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.

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.

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

Waterfront Sales Update - December '08

A tough year for Lake Wylie waterfront real estate is drawing to a close. With economic uncertainty, wild stock market swings, and challenges within the mortgage and banking industry, we've certainly had a year like no other in recent memory!

Number of waterfront homes sold on Lake Wylie is down 45% vs 2007; vacant lot sales are down 64%. Currently there are listed 160 waterfront lots for sale on the Charlotte MLS, and only 17 listed lots have sold this entire year to date! Of those that have sold this year, most have been "premium" lots (priced over $400,000). In fact, the average price paid for a waterfront lot in 2008 was $417k- - quite a jump from recent years. This can partly be explained by a reduction in lots bought by builders for spec homes - - usually lots priced under $400k. Builders have had a tough time getting loans for spec property with the tightening of the mortgage market.

Waterfront sales for homes have actually seen an increase in average price paid as well - - up 10% from 2007. About 20% of the homes reported sold on MLS were priced over $1mm, the most ever in a year.

On the other end of the spectrum, many buyers have been "bargain hunters" in 2008. Excluding new construction, final price paid for waterfront homes in 2008 was just 83% of the original asking price. Foreclosures and short sales have definitely had an impact on lake sales

this year.

Buyers have been cautious, taking their time and looking at more properties. Internet activity on my website (buyers searching) has been strong, but there's no rush to commit. It pays to be ready on both the buying and the selling side, however. Great waterfront properties are always in demand, and when priced properly, they WILL sell. Several homes that have sold this year were on the market less than a month! Check out my website to see Recent Lake Wylie Real Estate Sales.

If you're in the market to buy or sell, let me know if I can be of service to you. Especially in these market conditions, having a waterfront specialist will make all the difference!

Thanks for reading my blog. Visit my website for advice on What to Look For in Lake Wylie Waterfront Property, Lake Wylie real estate search, and virtual tours for Lake Wylie property.