A roller-coaster ride in real estate – November 2020

October numbers are in for Lake Wylie real estate activity, and It has certainly been a roller coaster ride!

TWENTY-SIX waterfront homes closed in October — a month that usually averages 8-10 closings. Last year the market had a record-breaking October, with 16 closings. Check out this year’s performance in comparison to the past 3-year average:

In the chart above, the dark blue line represents the last 3-year average number of closings per month for dockable waterfront homes on Lake Wylie. The light blue line represents 2020 performance. It has been an unusual year indeed, with closings falling far below normal during the first couple months of the pandemic, then higher than normal thereafter.
About a third of the homes closed in October were on the market for less than a week, and many sold at or above full asking price. Eight of the closings were in the luxury price category (over $1 million).
Low mortgage rates and changes in lifestyle have contributed to the uptick in lake property, as well as pent-up demand from the past couple of years as we have seen inventory decline. Offerings at different price points have not been able to keep up with demand.
Here at the beginning of November, the number of listings has reached another low point. Only 49 dockable waterfront homes are currently listed, with 22 of those under contract!
Looking at listings the past few months, the decline is pronounced:
In the chart above, the blue portion represents the number of waterfront homes under contract at the first of each month since June, and the red represents the number of available waterfront homes.  In the MLS, the number of listings reported includes “Active” plus “Under Contract,” because sometimes properties under contract can continue to be shown for back-up offers, and occasionally offers do fall through.
In June and July, the total number of listings hovered around 90 waterfront homes. Typically, the number of lakefront listings peak in the summer, and this year was no exception. However, in comparison to the summer months of 2019, total listings were down 30%! Combine that statistic with record sales, and it is a classic low supply/high demand situation.
The small number of homes available becomes even more dire when we break the listings into price points or areas on the lake. There are zero – – yes, zero – – listings under $500,000. Almost half of the available homes are priced over $1 million. Looking for something in the $700,000 range in the Clover School District? There is one house.
Waterfront lots are also in demand. While year-to-date sales are about level with the past two years, inventory is very tight. Currently, there are 74 dockable lots listed, and 14 of those are under contract. The number of listings is down over 20% in comparison to the past couple of years. With waterfront home inventory so tight, buyers will consider building and need land for their lake homes. Many will consider purchasing a cabin or lower-priced older home to remove and use as their building site.
To see details on recent sales activity all over Lake Wylie, please visit my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Now is a great time to sell Lake Wylie waterfront property, even though (in a typical year) we’d be entering the slower season of selling. But this is no typical year. Now more than ever it is important to use a Lake Wylie waterfront expert to help you price, market and sell your property.  The Lake Wylie Man has led the market in waterfront sales each year for over a decade, and can offer unparalleled insight and service. Give us a call!

3rd Quarter Update – Lake Wylie Real Estate

Hope everyone is enjoying these crisp autumn mornings! It is one of my favorite times to be out on the lake, and I’m looking forward to watching the fall colors reflecting on the water.

We’ve just wrapped up the third quarter of 2020, and we’re headed towards a record setting sales year on the lake. In September, 13 waterfront homes and 5 dockable lots closed on Lake Wylie. Lot sales are keeping pace with the past couple of years, and home sales are soaring to a new year-to-date high:

In the chart above, the blue bars represent the number of waterfront home closings through September of each year since 2007; the red bars represent the number of dockable lot sales.

As of the end of September, waterfront home sales total 122, and there are currently 38 under contract — putting us on track to have a record sales year on Lake Wylie.  Waterfront lot sales are also expected to finish strong, with 32 lots sold to date and 14 currently under contract.

However, the number of listings are at a RECORD LOW. There are only 65 waterfront homes currently on the market, and with the large number that are under contract, there are only 27 available. In September, over half of the homes that closed were on the market for less than a week. New listings are being snatched up by eager buyers, many with multiple offers and sales at or above asking price.

Typically, sales begin to drop off as the summer ends, as illustrated in the chart below:

Above, the dark blue line represents average sales for Lake Wylie waterfront homes over the past three years (2017-2019), and the light blue line represents home closings per month in 2020.  Closings dropped in the early days of the pandemic, but recovered in June and continued at a strong pace.

With the number of homes currently under contract, we expect 4th quarter sales to exceed the 3-year average, especially if additional homes are listed during that time. With pent-up buyer demand, it is an excellent time to be in the seller’s shoes.

Waterfront lots, too, are in demand this year. Inventory is at a low point, with only 70 dockable lots currently on the market, and with 14 under contract, there are just 56 available. Lot sales generally benefit when the home market is tight; as buyers are unable to find available waterfront homes, they often choose to purchase a lot and build.

Average prices for waterfront homes and lots have been trending up over recent years:

In the chart above, the blue line represents average waterfront lot price, and the red line represents average waterfront home price on Lake Wylie.  So far in 2020, the average price for waterfront homes is almost $760,000, and the average for lots is about $325,000.

We have had some extraordinarily high priced lot sales in The Sanctuary — a 12 acre tract for $1.2 million and three others in the $400’s. Removing The Sanctuary sales, the average lot price is in the mid $280’s — still a strong level in comparison to recent years.

Sales by price segment show increases in the higher price points for waterfront homes:

 

In the chart above, the blue bar represents the percentage of home sales in the <$500k segment, the red bars represent $500k-$699k, the green bars represent $700k-$999k, and the purple bars represent $1 million+ homes.

Mainly because of lack of inventory in the lower priced segments, the mix of sales has shifted. Also, we have had a larger number of luxury-home buyers in our marketplace, driving an increase in the $1 million+ segment.

Thus far in 2020, 27 homes have closed for $1 million+.  In 2019, there were 25 sales in the $1 million+ category at year end, and THAT was a record year!  Of the homes currently under contract in 2020, 14 are priced over $1 million, so it appears we’ll see an impressive new record on Lake Wylie.

Typically, the time on market for the luxury priced homes has been quite a bit longer than for the lower priced homes, because the inventory for higher priced homes has generally exceeded demand. With the increase in sales in that segment, inventory is more in line with demand and we’re seeing quicker sales. More than half of the $1 million+ priced homes this year have sold in under a month.

 

If you’d like to see details on this year’s sales on Lake Wylie, please visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

Is your boat ready for spring weather?

The warm weekend has kicked spring fever into high gear. A few early birds were out on the lake this past weekend, and the deck at TBones on the Lake was hopping with activity as folks got out to enjoy the sunshine.

I remember all too well the summer that my boat was at the mechanic’s from Memorial Day until a few days before Labor Day. It wasn’t pretty. The mechanics get awfully busy during the warm months, and that particular year, they were overwhelmed. So, before you find yourself landlocked, make sure your craft is ready to launch!

Do it yourself, or take ‘er in for a good cleaning and annual maintenance.

Spring Cleaning
– Clean the exterior and put on a good coat of wax.
– Clean the upholstery, polish the metal.
– Make sure all of the compartments are tidy and free of debris.

Engine & Battery
– Check the battery for corrosion, make sure it is fully charged
– For inboard motors, change oil and filters.
– Check transmission fluid & bilge blower.
– For outboards, check & replace spark plugs if needed.

Check lights on boat and trailer. Make sure your boat is fully stocked with anchor, ropes, life jackets, bumpers.

boating lake wylie
Boating on Lake Wylie

For more tips and resources for enjoying Lake Wylie, visit the best site for Lake Wylie real estate.  The Lake Wylie Man is consistently the top selling waterfront realtor in the area, and is your source for all Lake Wylie waterfront homes for sale and events on Lake Wylie.

 

 

Waterfront Lots – The Market is Hot!

After analyzing monthly waterfront sales for well over a decade now, I know not to put too much importance on what happens in January. Weather, lake levels, and inventory levels are often off-kilter in the winter months, and all of these impact buyer activity. Plus, the winter months are the least active for sales both on and off the water, so first quarter closings don’t always provide a great indication of how the year will turn out.

That being said, with SEVEN waterfront home closings and SIX dockable lot closings in January, the market came out of the gate the strongest it has in several years. In addition, there are currently 24 waterfront homes under contract, and 6 lots, which is impressive given the low inventory levels that plagued us in recent months. Of the homes that are currently under contract, six (25%) were on the market for less than a month.

We have buyers waiting in the wings, ready to purchase, and with record low inventory levels, new listings get a lot of attention quickly. (Pause for a commercial break!) It is particularly important to price your property correctly, prior to listing, and make sure that potential issues are addressed and the property is ready to sell, and having a Realtor experienced in waterfront is vital.

So, what’s selling? Homes under contract are equally disbursed between Belmont, Lake Wylie (Clover School District), and Charlotte, plus a couple of properties in Tega Cay area. The higher priced properties represent the bulk of sales, with 9 over $1 million, and 8 priced $800-$999k. The tightest segments in active inventory are mid-priced and lower priced properties. That tight inventory is limiting sales. There are currently 7 homes under contract that are priced under $800k.

Waterfront lot sales are benefitting from low home inventory, as buyers unable to find ready waterfront homes shift their focus to building. Here’s something interesting: Of the waterfront lots that closed in January, half had been on the market for under five weeks, and two had been on the market for 3-4 YEARS. So average time on market if pretty meaningless! We noted that throughout last year’s lot sales; quite a few lots that had been on the market for years finally sold!

Here’s a closer look at waterfront lot sales since January 2017:

  • Belmont, 31 lots, average price $224,000
  • Reflection Pointe (in Belmont), 14 lots, average price $154,000
  • McLean (in Belmont), 5 lots, average price $432,000
  • Lake Wylie (Clover School Distr.), 24 lots, average price $280,000
  • Charlotte, 17 lots, average price $317,000
  • Rock Hill, 3 lots, average $287,000
  • Tega Cay/Fort Mill, 3 lots, average $370,000

Reflection Pointe in Belmont still has a number of dockable waterfront lots selling for less than $150,000.  This development was hardest hit by the recession, and slowest to recover.  Meanwhile, just down the road in McLean, lots are commanding premium prices.  Woodland Bay and choice main channel lots are also yielding prices over $300,000.

In Lake Wylie, properties go up in price as the location gets closer to the Buster Boyd Bridge.  Handsmill on Lake Wylie is also beginning to sell well.  There have been lots on the southern end of the lake, around Allison Creek, selling above $300,000, but similar lots in the 29710 zip code generally sell for 10-15% higher.

Good news for sellers of waterfront cabins!  Average sale prices have been on the rise for the past few years.  Take a look:

Waterfront cabin sales on Lake Wylie, Average Price by Year

2013 – $311,000

2014 – $355,000

2015 – $355,000

2016 – $364,000

2017 – $386,000

The price for waterfront cabins is impacted by the buyer’s planned use for the property.  If they plan to remove the cabin and build a permanent home, the presence of the cabin can be seen as a negative.  But often a buyer wants to enjoy the cabin as it is, prior to building or as a second home indefinitely.  Cabins that are neat and in good condition command a premium price.

If you’d like to see more data on recent sales, visit The Lake Wylie Man Waterfront Market Sales Report for 2017.  The Lake Wylie Man is the leader in waterfront sales on Lake Wylie.  Rely on the market expert for buying or selling waterfront real estate!

Waterfront Sales Update – Year End 2017

In a time where the market is bullish, the number of Lake Wylie waterfront home sales in 2017 actually dropped 12% vs. 2016. Consider this: NON-waterfront home sales rose 6% in York County, 19% in Belmont, and 17% in the southern Charlotte (zip code 28278) area, in comparison to prior year sales.

Of course, we know the culprit for the lackluster waterfront performance: LACK OF INVENTORY FOR SALE. Number of waterfront homes for sale have been steadily declining over the past few years, but in 2017, we dropped to record lows. Demand far exceeds supply, especially in the lower and mid-price categories.

As a result, we’re seeing classic economic consequences. Prices are edging up, particularly in those low-to-mid priced properties. Time on the market is shorter, which many properties being snatched up in the first few weeks on the market, and at full (or close to it) asking price. Waterfront lot sales are at a record high, with many buyers turning to building their own home, instead of waiting for one to come on the market that meets their criteria. Overall, it is a great time to be a seller, indeed!

Let’s take a look at some of the year’s highlights:

In the chart above, the blue solid bar represents number of waterfront homes sold by year, and the red striped bars are number of waterfront lots. In 2017, number of homes sold dropped by 19 (12%), and number of lots sold increased by 26 (50%) vs. prior year. Waterfront lot sales are at RECORD LEVELS this year.

Even though we’re showing decreases in home sales in comparison to last year, however, sales are up significantly in comparison to sales since the market “recovery” beginning in 2012, and well above the sales level before the recession. We’ve been lucky this year with the weather, without a drought affecting the lake levels.

Average sales prices are up for both waterfront lots and homes:

prices lake wylie

In the chart above, average sales prices for waterfront homes are shown on the blue line, and waterfront lot prices are shown on the red line. In 2017, the average WF home sale was $720k, the highest price achieved since 2008. In comparison to last year, the average home price increased 10% and the average lot sales price increased 17%. Does that mean you can immediately post a price increase on your property? Not necessarily.

Most of the price increases were due to a shift in the mix of properties sold. In 2017, the market had a record number of sales of $1mm+ homes (a total of 22!). At the same time, the lower priced home sales were way off due to inventory shortages. See chart below:

lake wylie waterfront

In the chart above, the blue bar represents 2016 waterfront home sales, the red represents number of homes sold in 2017, and the green represents current listings (as of the first week of January 2018).

Sales in the lowest price segment were down by almost HALF, and this is the category responsible for the downturn in total waterfront home sales in 2017. There are currently just six waterfront homes listed for under $500k, which makes a huge impact considering that this has traditionally been one of the strongest segments. (In some years, the $500-$699k segment has been first.) In this lowest priced segment, most of the homes are older (average age is 40), and smaller (average square footage is just under 1900 square feet.) Older homes in Tega Cay, cabins/weekender homes, and modest styled homes around the lake comprise this segment. Due to the shortage in inventory, sales have occurred quickly, with 44% of sales in this segment occurring within the first month of listing. Sellers in this category can be a little more aggressive with their pricing, asking 10-15% more than they would have a couple of years ago, depending on condition and location.

Inventory is also fairly tight in the $500-$699 segment, usually the top or second top selling category on the lake. 2017 sales were up by two houses over 2016. Homes in this segment averaged 30 years in age, about 3175 square feet in size. Average prices in this segment were very consistent with the previous year, and average time on market was about four months. About 42% of sales in this segment were on the market for less than a month. If homes are move-in ready and offer a strong location on the lake, sellers can expect a modest price improvement (5%) over recent years.

Homes in the $700-$999k price segment averaged about 19 years old, 4200 square feet. The Clover school district and south Charlotte area are by far the leaders in this home category. These homes do take a little longer to sell, with time on market averaging about 5 months, with 29% on the market for less than a month. Inventory levels (homes for sale) have held steady over the past few years, and are at the most favorable levels relative to sales. Supply is sufficient for demand. New listings are needed to replace homes that are sold, of course, but this segment is in the best shape, balanced between sellers and buyers. Therefore, sellers need to be pay particular attention to condition of home, marketing and staging, curb appeal, and competitive pricing to make sure buyers choose their homes over others.

Homes over $1mm have shown the most dramatic increase in sales, with 22 sales (compared to a record setting 15 last year, and 8 in 2015.) Historically, this segment has had inventory exceeding sales, sometimes with up to a 5 year “supply.” With the record setting sales this year and last, some of that inventory has worked its way through the system. While there is still an “oversupply” of listings relative to sales, the picture is much more positive for sellers than in recent years. Average time on market for homes sold $1mm plus was about 6.5 months this year, with 18% of the sales having time on market of less than a month. Home sales in this segment were pretty evenly spread between the Clover school district, Fort Mill/Tega Cay, Charlotte and Belmont. Average age of homes sold in this category was about 15 years in 2017, with about 5650 square feet. New construction, particularly in McLean, played a role in improving the price for this category. Established homes, however, need to be competitively priced and offer a “Wow!” factor in order to gain attention above the competition: Extraordinary location/views, outdoor features such as pools/outside kitchens/fireplaces, gourmet kitchens, and excellent move-in ready conditions.

With properties moving so quickly, especially in the low-and-mid-priced segments, sellers should expect buyer interest “right out of the gate.” If there is no strong interest within the first couple of months, sellers should be prepared to make adjustments on price or make improvements, according to showing feedback.

Waterfront Lots sold at RECORD LEVELS in 2017. Here is the breakdown by price:

Under $200k – 22 lots – most in Belmont. Down from 28 sales in 2016.
$200-$299k – 25 lots – most in Clover school district and Charlotte. Up from 15 sales in 2017.
$300-$400k – 22 sales , up from just 7 in 2016. A few “premium” lots in Belmont, plus Charlotte and Clover school district.
Over $400 – 9 sales, up from 4 sales in 2016. A few in McLean, , a couple in The Sanctuary, premium sales in Tega Cay, The Palisades

If you’re considering selling your home in 2018, when should you put it on the market? Below is an average for the last three years, closings by month. Keep in mind that most homes “close” about 6 weeks – 2 months after a contract is written, so if the closings peak in May, then most likely those homes went under contract in March.

January and February historically have the lowest number of closings each year (November/December sales.) March/April picks up considerably, and closings peak in May through August. NOW IS THE TIME to start getting ready to list your home. Talk to the experts (that would be The Lake Wylie Man, of course) for the most knowledgable advice in pricing and marketing. Once again, The Lake Wylie Man outsold all other realtors on Lake Wylie – – with THREE TIMES the number of sales in comparison to the next highest selling waterfront realtor in the market. For the past decade, The Lake Wylie Man has led the market by a huge margin. That’s not luck – – that’s experience, marketing, and solid customer service.

For details about recent waterfront sales, please visit my webpage: Recent Lake Wylie Home Sales or Recent Lake Wylie Lot Sales. I look forward to talking with you about YOUR property.

Waterfront Sales Update – Fall 2017

It has been nice to have a little chill in the air this week, a sure sign that fall is on its way.  There were a dozen waterfront home closings in September, down from last year’s record setting level of 18.  We’re now lagging in closings by 7 homes vs last year, but still posting some very positive market trends.  In addition, waterfront LOT sales are at an all time high, with 56 closings to date.  That is more than the year end number for any year in the past decade!

Here are some highlights for this year’s waterfront market:
• Average waterfront home sales price is $712,000 – highest since 2008!
• Average time on market for waterfront homes is just 144 days, fastest since 2007
• Average WF home sales price is 93% of the original price, best performance in over a decade
• Waterfront lot sales prices average $254k, highest since 2010.
• Number of waterfront lot sales is the highest in over a decade
• Twenty percent of waterfront lots sold so far this year had time on market in excess of 1,000 days.  Some “old” inventory is beginning to clear out.
• Listings are at a low point, both for waterfront lots and waterfront homes.  Lack of inventory is affecting market dynamics significantly.

Waterfront Sales trend over time:

The solid blue bar represents number of waterfront home sales through 3rd quarter of each year.  The red striped bar represents waterfront lot sales.  While 2016 hit record levels for home sales, 2017 performance follows closely behind.  If it weren’t for the shortages in inventory (number of listings available), I feel sure that this year’s performance would surpass last year’s.  In DOLLAR sales, however, 2017 is ahead of last year and is at record levels, with $76.5 million in total waterfront home market sales.  That’s about 8% above last year.

Waterfront LOT sales are at record numbers, with 60 lots closed to date, and 11 currently under contract.  Average price of waterfront lot sold on Lake Wylie this year is $254k, the highest since 2010 and a 12% improvement over last year.  Lot sales by area:

•21 lots in Belmont, averaging $186k.  Highest priced lot in Belmont was $500k, in McLean.  Lot sales in Reflection Pointe brought the average price down, with 13 lots sold at an average of $154k.

•18 lots in the Clover School District, averaging $290k.

•134 lots sold in Charlotte, average price $308k.  Three sales in The Sanctuary (or adjacent), plus a couple of premium priced lots in The Palisades area brought the average sales price up.

•2 lots in Rock Hill (average price $285k), and 2 lots in Tega Cay ($337 average price.)

Sales price trend is as follows:

The blue bar (on top) represents sales price for waterfront homes, through 3rd quarter of each year.  The red (bottom) line is average sales price for lots.  After several years of “flat” performance, the average prices are ticking upward.  This doesn’t necessarily translate to price increases on individual properties, however.  Rather, the average price is driven more by the mix of properties purchased.  This year, we’ve seen RECORD LEVEL sales of $1 million plus homes, and have seen an increase in PREMIUM waterfront lots.

McLean homes and lots represent a premium priced waterfront development, however its impact has not been significant yet.  The higher priced lot sales are scattered all over the lake: Handsmill in York, The Sanctuary and The Palisades in Charlotte, Woodland Bay, Reflection Pointe and McLean in Belmont, Fort Mill/Tega Cay, Allison Creek, Concord Road.  As home inventory tightened up, buyers turned to waterfront lots to build their own homes rather than buy established.

Million-plus dollar home sales were scattered around the lake as well:  a couple in McLean, a few more in Belmont, York, Tega Cay, quite a few in “non-neighborhoods.”  In addition to the 16 homes sold to date in the $1 million category, there are 11 currently under contract.  Four of these are new construction (McLean), and may not close in this calendar year, depending on completion schedule.  In 2016, there were 15 sales in this price segment for the entire year, so already we’re significantly ahead of last year’s record breaking numbers.

New homes in The Vineyards on Lake Wylie (upper lake area) have several sales in the $800’s and $900’s, newer construction homes not found in abundance on the southern part of the lake.

Waterfront Homes by Price Point:

In the chart above the blue bar represents last year’s sales through 3rd quarter, and the red bar represents number of waterfront homes sold this year.  Sales surpass last year most significantly in the $1 million plus segment, followed by homes in the $500-$799k segment.

The GREEN bar represents number of homes currently listed in each price segment, and the percentage differences below the chart depict listings vs. last year.  The most dramatic story is in the lower priced homes, where there are just 9 homes currently listed (including some under contract!).  Stacked up against “demand,” more accurately represented by last year’s sales, you can see that the decline in sales for homes under $500k can be blamed on lack of inventory, which is about 71% lower than it was last year!

Inventory in the $500-$799k segment is down 22% vs last year, and sales for this year show a modest increase over last year’s, in spite of the inventory shortage.

Inventory in the $800-$999 price range is probably the “healthiest,” with a good number of choices relative to the number of buyers.  In the $1mm+ segment, homes available still outweigh demand, but with the increase in demand in this price category, the outlook is improving over what we’ve seen in recent years.  There have been quite a few new listings in this segment, and more than a third of this year’s sales have occurred with homes on the market less than 2 months.

If you’d like to see more details about recent home and lot sales, please visit my webpages for home sales:https://thelakewylieman.com/waterfront-home-sales

and recent lot sales: https://thelakewylieman.com/recentlysoldlots

As always, I welcome your calls and emails to discuss your property in more detail.  Thanks!

Check out my website for Lake Wylie real estate.  We specialize in Lake Wylie waterfront homes and land.

Development Update – Fall 2017

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!

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

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!

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!