Spring is in the air, and as is usual this time of year, calls and buyer activity are picking up (although the phone has been noticeably quiet during basketball games!).
Looking at sales activity for waterfront homes on Lake Wylie, we’re right on pace thru February vs last year, with a couple of notable differences:
- Average price of waterfront home selling is around $500,000 – – considerably lower than last year. Last year this time we’d already seen the sale of a couple of million+ dollar homes; this year none have sold at that level, and none are pending yet.
- These lower priced homes, for the most part, are “real houses” – – not intended for weekend cabins at the lake, but will be used for primary homes. Some foreclosures, originally priced in the $700’s, sold in the $500’s. Add in to that mix a couple of older homes, moderately priced.
- Distressed properties continue to be a huge factor – – 5 of the 8 homes sold to date were foreclosures or short sales, and about a third of pending sales are in that category.
- Seventeen home sales are “pending” on Lake Wylie. If all close in March/April, that would put us about 40% ahead of 2010 sales. That is cause for optimism!
Last year, the first vacant waterfront lot sale was reported at the end of March. Thus far in 2011, we’ve had two lots close, both in January. Other waterfront lot news:
- 12 lot sales are currently pending: two are considered “premium” lots (over $300k), and the remainder are foreclosures, etc. for under $150k.
- Quite a few bank-owned properties are flooding the market of waterfront lots. A large group of lots (several with docks) have been listed at Somerset in Autumn Cove for $150k and below.
- There are almost 200 waterfront lots currently available for sale on the lake; almost half are under $250,000.
The number of “pendings” and increase in calls by buyers for lots is an encouraging sign. I think sales for 2011 will begin to outpace 2010, and am very optimistic about this year. Please visit my website to see details for Waterfront Sales on Lake Wylie and other helpful Lake Wylie real estate resources.