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Development Update – Fall 2017

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As the heat of summer begins to subside and we settle into our fall routines, the real estate market generally begins to slow down a little. This year, however, the bullish market is still blazing!
Lake Wylie waterfront home listing inventory is at record low levels, particularly in the mid- and lower-priced ranges. This is having a profound impact on the market. Waterfront homes are selling at a much faster rate, at an average of four months on market, compared to about six months in 2016. Sellers are also seeing offers closer to their asking price, and the average waterfront home sale is about $687,000, up 14% from 2014.
Increased demand for quality homes is motivating buyers to stay on top of new listings. Since May, over half of waterfront homes sold were on the market for less than a month! While most of these quick sales were in the moderate price waterfront segment ($500,000 – $800,000), several were in higher priced, “luxury” segments. As true in recent years, inventory levels in the million-dollar plus price range is still much higher than demand levels. However, buyers in this category often have specific criteria, and when a new listing meets those criteria, they are ready to buy.
What is selling on the lake?
In reviewing sales from the current year, along with what is currently under contract, we can get an idea of what is driving today’s buyers. Sales have occurred all around the lake, with 70% on the South Carolina side. Almost half of sales (45%) were in the Clover School District.
Waterfront homes in the 500K and under price point average about 40 years in age. More than half of these sales went under contract in under two months. Current inventory is less than 25% of last year’s levels, the most pronounced shortage of any price segment.
In the $500,000 to $1 million category, the median age of sold homes is 24 years, with average time on market about four months. While the current inventory is higher in this price point, it still demonstrates a deficit with about 30% less than last year this time.
Homes over $1mm are selling at record levels, with ten homes sold in this luxury price segment through the end of July.
Waterfront lot sales are outpacing last year’s by about 30%, quite likely a result of some buyers deciding to build their home after being unable to find an existing property that met their needs.
Market Trends Off the Lake
In general, the market is very strong within the Clover School District. The median home price off the lake is $283,000, up a little from a year ago. Homes in the Clover School District spent an average of ten weeks on the market. The excellent Clover School District remains a strong selling point, motivating buyers to make strong offers. In fact, sellers are receiving an average of 98% of their asking prices, which is a slight increase from 2016. Almost a third of home sales off the lake this year have been new construction.
The little haven of Lake Wylie is an attractive place to live with great schools, low taxes and plenty of southern charm. Because of this, expect the housing market to remain strong and lead us to another record breaking year.
Drew Choate, “The Lake Wylie Man” specializes in Lake Wylie waterfront homes and lots, and other homes in the Lake Wylie community. He is affiliated with Wilkinson ERA Real Estate and has an office in Lake Wylie.

Spring Real Estate Market is Blooming!

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We put four waterfront listings under contract this past weekend, and that’s a great indication of how hot the market is right now on Lake Wylie!  I pulled some stats to see what’s happening around the lake.

There are currently 135 waterfront homes listed, and twenty-five of those are now under contract.  Here are some highlights and observations:

  • Three homes under contract are listed for over $1 million.  Each of these homes are large (>5500 square feet) with high finish levels and nice outdoor living areas (outdoor kitchens and/or pools, etc.).  One is in Reflection Pointe (Belmont), one in Charlotte (upper Lake Wylie) and one in Lake Wylie SC.
  • Nine dockable waterfront homes under contract are priced below $500,000.  Of these, five could be considered “cabins” or vacation homes, with the remaining being older homes in need of repairs and updates.
  • Of the cabins/second homes – – THREE were on the market for less than a month before going under contract!
  • The mid-priced segment ($500-$700k) has really picked up in the past couple of months.  This is generally the strongest performing category of waterfront real estate, but struggled a bit in 2015 due to dwindling inventory.  There are eight homes currently under contract in this price range.  Average size is about 2700 square feet, and average age is 28 years old!!  Most, but not all, have had updates, which is important to many buyers in this price range.
  • There are five homes under contract that are priced $700k-$999k.  These are bigger (average just over 4000 square feet) and more updated or newer than the mid-priced segment, and have desirable locations in Tega Cay, Lake Wylie and The Palisades.
  • Location-wise, homes are selling all over the lake!  Three in Belmont, six in Charlotte (most in upper Lake Wylie, Withers Cove and Browns Cove areas), eight in Tega Cay, six in Lake Wylie/York (Clover school district), and two in Rock Hill (both are cabins).

We are seeing lots of showing activity across all price points, and inventory is needed.  The Lake Wylie Man looks forward to working with buyers and sellers in this exciting real estate market!

Hidden Gems

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The internet is a fabulous tool, isn’t it?  Want to make Oysters Rockefeller?  One Google search and you have dozens of recipes at your fingertips.  Want to figure out how to get a coffee stain out of your tile grout?  We used to have to call our mothers for such wisdom, but now it is just a Siri inquiry away.  How about finding out the most beautiful beaches in the world?  TripAdvisor and dozens of other sites offer pictures and reviews.

What about finding your perfect house?  Zillow, Trulia and dozens of real estate sites provide easy to use property searches.  However, as great as the technology is, some properties simply fall through the cracks.  For instance, suppose you want to find a home in a particular school district.  Or a home anywhere on the shorelines of Lake Wylie.  Or, you’d like to find a building lot on the lake.  This is where things may get dicey.

Most online searches begin with a zip code or a city, and that might not be sufficient for your criteria.  Did you know, for instance, that some school districts, for instance Clover SC, include homes in TWO different zip codes, and more than one town?  And the shorelines of Lake Wylie stretch through TWO states, three counties, and six zip codes.  If you’re looking for land to build on the lake, other considerations come into play.  For instance, many potential properties that would be best suited for building are not coded as land, but as “single family homes,” as they may have a cabin or mobile home currently on the property.  These structures could easily be removed to make way for the home you’d like to build.

Some available properties are missed for other reasons as well.  For instance, particularly in new developments, addresses may not tie over to the map search functions of some online tools.  Also, depending on a particular realtor’s affiliations and subscriptions, some listings may not show up on syndicated sites at all.

So what’s the answer?  Use the tools available to begin your search, getting an idea of what’s available and at what cost.  Then, ask your realtor to search for “hidden gems” based on your criteria.  Make sure you use an experienced realtor who knows the area and category of home that you’re searching for.  Particularly when searching for specialty property, it is very important to enlist the help of a realtor who specializes in that type property and has a proven record.

Looking for Lake Wylie lakefront?  Contact The Lake Wylie Man team, leader in sales for waterfront property each year for the past eight years!

 

Time to Winterize your boat!

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The frost is on the pumpkin, so guess what? Time to winterize! If you’re a new boat owner on Lake Wylie and have never had to winterize your boat, don’t panic. It isn’t that difficult. But don’t put it off too long, either! The time and effort you spend now will save you boatloads in the spring.

The best place for your boat during the winter is out of the water, under cover. Whether on a lift or on a trailer on your driveway, make sure your boat is covered with a tarp or fitted boat cover. If you must leave your boat in the water over the winter, be sure to close all seacocks and gate valves in order to protect the thru-hulls.

You should check your owner’s manual of your boat for information on winterizing, but here is some basic information:

Fuel: Fill your fuel tank to avoid a build up of condensation over the winter months. (Condensation can lead to corrosion and clogging.) Add a fuel stabilizer. Change the fuel filter and water separators.

Inboard Engine: First, change the oil (best done when the engine is warm, so that impurities in the oil are drained away.) Change the oil filters. Then flush the engine with fresh water. Circulate antifreeze through the manifold by using a pickup hose from the waterpump to a bucket of antifreeze. Check the fluid in the tranmission.

When an engine is not being used, oil tends to settle at the bottom, exposing pistons and valves to air and humidity, which can cause corrosion. To avoid this, remove the spark plugs and spray “fogging oil” inside the carburetor. Then, clean and replace the spark plugs.

Replace the engine’s old gear oil with fresh oil. You can dispose of any used oil at an authorized recycling center.

Interior: Open all drawers and bins and clean thoroughly. Leave refrigerators, hatches, etc. open so that air can circulate. Of course, make sure to remove any food, valuables, and flammables. If possible, bring cushions and life jackets inside. At the very least, turn cushions up on ends to prevent growth of mildew. You can also use moister absorber products such as “Damp Away” to absorb excess moisture while your boat is under wraps for the winter.

If this all sounds intimidating to you, you can take your boat to a marine service center and and they’ll do it all for you. Visit my website for a list of local Lake Wylie Boat Service and Repair.

Whatever option you choose, do not neglect this maintenance chore. When that first beautiful spring day arrives, you want to be enjoying your boat on Lake Wylie. You don’t want to spend that gorgeous day joining the long waiting list who need boat repairs because they didn’t get around to properly winterizing their boats!

Disclaimer: The author is not responsible for damage or injuries that may occur as a result of this information.

For more waterfront resources for boaters and homeowners on Lake Wylie, visit TheLakeWylieMan.com.  And when you’re in the market for Lake Wylie waterfront real estate, contact the lakefront specialist – – The Lake Wylie Man!

Upcoming Boat Parade on Lake Wylie

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One of the highlights of the Christmas season in Lake Wylie is the annual “Lights on the Lake” boat parade.  Launched from T-Bones on the Lake, the brightly lit boats sail towards the Buster Boyd Bridge, circle around in front of Riverpointe, and pass by the Lake Wylie boat landing.  Most of the crowds gather along the shorelines of Lake Wylie near the boat landing, and cheer favorites as they sail by.

In the past couple of years, the event has grown, with “Christmas by the Lake” set up waterfront at the boat landing.  Various businesses and churches offer free hot chocolate, campfires for roasting marshmallows, a live nativity scene, and live music.

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Boat entries are judged based on creativity, theme, and showmanship.  New participants are encouraged! Just sign up with the Lake Wylie Chamber to register your entry.

Tips for photographing the parade along the waterfront:  use a tripod if possible.  You’ll want to shoot with a high ISO, because you’ll need to shoot with a speed at least 1/125 of a second, as the boats are moving.  Shoot without a flash.

Hope to see you at the parade!  For more Lake Wylie holiday events and the best Lake Wylie real estate information, visit TheLakeWylieMan.com.

 

Should I give my home listing a rest over the holidays?

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Thanksgiving, holiday parties, Christmas, company, New Year’s festivities, snow . . . all can make showing your home a bit tricky during the winter months.  I am often asked by Lake Wylie homeowners whether or not to keep listing their home over the holidays.  Some sellers choose to take their homes OFF the market during this season.  In fact, home-for-sale inventory on the MLS always drops during the months of November – January.

However, buyers ARE still active during these months.  Some take advantage of school and holiday vacations to visit and search for homes, preparing for a relocation after the first of the year.  For other buyers, the winter time search fits in with their life change needs.  For local waterfront buyers, a winter time purchase means that they’ll have their new lake home to enjoy during the whole spring and summer season!

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Homes dressed up for the holidays can be warm and inviting, and the buyers enjoy seeing homes with festive decor.  With shorter daylight hours, however, agents need to be aware of when a home will show at its best.  For instance, if the home is waterfront on Lake Wylie and has a beautiful lake view, the agent will want to make sure to show it in daylight hours, particularly if they want to walk to the dock and show the outside features of the property.

What to do when company is in town?  With our Charlotte MLS, showing restrictions are not a problem to set up.  Let your listing agent know which days or times are inconvenient for showings.  Agents and buyers understand that there will be more restrictions than usual during the holiday season, and can often accommodate alternative times in the showing schedule.  Communication is the key!

Thanks for reading, and visit my Seller Resources page for more advice on selling your home and other Lake Wylie real estate topics!