As the holidays approach, we’re entering what is traditionally our “slow season” for Lake Wylie waterfront sales. October was a big month for closings, with 9 waterfront homes and 2 waterfront lots. Three of the homes and both of the lots were distressed sales. Taking a look at year to date and pending sales, it looks like we’ll end up with about a third of the waterfront home sales being short sales or foreclosures (same as last year), and about half of the lot sales being distressed (up from 36% in 2010). So distressed sales are still having a big impact on our market and pricing in the marketplace.
I’ve personally handled quite a few distressed sales the past couple of years, not because I’ve pursued them, but because they are such a factor in the waterfront market and I’ve just had to help some sellers as well as buyers through the process. As a Realtor, I get several emails a day “recruiting” me to take classes or join referral services as a “short sale specialist”, but I’ve found that the old-fashioned way of on-the-job experience works just fine. So feel free to call if you have questions or need guidance on that subject.
I’m happy to report that 2011 sales are running quite a bit ahead of 2010, in number though not in dollars. Waterfront home sales are up 8% in number vs year ago, and waterfront lots sales have more than doubled. However, the average price for waterfront homes sold is just $482k, down from $656k in 2010, and waterfront lots have averaged $168k, down from $251k. When we look at sales for waterfront homes by price segment over the last few years (see chart above), the story is clear.
I’ve personally handled quite a few distressed sales the past couple of years, not because I’ve pursued them, but because they are such a factor in the waterfront market and I’ve just had to help some sellers as well as buyers through the process. As a Realtor, I get several emails a day “recruiting” me to take classes or join referral services as a “short sale specialist”, but I’ve found that the old-fashioned way of on-the-job experience works just fine. So feel free to call if you have questions or need guidance on that subject.
I’m happy to report that 2011 sales are running quite a bit ahead of 2010, in number though not in dollars. Waterfront home sales are up 8% in number vs year ago, and waterfront lots sales have more than doubled. However, the average price for waterfront homes sold is just $482k, down from $656k in 2010, and waterfront lots have averaged $168k, down from $251k. When we look at sales for waterfront homes by price segment over the last few years (see chart above), the story is clear.
Almost 80% of waterfront home sales have been under $600k in 2011. In 2007/08, the majority of sales were over $600k, but that began to shift in 2009. Part of the shift is due to a decline in price, the economy, and lenders tightening up. We’re also seeing a shift in buyer preference towards more moderate sized (and priced!) homes. Check out details about recent Lake Wylie waterfront sales. If you have questions about this data or Lake Wylie waterfront sales, please call The Lake Wylie Man.
David Coone, The Lake Wylie Man, consistently sells the most Lake Wylie real estate. Visit his website or give him a call at 803-493-2924.
