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.

Lake Wylie Waterfront Sales Update thru 7/31/08

As summer begins to wind down, it’s a good time to take a look at what’s happening with Lake Wylie real estate sales. With all of the media headlines, it should come as no surprise that the waterfront real estate market is challenging this year! Despite the decline in sales overall, there are a few positive news items to report:

• Average price for homes on the lake are actually UP year to date: $834k vs $721k in 2007! (That doesn’t mean that the price on the average house has jumped 15%, by the way - - the increase comes from more sales at higher price points.)
• To date in 2008, eight homes have sold for over $1 million. That compares to six homes during the same period in 2007.
• 27% of waterfront homes sales were in the $1mm+ category in 2008 so far. In 2007, only 11% of homes sold had sales prices over $1 million. Likely explanation – the mortgage crunch is hitting the mid-market ($500-999) the hardest.
• Waterfront lot sales in new developments (Hands Mill, Somerset at Autumn Cove) are hitting the radar. Four lots have closed in Hands Mill, with a couple more pending. Several lots are pending sale in Lake Wylie’s new Somerset at Autumn Cove development.

Now that I’ve dazzled you with the good news, I’ll present the data that is not quite so rosy. In fact, year to date sales for waterfront homes are down 55% year-to-date, and waterfront lots are down 60%.

What we’re seeing on the lake this year, mainly, are “bargain hunters”. Aggressive price cuts are being seen both on and off the lake. I was driving through a new development (homes in the $400-$500’s) a couple of weeks ago, and signs were everywhere advertising “$50,000 price reduction!”. On the lake, homes this summer have sold for 84% of their original asking price. In some cases, homes were simply priced too high at first. In other cases, sellers needed to move the property.

During June and July 2008, 16 waterfront homes sold on Lake Wylie. Those homes had been on the market for an average of 217 days, and sold for 84% of original price. Contrast that with 2007, when 25 homes sold, 90% of original price, and days on market just 104.

For undeveloped waterfront lots, the story is much the same. Year-to-date, lots are selling at just 81% of original price, and have been on the market an average of 420 days, significant declines in performance vs previous year. Only two lots sold in June/July of 2008, for 75% of original price. The waterfront lot market has been affected by a cutback in sales to builders (as their current inventory is too high), tightening of the mortgage market, and general economic factors.

Conclusion? If you need to sell, price your property as aggressively as you can. It helps if you price it right coming out of the chute. Properties that sold for less than 90% of original price were on the market an average of 254 days. Properties that sold for more than 90% of original price were on the market just 104 days (less than half!).

If you want to buy, there are some excellent values on Lake Wylie right now. Call me or visit my website for a complete selection.

To read more blogs about Lake Wylie real estate, please visit my website, http://www.thelakewylieman.com/! Call David Coone at 803-493-2924

Source: Source for chart data: Charlotte MLS, sales as reported 1/1/08 thru 7/31/08.

Waterfront Sales Update - Early Summer '08

June 5, 2008 - Lake Wylie Waterfront Sales Update

The heat of the summer certainly hit us this week, and traditionally waterfront sales are hot this time of year as well. Last year at this time, 40 waterfront homes and 18 waterfront lots had already sold. This year? Ten homes, 8 lots. Everything from gas prices to election news to mortgage issues have affected our Lake Wylie real estate marketplace. In addition, real estate slumps in other markets have slowed down our sales to out-of-towners, as they are unable to sell their homes and move.

I realize that the market conditions are disconcerting. When we look at properties that HAVE sold, it’s natural to ask, “Why not me?” (I think that was the name of a country song a few years back.)

I’ve taken a good, hard look at what has been selling in recent months, and have made some observations that I want to share with you.

- Most of the homes that have sold so far in ‘08 have either been “bargains” or new construction. Half sold for less than 90% of original price. Four of those were under 80%!
- Days on the market is 31% higher this year.
- However, for homes priced “right” (sold for 90%+ of asking price), DOM has improved!
- Sales for waterfront lots are also down significantly vs. year ago. The lots that have sold in ’08 have sold for reduced prices, and were on the market for over a year.

Conclusion? Price it right, and hang tight. The market will turn around; it always does. Price is definitely an issue this year, and needs to be aggressive if you want to sell quickly. Please call me if you have questions or would like to discuss strategies for your property!

To read more blogs about Lake Wylie real estate, please visit my website, http://www.thelakewylieman.com/!

Source: Source for chart data: Charlotte MLS, sales as reported 1/1/08 thru 5/31/08.