low prices have issues that discourage buyers. There are a few hidden gems, though, and it is very important to consult with a waterfront specialist who understands lake regulations, building options, and ways to maximize the value of waterfront property.
If you'd like to see a list of actual waterfront property sales and prices for 2010 to date, please visit Recent Lake Wylie Real Estate Sales. Visit my website for information on Lake Wylie foreclosures and other valuable waterfront resources to help you in your search. While I sell real estate on and off the lake in Lake Wylie, Fort Mill, Rock Hill, Charlotte and surrounding areas, I specialize in waterfront property sales. I can help you find the lot or home that is best for YOU.
Thanks for reading!
