2014 Lake Wylie Waterfront Sales hit Record Levels!

The numbers are in for 2014, and the outlook is great!  This time last year, we were expecting big sales on Lake Wylie for the coming year.  Several months in, we were scratching our heads, with a rather slow start to 2014 in the market.  Bad weather had taken its toll, slowing down what we thought was going to be a grand economic recovery in our real estate world.  Well, we're glad to report that fourth quarter 2014 more than made up for the sluggish start, and we finished the year with record sales on Lake Wylie:

Source: CMLS

Yowza!  One hundred and seven waterfront homes, and thirty dockable waterfront lots.  Closings really started cranking up mid-September, continuing strong through New Year's eve.  Lot sale closings were strong in December (five properties closed), but not enough to make up for the relatively slow year.  However, average prices were strong for both waterfront homes and lots in 2014:

Source: CMLS

Average price for waterfront homes sold in 2014 was about $592,000, which was 88% of the original asking price (best since 2007!).  Average lot price rose in 2014 to just under $240,000 - - a high point since 2009 and 84% of its original asking price, which is a vast improvement since the economic downturn.  Some key observations:

Waterfront Home Sales

•  Dollar sales for Lake Wylie waterfront home sales topped $63.3 million in 2014, approaching pre-recession levels of $66 million in 2007.
• Average waterfront home price in 2014 was $592k, compared to $710k in 2007.  Why?  People are buying smaller, more modest priced homes.
• Average size waterfront home sold in 2014 was about 3250 square feet.  This compares to 4100sqft home average in 2010.
•   Four waterfront home sales exceeded $1mm price tag in 2014, with the highest sale $1,250,000 as reported on the MLS.
• Only 9% of waterfront home sales were short sales or foreclosures, the lowest percentage since 2008.
• New construction sales on the lake are finally making a comeback: Four new construction waterfront "spec" homes sold in 2014, and there are currrently two more under contract.
• Average days on market for waterfront homes sold fell to 200 days, its lowest number by far since the downturn which began in 2008.

Waterfront Lot Sales

• With the weather challenges in 2013 - early 2014, home sales slowed and inventory built up a bit.  With a few more homes to choose from, lot sales could have been affected in a negative way as buyers chose the "ready made" options.
• There was also a marked decrease in distressed lots on the market.  Just 10% of waterfront lot sales were short sales or foreclosures in 2014, as compared to over 50% just three years ago.  The "desperate deals" are gone, and the number of lot sales reflect that.
• Average sales price of $239.5k for waterfront lots sold on Lake Wylie was at its highest point since 2009.
• Average days on market for sold lots was 382, the lowest average since 2008.

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What to Expect

We expect positive trends to continue into 2015.  Mortgage interest rates are still very favorable, and growth rate in our area is strong.  Waterfront home inventory is most needed in the moderately priced ranges (high $400's up to high $700's).  Inventory in the higher priced category ($1mm+) still exceeds demand, but we know there are buyers in that category that are waiting for just the right property.  When something hits the market that is in the right place, with the right features, we've seen the sale happen very quickly.

We work with some buyers who take years to make the purchase decision.  And for every one of these buyers that are currently working with our team, there are quite a few more that are regularly on our website, watching, waiting.  The Lake Wylie Man team had a tremendous year, with FORTY EIGHT waterfront home and lot transactions.  The next highest selling agent in our area had 17 waterfront transactions in 2014.  We rely on the strength of our marketing program, the power of our website, and our waterfront expertise to continue to sell the most waterfront property on Lake Wylie, year after year. 

Visit our website TheLakeWylieMan.com to see current Lake Wylie real estate for sale, recent Lake Wylie waterfront sales, and Lake Wylie resources for potential and current property owners.

Lake Wylie Real Estate: 2013 in Review, 2014 Outlook

We’re just a couple weeks into the new year, and already the waterfront real estate market is hopping.  In these two weeks, SIX waterfront homes have already gone under contract, with three of them listed by The Lake Wylie Man.  That’s a heck of a start; I don’t remember this much activity in the cold gray winter before.

Waterfront sales were very strong in 2013 (CMLS source for all data):

Number of properties sold were almost as high in 2012, and dollar sales exceeded 2012 levels (+1% for homes and +20% for land.)  This is impressive, given the record-breaking rain levels in spring/summer of 2013.  Weather definitely affects real estate sales, particularly on the lake.  With fewer people on the lake this past summer, due to the rain, waterfront homes for sale had less exposure than normal, and casual lookers (who often become real buyers) stayed inside.  Still, the market recovery continued, and average prices crept up:

One factor in the improvement of sales price was the achieved sale price being closer to original prices in 2013.  For homes, average sales price was 85% of the original listing price, and 95% of the current listing price.  In 2012, sales price was just 79% of the original, and 93% of the current listing price.  Time on the market (average 278 days) was shorter (a 22% improvement), which meant fewer price reductions.

For land, average sales price was 78% of the original asking price, an improvement from 58% in 2012.  Average days on market fell from 585 days to 388, another very positive step.

Another factor in the improvement was buyers shifting to the more premium properties, both in land and waterfront homes.  The under $500,000 gain shown below was from an increase in “cabin” sales, signifying an improvement in the second/vacation home segment as well as buyers investing in premium lots for new home sites.  Also, the $700,000+ home category had a modest gain:

For waterfront lots under 2.5 acres, there were 14 sales in the $300,000+ range (compared to just 3 in this category in 2012!!).  Recovery did not make it to the Belmont side of the lake, unfortunately.  While there were fewer bank-owned lots in the 2013 marketplace, the impact was still felt.  Average waterfront lot price in Belmont (primarily Reflection Pointe, Woodland Bay and Woodend) was just $131,800 - - compared to $266,800 on other parts of the lake.  In the new Belmont-area developments, lots sold pre-crash to investors and have taken the hardest hits.

Luxury home sales (priced over $1 million) picked up a bit, with six homes sold in that range on Lake Wylie in 2013.  However, this segment is still over-represented in terms of number of listings:

When we look at the mix of buyers vs the mix of listings, there are not enough buyers in the luxury home segment at this time, compared to the inventory available.  Eighteen homes are currently listed for $1 million+ on Lake Wylie; there were just six sales in that segment in 2013.  There are currently 36 homes listed for $700k - $999k, and 23 sold in 2013.  Simply speaking, sellers with homes in the higher priced segments should expect a longer period of time on the market than average, and realize that obstacles (location, condition of home, any undesirable factors) have a greater impact than in situations where demand exceeds supply. 

In the case of ANY sale, some obstacles can be addressed.  Worn carpet can be replaced, paint can be freshened.  In other cases, when obstacles are beyond the seller’s control, the only solution is price.  If the price is attractive enough, buyers will begin to overlook obstacles.

Thanks for reading, and if you’d like to see details of recently sold properties, please visit my website: Recent Lake Wylie Waterfront Sales.  The Lake Wylie Man had an excellent year, with 38 waterfront transactions.  That was 3 times the number of our closest competitor!  Thanks to each of you for entrusting The Lake Wylie Man in your real estate business.

For current homes and land for sale on Lake Wylie, please visit TheLakeWylieMan.com.  

Lake Wylie Real Estate: 2012 in Review, 2013 Outlook

Last year, we were cautiously optimistic about the Lake Wylie real estate market, expecting continued improvement while keeping an eye on “shadow inventory” (homes that had been on the market but withdrawn, waiting for better times).  Indeed, we did see continued improvement, beyond what I imagined! 2012 turned out to be a banner year with ninety-nine waterfront home sales, more than I ever remember in a single year. Lake Wylie waterfront home dollar sales were up 53% vs 2011, and non-waterfront dollar sales were up 36%. 

Distressed sales were still a factor in the market, but definitely declining in number.  In the Lake Wylie market, short sales and foreclosures represented just 11% of sales, down from 20% in 2011.  There are still some distressed properties available for sale, mostly non-waterfront.

 
Vacant waterfront lot sales didn’t change much last year, with just a small improvement over 2011 in the number sold, and a slight decrease in the average price, to $177,000. Premium lots (priced $300k and above) were again the exception rather than the rule for buyer choice, with most opting for less expensive lots in coves.
 

Regardless of price, the increase in vacant waterfront lot sales is a very positive sign for all sellers. In many cases, lot sales mean new construction, and new construction spurs life into neighborhoods that have been stalled over the past few years. As buyers see evidence of people moving into these communities, their comfort level increases when considering their own purchase plans.

In the waterfront segment, the big news (besides the sheer volume of buyers) was the buyers’ return to the $700k+ priced homes.  While the bulk of the waterfront sales were in the $500-$700k segment, I was happily surprised to see a huge improvement in the over $700k category (almost triple the number of 2011 sales)!

 
Average price of waterfront home sold in 2012 was about $580,000, up 17% from the previous year. We’re still short of the “heyday” of the $710,000 average sale in 2007, but at least we’re on the right track. A word of caution, though: I’m not saying that the price for any given house has increased 17%. The uptick in price in 2012 reflected a shift to slightly larger homes, newer and higher quality homes, and fewer foreclosures.

Buyers do seem to be paying a bit more for higher quality homes.  We’ve seen modest increases in the price paid per square foot for homes in the $400k+ segment.  Homes that feature lots of custom features, architectural details, premium fixtures, gourmet kitchens and outdoor living areas have begun to sell faster and at higher prices than in the past few years. 

 What to expect in 2013?  We should see a continued recovery in our local real estate market.  I anticipate an increase in listed property, as some of the discouraged sellers from a couple of years ago try again in the improved conditions.  With interest rates low and buyer confidence returning, I expect the “lookers” to become “buyers” as they see real estate prices creeping up a bit.  It will take several years for the market to make a full recovery, but we’re headed in the right direction.

Thanks for reading my blog.  For more information on Lake Wylie real estate, Lake Wylie waterfront homes for sale, and what's available now in our market, please visit my website TheLakeWylieMan.com.

 

Lake Wylie Waterfront Sales Update - thru Oct 2011

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.

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.

Hesitating on Renovating?

If you're thinking of renovating your home simply for the appeal to a potential buyer, you may want to think twice. You may be on the verge of spending thousands of dollars, countless hours, and experiencing an increase in blood pressure for an "upgrade" that may not be considered attractive to the next homeowner. Drop the hammer and absorb these tips from Yahoo Finance and Google (because, well, Google knows everything) before you invest more than will be paid off.

1. Swimming pools. While the image of lazily floating in your own pool accompanied by your favorite cold beverage may be swimming around your thoughts, potential buyers may not share your same dream. Parents of small children and owners of pets may cringe at the idea of such a hazard in their backyard. However, if you already have a pool, keep it in immaculate condition and enjoy it during the summer heat!


2. Over-renovating for your neighborhood. If your home is embellished with expensive upgrades to the point of standing out from other houses in the area, prospective buyers may not jump up and down at the opportunity to pay higher taxes, higher maintenence costs, or being considered "snooty" by the new neighbors.


3. Extensive Landscaping. The new owners of your home may appreciate your hard work in beautifying your property; however, they may not want to pay for it or even like it. Save yourself the time, cost, and hassle. Leave the landscaping to the new owners.


4. High-end Upgrades. Imported tiles, Persian rugs, hand-painted wallpaper, Jacuzzis, etc. should be left unpurchased. Amenities such as these may strike your fancy but turn off prospective purchasers. Stick with the home's general decor and skip the expensive chandeliers.


5. Wall-to-Wall Carpeting. If you've got wood floors and you're considering installing carpet, think again. The new homeowners will do with the floors as they wish, and it's much easier to cover up wood flooring than rip up carpet. If you already have carpet floors, consider having them steam-cleaned and any stains removed. Wooden floors should be sanded down and treated with a new coat of shine.


6. Invisible Improvements. New plumbing or a new HVAC unit may be necessary for your home, but potential buyers may not appreciate what they can't see or what they could've picked out themselves. Invest in saving time and money instead of unimpressive additions to your home.


7. Building or Upgrading a Deck. Homeowners appreciate a good deck, but often times they wish to do the rebuilding or furnishing themselves.


8. Patio Frills. Water fountains, fish ponds, and gazebos are pleasing to the eye, but may not help finalize a sale. Not everyone is into the multi-purpose playground scene and certainly won't want to pay for it.


9. Home office. If you convert a bedroom into a home office, that's one less bedroom your home is listed for. Potential buyers can't see past the office setup and will be less likely to purchase your home.


10. Concrete Patio. Concrete is almost guaranteed to crack and is nearly impossible to fix. Plus, it's reflective of light and can cause a harsh glare.

Beware of all the tantalizing opportunities to improve your home if you're trying to sell it. Most likely, your upgrades will not pay themselves off and you'll be stuck footing the bill and not enjoying the improvements. So sit back, relax, and let the work you've already done do the talking (and selling)!

Thanks for reading my blog! Make sure you visit my website at TheLakeWylieMan.com for more information about Lake Wylie homes!

Waterfront Sales Report - December 2010

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!

Virtual Drive By's in Real Estate

Technology is certainly changing the world of real estate. The National Association of Realtors reports that 84% of consumers will use the internet in finding their next home. I believe that, as I find my website traffic for The Lake Wylie Man increasing day by day, and many of my customer inquiries and phone calls coming from the internet.

Another real estate agent in our office, who loves to keep us up to date on fun, helpful, and sometimes silly diversions via email, sent a link to Google's Virtual Turnpike. This is a site where you can type in any address in the U.S. (and several other countries as well), and see a photographed street view of the location. You can see traffic conditions, surroundings, etc. as you pan around and even do a virtual drive-by.

I thought it would be cool to add this link to my property web pages for Lake Wylie Real Estate for Sale, until I typed in a few addresses of my listed properties, just to take a look. Many of the lake properties (especially in more remote areas, as some lake properties tend to be), the Virtual Turnpike has not photographed yet.

Those that did have photographs were subject to lighting conditions, timing, and things that weren't always optimal to portray the property accurately. For instance, one address was taken when there was a new house being built across the street. The road was muddy from construction vehicles, and the Port-a-John in the scene did absolutely nothing to highlight the charm of the half-million dollar home I am trying to sell!

Another property had pictures taken not long after the home was completed, and lots of bald patches in the lawn (since grown in thanks to the irrigation system and landscaping efforts of the seller!) didn't present the property in the best light.

Yet another home had a shot on the street of a pickup truck driving by. The truck was probably 20+ years old, had rust spots and looked pretty rough. Not typical of the neighborhood, mind you, but there it was, marking the area's personality until an update is done, whenever that might be! One address had pictures taken on garbage pick-up day, and trash cans (with white trash bags sitting atop, no less) graced the curbs . . . again, not the prettiest picture!

So - - virtual drive by's - - a fun diversion, a handy tool for a slice of life . . . but one to be taken with the realization that the photo may capture things that are not permanent fixtures! Of course, in real estate photography, we do attempt to show a property in its very best light. We try to take pictures when the sun is "just so", lighting the best angle (though that's not always possible). We sometimes move the trash cans out of the way, if they're in the shot. We really, really try not to have any Port-a-John's in the photo.

Bottom line, though a vast majority of people shop for real estate on the internet, very few BUY real estate without first visiting the property in person. I can't imagine that changing! And as you will realize, that ACTUAL visit makes all the difference.

Thanks for reading my blog on Lake Wylie real estate. For more blogs about Lake Wylie waterfront and living in Lake Wylie, visit my website.

Hi everyone –

Looks like we’re in for another messy weekend, so I hope you have plenty of milk and bread. With the recent weather, property showings have been off a bit, but I expect that to pick up as soon as the sun comes out. The Mid-Atlantic Boat Show runs next week, and that traditionally starts people thinking about spending the summertime on the lake.

I’m encouraged over a couple of things so far in 2010. One, my website activity is at an ALL TIME HIGH. Incredibly, January activity dwarfed the previous all time high (July 2009), and more than doubled January 2009. This activity should be an indication of an increase in buyer activity, which is what we want!

In January, four waterfront properties sold (see Recent Lake Wylie Waterfront Sales for details). Two were classified as short sales or foreclosures (High Point and Johnson Road), and the other two, while not advertised as distressed sales, sold for less than 60% of their original asking price. While that isn’t particularly good news for sellers, what IS good news is the price point - - one property at $750,000, and one at $1.6 million. If you recall, it was late summer last year before we saw our first million dollar sale on the lake. So that’s another encouraging sign.

One Lake Wylie waterfront lot sale was added to the list - - a main channel lot in Reflection Point which sold for $188,000 in December. The sale wasn’t recorded in MLS until late January, which is why we didn’t have that one on our year end report. It is almost unbelievable that HALF of the waterfront lots that sold in 2009 were under $200,000. Several of those were actually very nice lots. We haven’t seen prices that low in years, but again the distressed sales are playing a big part. It’s not easy to manage buyer expectations in this market.

So, once again, the message to sellers is “Patience”. It’s a tough market, but there are some positive signs on the horizon. Thanks for your consideration, and have a good weekend.

For more information on Lake Wylie foreclosures and Lake Wylie real estate, please visit my website, TheLakeWylieMan.com.

Charlotte Makes Forbes Top Ten List

Check this out, according to Forbes Magazine:

"10 Cities Where It's Smarter to Buy For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years. Here are the top 10 cities the magazine chose as the best places to buy right now.

1) Boston
2) Charlotte
3) Chicago
4) Cincinnati
5) Denver
6) Minneapolis
7) Philadelphia
8) Portland, Ore.
9) San Francisco
10) Washington, D.C.

Source: Forbes, Francesca Levy (01/21/2010)"

How exciting is that? Good news for all of us in the Charlotte/Lake Wylie area. We can expect Charlotte area real estate to be a good investment, according to this article.

2009 was a tough year for real estate, especially lake front. Check out my website and other blogs for reports on Lake Wylie real estate sales. We're starting to see things turn around, though. Long term, real estate is still a smart investment. Buy something that you can enjoy, for a smart price. Sometimes what appears to be a "deal" really isn't. When buying or selling waterfront property, it is best to consult a waterfront specialist, like The Lake Wylie Man.

Lake Wylie Waterfront Sales Update - December 2009

Wow, it is great to see the sun shining on Lake Wylie today! I love to show properties on days like today, when the water looks blue and calm. Sales have definitely been picking up the last couple of months, and we’re ahead of last year in NUMBER of waterfront homes sold (see chart).

Number of waterfront lots sold (only 11 so far this year) are still rather dismal compared to 2008 and a “normal” year 2007. Reality is redefining “normal” in many ways this year:

Sales of “distressed” properties (those labeled as short sales, foreclosures, etc.) represent 26% of total this year.
Almost half of the sales in the last two months have been short sales/foreclosures. I anticipate this to be a continuing trend into 2010. The government has even announced a tax credit for borrowers completing a short sale.
Waterfront homes labeled as short sales/foreclosures have sold for 54% of their original asking prices.
Remaining WF homes (not labeled distressed) have sold for 77% of original price. This compares to 83% in 2008, 92% in 2007.
Average time to sell has increased dramatically. In 2007, sold homes had been on the market for 4.5 months. In 2009, it’s about a year. Waterfront lots sold this year average 459 days on the market.
High dollar homes and lots are not selling well this year. Only four homes have sold for >$1 million in 2009. Average sales price of home is down to $569,000, from $785,000 in 2008. The lower priced homes are the ones that are selling. Twenty-three of the homes sold this year were in the under $500k range - - compared to just 8 homes in that category last year!

That being said, the “new reality” is bringing some more buyers into the marketplace in recent months. I’ve got lots of buyers calling and looking, but taking more time to make a decision because 1) there are more choices, and 2) economic uncertainty, and 3) waiting for prices to “hit bottom”. I have written several contracts on waterfront property in the past couple of months, and am encouraging buyers to commit to some of the excellent values that are available.

Typically, buyer activity drops off significantly in December as we approach the holidays, and then we pick up again in late January/February (depending on the weather!). So, sit back and enjoy the holiday season. Visit my website for market updates, as well as Events and Activities to enjoy over the next few weeks!

For more Lake Wylie real estate information, visit my website, TheLakeWylieMan.com. 

Lake Wylie Foreclosures

In 2009 to date, about 20% of waterfront sales have been foreclosures, bank owned, or short sale properties. The average sales price of these foreclosed waterfront homes to date in 2009 is just over $570,000, representing a 51% discount over the original sales price.


Wow! A half price home! What a bargain!


Perhaps, or perhaps not. In some cases, the homes were not completely finished, and the buyers had to assume repair or finishing costs. In most cases, the original sales price was way too high, even for the robust sales market of 2007. Or, the price was simply higher than the market could support. In 2006-07, when sales were booming, builders began constructing homes that were more and more expensive. The market got to a point where there were simply more luxury priced homes that there were buyers in that segment.


As the real estate markets around the country started to crumble, fewer buyers were able to relocate to our market. Their homes wouldn't sell, and they were stuck where they were. This had a significant impact in our area, considering that most of the higher priced homes in our market were being purchased by relocated buyers.

Most of the Lake Wylie waterfront foreclosures to date have been new, or at least recent, construction homes. Most of the deep discounts have been homes that were originally priced for well over $1 million, selling for $600-$800k.


I've received a record number of calls this year from bargain hunters. My hands have been full trying to balance expectations with the reality of the market. Many people call wanting a waterfront lot with a great view, deep water, no power lines in sight anywhere, level building site, excellent school district, all for under $200,000. Those lots just aren't out there.


I receive a lot of calls from people who want a 3000 sq ft home, recently built, on the water with a great view, public water and sewer, move-in ready for $400,000. Those homes just aren't out there.


Now, there have been some extreme bargains this year. I sold one waterfront home, brand new with all the bells and whistles, for just over $600k. It immediately appraised for over $850k and the buyers were estatic. But if they put it on the market today and tried to sell it for that amount, it would take awhile.


Are there good values for buyers right now? Absolutely. But real estate, like many investments, should be considered a long term investment. Consider not just how much money you can make in the deal, but how much life enjoyment you will receive. A misty morning sunrise over the lake, the face of a kid getting up for the first time on waterskis, the smell of barbecue from that family reunion lakeside, the sight of a duck and her ducklings waddling across your back yard . . . absolutely priceless!


For more information on Lake Wylie real estate available right now, Lake Wylie foreclosures, and living on this beautiful lake, please visit my website, The Lake Wylie Man. David Coone is a waterfront specialist, a licensed realtor in NC and SC.

Lake Wylie Foreclosures and Short Sales

You've probably heard a lot lately about foreclosures and short sales in the real estate market. Depending on the market and source, you may have heard that "half of current real estate sales are foreclosures or short sales".

I can tell you that on Lake Wylie, according to the MLS, about 20% of waterfront sales in 2009 to date have been short sales or foreclosures. Some other sold properties had probably been heading in that direction, with actual sales price falling below 75% of original price, but only 20% have actually been classified as such.

You may be wondering about the difference between a short sale and foreclosure. A bank owned (or REO, real estate owned) property is in foreclosure, and its asking price will be accepted by the bank. You may make an offer below asking price, and it will likely be countered. Banks want to demonstrate to their shareholders and auditors that they tried to get the best possible price. Offers must be approved by several individuals or a committee, so it takes up to 5 days for a decision. Rarely is any business done on weekends or after hours!

Foreclosures may or may not be a good value. Often a distressed home will have repair issues, which will have to be funded by the buyer. The sales price should be carefully measured against comparable sales in the market as well; as the bank is attempting to cover the defaulted loan as well as associated costs. Compared to the original asking price (if the home was on the market prior to foreclosure), it may seem like a good deal. However, it is possible that the home was overpriced originally. Ask your realtor for a fair market analysis.

In a short sale situation, property is headed towards foreclosure. The buyer has missed a few payments, but the lender has not started the foreclosure process. The idea behind a short sale is to convince the lender to accept less than what is owed as payment in full, in order to avoid the expense and hassle of a foreclosure.

In a short sale, the property owner offers the property for the amount he thinks the lender might accept. It must be disclosed to the buyer that the offer is contingent on approval by the lender, as a "full price" offer may not, in fact, be accepted. Once the seller has a written offer, he then presents that offer to the lender, along with a hardship letter on why he cannot pay his loan.

Short sale negotiations are usually handled by a loss mitigation department, which may not communicate with the collections department. Decisions are made by committee, and it often takes weeks to even receive acknowlegement of an offer. Acceptance of an offer usually takes even longer. An appraisal is generally ordered for the committee to evaluate the offer. They need to determine if the seller is truly unable to pay. The committee may also delay a decision to see if better offers are received. Remember, the bank did not solicit the offer in the first place!

It is not unusual for the short sale process to take 6 months or more. It all depend on the lender, the area, and the individual situation. I've had one short sale that flew through as quickly as a traditional home sales transaction, but that was outside the norm. Most of the time, it is a process that tries the patience and the nerves.

Also be aware that both foreclosures and short sales for properties are typically in "as is" condition. Certainly have the home inspected, but don't expect the bank to foot the bill for repairs. Make sure your budget has room for some incidentals.

If you're in a hurry, a short sale opportunity is probably not for you. But if you have some time flexibility and are mentally prepared for the process, you may end up with a very good value.

Visit Lake Wylie foreclosures for a list of waterfront property currently in foreclosure or short sale. For more information on Lake Wylie real estate and waterfront properties currently for sale, please visit TheLakeWylieMan.com.

Lake Wylie Real Estate is Hot! Hot! Hot!

Lake Wylie real estate is hot! hot! hot! Hey, everything around here is hot! hot! hot! It was 97 degrees yesterday, and I was seriously afraid of becoming a grease spot on the pavement.

Maybe we ought to cancel August next year. The weather is stifling, people in general are out of sorts, and the summer vacation mindset is basically over as schools have the month scheduled with open houses, registration, football practice, meetings, etc. Might as well be in school already! But I digress.

Real Estate. Hot. My phone has been ringing off the hook. I've shown lots of waterfront property in the past couple of weeks - - lots, river cabins, million dollar homes, the whole gamut.

What I continue to see, however, are buyer and seller expectations on different playing fields entirely. There has ALWAYS been a difference between what buyers want to pay and what sellers want to receive - - hence the need for negotiations. However, what I'm seeing now is buyers starting the bids at WAY below asking price - - sometimes 60 or 70%, vs the polite 90-95% that we were accustomed to a few years ago.

What I'm also seeing are buyers walking away after their first offer. That has happened more in the past 3 months than in my entire career as a real estate agent.

I think that the foreclosure sales in the area have tainted buyer expectations on ALL real estate pricing. Many buyers seem to think that sellers will accept lowball offers, and keep trying until they find a seller that will.

It's going to take some time to get back to business as usual. As more foreclosures work their way through the system and hit the market, prices will continue to be an issue. Waterfront homes most affected are those in the upper price tiers ($700,000+), as many in the foreclosure market are $1million+ homes that are being auctioned off in the $600,000+ range. It's tough to compete against those.

To see what has sold on Lake Wylie thus far in 2009, take a look at Recent Lake Wylie real estate sales on my website.

To read other blogs on Lake Wylie and Charlotte area real estate, Lake Wylie living, and Lake Wylie waterfront issues, visit my website, TheLakeWylieMan.com. Thanks!

Real Estate Terms & Abbreviations

Have you ever read a real estate ad that said something like, "Beautiful 2500SF WF home w/ 3BR/2.5BA, FROG." Before you begin worrying about reptile infestations, you might want to acquaint yourself with some basic real estate terms and abbreviations:

• AC - acres. Not to be confused with A/C, which is air conditioning!
• BA - bathrooms. A "half-bath" has a toilet and sink, but no tub or shower.
• BPO - Broker Price Opinion. Not an official appraisal, but a price based on an analysis by a real estate professional.
• BR - bedroom. Must have a closet and window to qualify as a bedroom.
• CPT - carport
• CVAC - central vacuum
• DOM - days on market. How long a property has been listed for sale.
• FP - fireplace
• FROG - Finished room over garage, also referred to as "bonus room".
• FSBO - For sale by owner
• HLA - Heated living area.
• Total Fin HLA - finished square footage.
• HOA - Homeowners association
• HSF - Heated square feet. Living area. Does not include garage, etc.
• MBR - Master bedroom
• MLS# - Identifies the property in the multi-listing service (MLS) used by area realtors.
• Owner Agent - The owner is the real estate agent
• REO - Real Estate Owned. Property has been foreclosed.
• Unf SqFt - unfinished square footage - potential living area. Does not include garage.
• W/D - washer/dryer
• WF - waterfront
• WV - waterview. If indicated "seasonal", water is visible only in winter!

Want to add to the list? If you'd like a term defined or want to contribute, please leave a comment! Terms and abbreviations vary by region.To return to my website: Lake Wylie Waterfront Real Estate

Shared Ownership of Lake Wylie Waterfront Property

A weekend retreat. A summer getaway. A blissful month on the lake in prime season. Your vacation dreams are unlimited, but unfortunately your budget is not. You may be surprised to learn that your dreams are more than attainable: You can own a vacation home without the hefty pricetag if you are willing to share ownership.

How many times have you wistfully driven through lakefront neighborhoods, dreaming of holidays on the water? A weekend at the lake, or a long summer vacation…But owning a vacation home is just not a possibility for you. Or is it? Joint ownership may help you make your vacation dreams a reality.

Summer is just around the corner, and many people are carefully reassessing their vacation plans. Rent again? Try a risky time share that will depreciate in value almost upon purchase? What happens if your plans change last minute? Cancellation fees, no opportunity to reschedule in peak season…If only you could afford a vacation home of your own! Through joint ownership, you can!

Solid reasons to consider joint ownership:

• Buying Power: You will be able to purchase the type of property you might not otherwise be able to afford: more space, more amenities, an ideal location…In other words, you can enjoy the vacation home of your dreams!
• Investment: You will OWN a piece of the property. Unlike leasing a spot on the calendar (time shares) or giving your money to someone else (rentals) you will own property that will appreciate in value and offer tax incentives.
• Enjoyment: Being the sole owner of a vacation home can be exhausting and expensive, especially if you only stay there a short time out of each year. Sharing the work and costs with others gives you the freedom to really ENJOY your new home.
• Oppportunity: Never has there been a better time to find your dream home. It’s a buyers’ market, with many homes and locations to choose from. And more lenders are offering mortgages geared toward joint ownership.

With joint ownership, a written Ownership Agreement is a must. To ensure that each owner’s interest is protected, it is advisable to work out as many details as possible before purchase. Such considerations would include:

• Cleaning/upkeep/maintenance/repair duties & expenses
• Home décor & storage
• Scheduling
• Restrictions (pets/smoking/etc)
• Exit strategies
• Renting/sharing with non-owners
• Default/Dispute Resolution
• Property manager (one of the owners or an independent property management company?)

Also keep in mind that finding compatible co-owners is essential. Look for partners who are dependable and financially sound, with similar habits and expectations. With the right preparation, you will be able to enjoy the home of your dreams, the benefits of a solid real estate investment, and a lifetime of incredible vacation memories.

Check out the many Lake Wylie waterfront properties that would be perfect for shared ownership: Lake Wylie waterfront real estate. Call David Coone to discuss how you can own your Lake Wylie waterfront property.

Offer Accepted: Now What??

So you've submitted an offer on a house, and it has been accepted. Congratulations! Now, how do you make sure the deal closes on time, as painlessly as possible? If you have a good real estate agent, you can count on him to guide you through the process.
Visit my website's Lake Wylie area Preferred Service Providers to find recommended service providers. Read your purchase contract carefully, as it will contain key dates and action required. In general, though, this is what is required of the buyer:
1) If you're not paying cash, the first thing you need to do is apply for a loan! Loan application should usually occur within 3 days of signing the purchase agreement. It's best to contact at least three mortgage financing companies. The mortgage company is required to provide an "good faith" estimate of closing costs within 3 days of your application.

2) Select a closing attorney. Your real estate agent can send over required documentation that will be needed for the attorney to perform the title search and begin preparing closing documents. It is best to give the attorney as much time as possible, setting the appointment 3-4 weeks ahead of closing date. In today's market, loan applications can take a bit longer than they did a couple of years ago, especially for larger loans.
3) Schedule a home inspection, to be completed 2-3 weeks prior to closing. A home is one of the largest investments you'll make, so it is important to know everything you can about the condition of the house. If there are any necessary repairs or safety issues, you'll want to give the seller enough time to resolve these issues before closing. It is important to understand that "cosmetic issues" (paint peeling, worn carpet, rips in the wallpaper) are not required to be fixed by the seller, unless specified in the contract. Safety issues and other required repairs generally are the responsibility of the seller, unless otherwise specified in the contract (for instance, when a property is sold "as is"). You will want to attend the home inspection.
4) A wood-infestation survey (CL-100) is required by lenders. Some home inspectors can perform this duty, or can refer you to a qualified inspector. This should be completed 2 weeks prior to closing.
5) It is recommended that a survey of the property be made. The surveyor will verify property lines and make sure there are no infringements or other issues.
6) Occasionally there is need for a structural inspection, lead paint risk assessment (if property is built before 1978), well and septic inspections, or other environmental tests.
7) Your lender will set up an appraisal of the property.
8) Insurance: You will need to arrange for homeowner's insurance and let your lender know your provider information. Most lenders will pay the homeowner's insurance premiums out of an escrow account.
9) Home Warranty: Check the purchase contract for information about the home warranty. In some cases, the seller will provide a home warranty. For new construction, builders usually provide a year warranty. If no warranty is provided by the seller or builder, you may want to consider purchasing a home warranty to cover defects and repairs for a limited time.
10) Utilities: Contact utility companies a couple of weeks ahead of time to arrange services to be transferred to your name as of closing day.
11) Review HUD settlement statement: The day before closing, you should receive a copy of the settlement statement providing actual closing costs. You'll need to bring cash or a certified check covering the amount due from the buyer. Throughout the closing process, make sure there is good and timely communication between you, your lender, your real estate agent, and your attorney. Quick response to inquiries on everyone's part will help the closing go smoothly!
For all of your Lake Wylie Real Estate needs, visit my website. Sign up for free property updates, access buyer and seller resources, and explore homes and communities through virtual tours!

What to Look for in Waterfront Property on Lake Wylie

When in the market for waterfront property, the first rule to know is that all rules are out the window! Literally!

Evaluating a house or building lot based on “cost per square foot” or “cost per acre” just doesn’t work with waterfront property. Instead, property price is impacted by factors such as view, water depth and clarity, number of shoreline feet, whether or not a dock is allowed and the size of dock allowed, access to the property by water, shape of the lot, and neighborhood.

In general, waterfront property nestled in a cove is less expensive than a comparable property with a “big view”. Cove property, however, usually offers more privacy and more “calm water” for swimming. You need to decide what factors are important to you, and how much you’re willing to spend.

Restrictions play a big part in the price and use of a lot. Lake Wylie restrictions can be complicated considering that the jurisdiction of the lake falls under two states, three counties, eight cities or municipalities, as well as the federal Army Corps of Engineers and Duke Power. Depending on the area and jurisdiction, the buffer (required space between the lake and any building) may be 50’, 100’, or even 200’ from the 570 line.

Be careful not to make costly mistakes resulting from not knowing the lake or restrictions. For example, a lakefront home may have an outstanding view, but insufficient water frontage to meet minimum requirements for a dock. Or, a lot may be on a beautiful point with water on three sides, but because of set backs there may not enough room to build a house or install an adequate septic system. In another case, a property may be in an area of the lake that is shallow or has a shoal and difficult to maneuver when the water is lower than optimum level. Knowledge of these considerations is critical!

When buying or selling waterfront real estate, it is best to work with a real estate agent who specializes in lakefront property. An experienced waterfront agent will be familiar with the conditions in each area of the lake, will be very knowledgeable about Duke Power’s Shoreline restrictions, and will be able to guide you through each consideration unique to lake property. So when you’re ready, call in the specialist! Lake Wylie Waterfront Real Estate

Square Footage - Understanding What's Included!

When comparing homes that are very similar in style, location, and level of finish, it is helpful to use square footage as a comparison factor. Real estate listings qualify square footage in a variety of ways: heated square feet, finished square feet, heated living area, unfinished square feet, unheated square feet, just to name a few! Depending on the region of the country, the terminology varies even more. In Florida, for example, you may encounter ACSF (air conditioned square feet.) It can become a bit confusing!

There are standard real estate guidelines used by realtors and appraisers for defining and measuring square footage in a home. Advertised square footage in real estate ads or on the multi-listing service should adher to these guidelines. Knowing these guidelines will help sellers understand how their home is measured, and will help buyers understand what is included in advertised square footage.

First of all, Finished Living Area is space intended for human occupancy. It must be heated by conventional, permanent systems. (Portable heaters would NOT qualify.) It must have floors and ceilings made of materials generally accepted for interior construction. Finally, it must be directly accessible from another finished area. If you had a finished laundry room only accessible from the garage, for instance, it would not be counted in finished living area. An enclosed porch would not be counted unless it had a permanent heating system.

Square footage for a home is calculated based on exterior walls. If possible, one measuring a home would measure the outside of a home, then subtract any unfinished areas (such as an attached garage). Sometimes it is not possible to measure from the outside, and so interior measurements are made. In these cases, the standard is to add 6" for an exterior wall, and 4" for an interior wall to calculate total square footage.

To qualify as living space, the ceiling height must be at least 7 feet. Often in bonus rooms or A-frames, upper level rooms have slanted roofs. In this case, only areas with at least 5' high ceilings are counted, as long as at least half of the room has a minimum of 7' ceiling. Any portion of the room with less than 5' ceiling is not counted in living area square footage.

Hallways, closets, and pantries are counted if they are part of the functional living space. If the furnace, water heater, or similar items are located within a small closet within the living area, that square footage is counted. However, if the furnace, etc. are in an unfinished "mechanical room" in the garage or basement, that area is not counted in finished living area.

Unfinished square footage should include those areas that are under roof and could be finished out for additional living space. This definition usually includes unfinished basements, or unfinished rooms above a garage (as long as it is accessible by a permanent staircase). A garage should NOT be included in the "unfinished living area". Generally, unfinished square footage descriptions should be clarified in the "comment/remarks" section of a listing.

If you have questions about the square footage calculations used on a property, ask your real estate agent for clarification. Finally,remember that cost per square foot is just one measure. Level of finish, upgrades (granite countertops, whirlpool tubs, etc.), condiditon of the home, location and/or view, and other qualitative measures need to be considered as well.


For all of your real estate needs, visit Lake Wylie Real Estate for property searches, newcomer information, community links, and virtual tours.

Negotiating on a New Construction

Have you ever been in the market for a new home, and found one that was almost perfect, but not quite close enough? Perhaps the carpet or flooring wasn't quite what you had in mind. Or the light fixtures just weren't your style. Maybe the dining room was too small, and if you could just remove the wall and open it up to the living area, it would be fine.

The truth is, when you're buying a house, everything is negotiable! The builder may, if requested, be willing to make structural or cosmetic modifications to change the house to fit your needs. I've seen builders move walls, open up areas, add walls to separate an oversized bonus room into two smaller rooms, change the direction of staircases, and more.

Light fixtures? Easy. Add some built-in bookcases? Can do. Turn the deck into a screened porch? Why not. Add a basement? Well . . . that one might be tricky. Within reason, the builder may be willing to change things that you may think are fairly major. Of course, the cost to make the changes are quite negotiable as well. We're in a buyer's market right now. There are over 200 new homes on the market in Lake Wylie area alone.

While there are many homes to choose from, sometimes it is difficult to get everything you want: school district, yard size, bedroom configuration, neighborhood amenities. Decide what's most important to you. Then, when you find a house that is close to your specifications, don't be afraid to ask for modifications, if it makes the difference between "deal" and "no deal." Before you stop considering a home because of its "imperfections", have your realtor discuss any concerns you might have with the seller. Ask the builder if those hindrances can be overcome by modifications. Most builders, you will find, can be very accomodating!

It is very helpful to the builders to hear your feedback. They'd MUCH rather consider making changes, rather than have buyers simply disappear.

Visit my website for more Lake Wylie Real Estate Buyer Resources. You can also search for all real estate in Charlotte and surrounding areas. For all of your real estate needs, call on The Lake Wylie Man!

2008 Waterfront Sales - A Year in Review

What can we say? 2008 was a year to develop patience . . . patience as we recovered from a record-breaking drought, followed by what can only be described as a "crisis" in the mortgage industry, followed by crazy gas prices like we've NEVER seen before, followed by economic challenges that we haven't experienced in years.

Number of homes sold on Lake Wylie were down 43% vs 2007, and number of waterfront lots sold was off by 60%. Properties that DID sell stayed on the market twice as long as the average waterfront property sold in '07. Not exactly a year for a realtor's "brag book"!

And yet . . . even in the midst of storms, rainbows do appear. Did you know that of the Lake Wylie waterfront homes sold in 2008, twenty percent (10 homes) were $1 million+ properties? That's a record, folks! As a comparison, in 2007, MLS reported only 9% (8 homes) sold for over $1 million.

More good news - - with the drop in mortgage rates and price adjustments on some of the properties for sale, fourth quarter sales began to bounce back, doubling the number of waterfront properties sold in 4th quarter 2007!

Buyers have never had so many lakefront properties from which to choose. There are currently 175 building lots and 117 waterfront homes listed on MLS! There is a good selection of lots under $300,000, with the majority of lots listed for between $300k and $450k. Homes listed are at a nice variety of price points, from the "summer places" for under $500k, up to the waterfront estates over $1 million.

The lake looks gorgeous right now, with water levels at "full pond" and rain conditions back to normal. Gas prices are manageable, back to rates where people feel like they can take the boat out on a warm spring day without breaking the bank.

All in all, we're very blessed to live in such a beautiful place. Lake property will continue to be a solid investment and just a wonderful way to live. Please visit my website, http://www.thelakewylieman.com/, and see what's offered on Lake Wylie right now. Let me know if I can be of service to you!

David Coone

The Lake Wylie Man

For more blogs on Lake Wylie living, Lake Wylie real estate, and resources for waterfront homeowners, visit my website!