208 Cape Cod Way The Point

This European styled home recently closed for $2,500,000. Listed as having 6236 square feet puts it's price per square foot at $400. Sitting on the 15th fairway, the home has great wateerfront location.



Standard & Poor's analysts believe home prices will drop between 7% and 10% through 2011

From Jon Prior at HousingWire: S&P predicts more home price declines through 2011


Standard & Poor's analysts believe home prices will drop between 7% and 10% through 2011 ...

"Low mortgage rates ...influence on home buying activities has been limited due to the weak housing market and a lack of demand," S&P credit analyst Erkan Erturk said. ...

Prices will continue to be pressed down as long as the market works through a backlog of distressed properties that remains elevated.

Easy Tips for Staging a Home to Sell

If you’ve listed a property that will almost certainly be on the market for the Thanksgiving and end-of-the-year holidays, advise the seller to go easy on the decorations, says Joan Inglis, owner of Lake Wylie (North Carolina) Home Staging.“Put a holiday centerpiece on the dining-room table and then remove it after Jan. 1,” she says. Other advice from Inglis includes:

· Store toasters in the cabinet because it is almost impossible to keep them looking clean.
· Take all the magnets off the refrigerator.

· In a pricey home, get rid of any furniture that looks cheap. It interferes with the buyer’s ability to imagine themselves living there.

Source: Charlotte Observer, Allen Norwood (10/15/2010)

146 Dedham Loop The Point SOLD

This Simonini built 3849 square foot home closed recently $590,000 or $153 per square foot. Tax value is $725,170.

177 Bayberry Creek CIR The Farms SOLD

This 3541 square foot home in The Farms community built in 2007 closed for $535,000. Originally listed in late 2009 for $625,000 it's sales price per square foot is $151. Tax value is $655,000.

177 Brownstone The Point Sold

This home on the 2nd fairway on the left of The Point Golf Course closed for $906,000. The home is 5200 sq feet for a selling price $174 per sq foot. Tax value is  $920,240. The list price for most of the year was $1,149,000 and was lowered to $998,000

The Point Golf Course

If you haven't had a chance to play the Point golf course lately you should put it on your list. I played over the weekend and must say the greens are in the best shape I've seen in many years. Probably helped by the change in the aerate schedule as well as letting the bent grass grow a bit more in the summer heat. What a pleasure to putt on these greens.

185 Atlantic Way The Point Mooresville SOLD

This foreclosure sale closed recently at $530,000. This 3 story home with a basement is 5288 sq feet for a selling price of $100 per sq. Home was sold as-is and probably in need of some repair.

106 Shelburne The Point SOLD

This 3606 sqaure foot home sold via short sale closed at $560,000. Once listed a few years back in the low 800's the current sale puts it's selling price at $155 per square foot for an interior lot with a pool. Good time to be buying!

What's land in The Point selling for lately?

Not much dirt/land moving these days so when it does it's an interesting look at prices. A lot on Yale Loop, which is in the gated Sconset Village in The Point Lake and Golf Club community closed recently for $63,500 for a .72 acre parcel. The list price was $87,000 and was offered in 2008 for as much as $129,000. Tax value is $112,500. Typical interier lots in 2003-04 were around the same value somewhere in the 60-70's which coincides with Case-Schiller indices.

Also, three lots in the Farms closed recently in the low 40's.

Zumba Class offered Fridays at The Homestead at the Farms Mooresville

Come check out the Zumba classes offered Friday's at 8:15am at The Farms by licensed instructor Denise Hohler. You'll have a blast and it's only $5 per person.

177 Old Arborway Road Mooresville SOLD

This waterfront home located off Chuckwood and Barber Loop closed for $1,350,000. Listed for 1,399,000, it was on the market for 79 days. The home has just over 4000 feet and 3 bedrooms, has all the upgrades, including salt water pool, 3 car garage and is great waterfront.

DOT email link for comments about Brawley School Road

https://apps.dot.state.nc.us/ContactUS/PostComment.aspx?Unit=Brawley_Rd

Housing starts

Housing starts which are released every month is a good barometer of economic activity and tend to a pretty decent leading indicator. Since 1959 there were very few months in which housing starts were less than 1 million for the month, in fact prior to this current economic mess there was only 1 month which starts were below 800k and that was in 1991, close to the last bottom in housing prices. Currently we have had 23 months of housing starts below 800k, conversely we had too many housing starts over 2 million per month that began in 2004 and helped lead to too much supply on the market. Today with builders closing up shop such as Simonini and housing starts remaining at the lowest levels since at least World War II, it is only a matter of time before supply dries up and natural demand created by an increasing population and household formation start moving prices back up. With interest rates at some of the lowest levels ever seen don't wait too long to buy that dream home.

Canvasback Light is not synced right

166 White Horse Dr The Point Lake and Golf Club Mooresville NC

This waterfront home in The Point Lake and Golf club just came back on market listed at $1,495,000. If you want The Point and waterfront this beautiful home has the lowest price to tax value of waterfront homes in The Point between 1.2 -1.8 million. Listed by Keller Williams Lake Norman MLS 925437

Canvasback Road has now reopened as of today.

177 Bayberry Creek Circle The Farms Mooresville Pending

This home just went pending. Listed at $599,000 through Allen Tate Company MLS 948659 has been on the market for 90 days. Built in 2007 it's between 3100-3800 square feet and has a tax value of $642,950. The last sale was in January 2008 at $655,000.

138 Dedham Loop The Point Lake and Golf Club home sold

This home that we've written about a couple times alerting readers to a great deal has closed at $435,500. The list price was $425,000. Nice to see some normalcy in pricing that it went for over list price, it should have at 3502 square feet the selling price is at $124 per square foot. That's the lowest in The Point since at least 2002. Congrats to the buyers who got a great house at a crazy price. This home was a short sale and it's tax value is over $700k

The Point Lake and Golf Club - 2010 Club Championship

Congratulations to our friend Tommy Walter for taking our other friend Frank D'Auria down and beating him by 1 shot in the Point's Men's Club Championship held this past weekend.

Also, congrats to big Jim Potter for winning the Senior Club Championship, that is not not a typo, he really did win the Senior Club Championship.

Sales Comps of Mecklenburg County, Iredell County and Lake Norman Home Sales

Activity levels have been slow lately (and usually at the start of school year) so I took a look at past 30 day home sales in 3 areas and surprisingly in the Lake Norman area we are flat with last year's closings over the same time period of 63 homes. Mecklenburg County though reflects something different with sales off 39%. Iredell County is down 40% from last year. For buyers this is a great time as interest rates can't remain this low, don't let that waterfront trade up slip away All the monetary stimulus will lead to inflation eventually, higher inflation leads to higher interest rates....... for sellers you won't get your 2007 price but you will get the chance to make it back on the new purchase. What will appreciate more in the coming years waterfront or interior lots? You make the call. There are homes available today that sell for alot less than replacement cost, take advantage of it.

Donald Trump and The Point Lake and Golf Club

The buzz with the golf members here is the Trump Golf organization buying The Point would be a great thing for the club. I hear Trump was impressed with the golf course when he viewed it last week. Members believe it would add value to their homes. What changes could we see if Trump buys The Point Club some thoughts are painting the buildings white like his other courses, maybe bring in a golf course designer like Tom Fazio to lengthen the course to 7600 yards, how about the sales office becoming the pro shop, great location! The tavern becoming the mens lounge, how about the turn shack between holes 1 and 10, that would make sense. In any event the changes Trump could make would add to this already outstanding facility and golf course. If you are looking to buy a home in The Point the current $42,500 full equity membership that might be attached with the home is a great deal. I would expect the membership fee to rise substantially as all of Trumps other golf courses are ultra exclusive and with reciprocity with the other courses, we look forward to playing these other Trump trophy properties. Let's hope we can get this deal done. My hubby Peter, one of the clubs better golfers enjoys entertaining potential customers with a round of golf.

Benchwarmers Sports Complex Business Review

If you have any athletes in the family plan on getting them over to the new indoor training facility called Benchwarmers Sports Complex located at 302 Rolling Hill Rd Mooresville, NC just off Brawley School Road. Owner Rick Hutcherson has done a great job in creating an indoor environment for our athlete's to train indoors for baseball, softball, basketball, volleyball, soccer, lacrosse and golf. A 40,000 square foot facility, teams can rent the facility as well. A high school regulation basketball court, live hitting cages, soft toss areas, 3 Iron Mike pitching machines, 4 pitching tunnels are sure to help your little leaguer to college player excel. Call instructor Angel Nino at 704-664-1218 if you are looking to get your game to the next level in fielding and hitting. Be on the watch for the Lake Norman Wildcats and Mooresville legends high school baseball and softball players to be some of the baseball/softball players in the state in the coming years. Plans with video analysis and Vertimax training coming soon as well.

The Farms homes that have sold

Since May 1, 2010 10 homes have sold in The Farms community, one of those homes has a $0 tax value. So excluding that one home, an interesting fact on the other 9 homes is that it's final listing price was below it's tax value. Currently 30% of the active listings for sale in The Farms are priced below Iredell County's assesed value.

The Farms Mooresville for sale

The Farms currently has 26 active listings. Only 8 of these 26 listings are priced at less than than tax value including this one at 397 Bayberry Creek. This brick home just put on the market in August is in immaculate move-in condition and should be on your list of homes to look at in The Farms. Offered at $650,000, I have the listing through my office at Keller Williams MLS# 966369. Call me for details.

current statistics in The Farms

107 Tannenbaum CT LOT in The Farms Mooresville SOLD

A 1.25 acre lot in The Farms closed for $55,000. List price was $65,000 and down from ir's price last October of $79,900. Tax value is $66,500.

181 Grasshopper Circle Mooresville

If you are looking to just get on the water as inexpensive as you can, you might take a look at this home MLS 973914, just listed through Allen Tate. Grasshopper is off Mckendree (Woodland Heights school district) and a nice cove with quick acces to the main channel. This home has deep water year round, 150 feet of rip rap shoreline, a home built in 1967 with between 1600-1900 square feet and priced at $475,000. Call me if you have an interest.

138 Dedham Loop The Point Lake and Golf Club PENDING

This home located in Chatham Village at The Point just went "pending". The home with 3100-3700 square feet was on the market as a distressed property at a list price of $425,000 which is between 115-137 per square foot, amongst the lowest ever prices for interior lots at The Point. For the potential buyers that passed on the property perhaps because of Stonemarker you just missed one heck of a price (and something 2k worth of Cypress trees changes)  as we are getting towards the end of these distressed properties the deals like this will be gone forever so try not to be too picky if you want value. This was an easy one with a tax value over 700k. MLS 832420 Listing by Keller Williams Lake Norman.

116 Wild Harbor RD available

This lot owned by Arcadia Homes in The Point has been reduced by a little over 100k to $149,900. It was purchased in 2006 for $203,000 up from an earlier purchase price in 2004 of $103,000. MLS # 816649, listed through Crescent Communities Realty. Call me if you have interest in available lots in The Point.

Lot at 6 Washam RD sold

Dirt has been moving pretty slowly but a .94 acre interior lot just past The Point and on Washam Road just closed for $51,200. List price was $49,900 and tax value is $80,000. Washam road is a good choice if you don't want HOA fees but pretty much have what The Point has to offer including the ability to get a membership.

1834 Brawley School Road home at The Point SOLD

This home with 7200 square feet finally closed for $1,156,000 or $161 per sq foot. It is on the first hole of The Point Lake and Golf Club and was built in 2006 and was once listed as high as $2,200,000. This was a foreclosure sale and the home once seemed to represent the "tipping point" in the real estate market. Tax value is  $1,872,080. Quite the home for $161 per square foot.

Anyone see Donald Trump at The Point Sunday checking out the golf course?

typical Brawley traffic this morning at 6:37 Point entrance start to crawl but moving

104 Eclipse WAY Mooresville

This home in the Sundown subdivision off of Williamson is in a nice family oriented neighborhood built by Ryan homes. If you do not want to be on Brawley, this is one of the neighborhoods to look at. This home is between 4200-5000 square feet and priced at $409,900 well below tax value and somewhere between $82-$98 per square foot.
This home is listed for sale through RE/MAX at The Lake MLS#: 971980

113 Revere Mooresville

This small waterfront home closed the other day at $384,000 down from it's last asking price of $424,000.  There's not a whole lot of waterfront homes like this that can be had for under 500k, nevermind 400k. Don't wait if you are a buyer and waterfront is what you want is your price is limited these properties will move when priced properly.

10:35 Brawley is back in action

In the more than 6 years we've been here, I think today was the worst for the morning rush hour. Yes it is bad during the school morning times but today's accident takes it to the same level as a California freeway every Monday-Friday. It use to take me an 1 1/2 hours to get 20 miles from Burlington MA to Danvers, MA.......every day on good 'ole Rt 128. I can count on..........2 hands when traffic was this bad in 6 years.

traffic moving 20 mph now past bloom's

15 minutes from Point to Milfs at 10:05

moving 9 mph now past woodland heights entrance, congestion starting to clear out better.

Anybody want to sell their house and get off Brawley after today. Call me!

all emergency vehicles cleared out

traffic moving still need time to clear all the congestion that built up.

Middle school buses have made it to school. Accident almost 2 hours ago closed 1 lane and traffic was moved onto a new section of Brawley.

Stop texting when driving down Brawley school road. It was a car coming down Brawley in what sounds like someone wasn't paying attention to the road.

traffic still backed up at 9:00

Accident this morning near Bloom's Brawley and Stutt's around 7:30 - 7:45

a car coming down Brawley veered into a couple cars leaving Brawley. No one serously injured I have heard.

Robbins Park Cornelius Homes by Simonini

With the latest news of Simonini Builders winding down their business by year end it will be interesting to see what they do with their pricing and today on 5 spec homes being buit in Robbins Park they took all 5 homes down in price by 7.5% each.

499 Isle Of Pines Rd Mooresville Sold

This 4022 square foot home on Isle of Pines Rd off Brawley School Road closed recently for 419,900. The home also has an unfinished basement and it's list price was $424,900. The home was only on the market for a couple weeks and sold at $102 per sq foot and was a distressed property sale. Great deal for the buyers. You can't wait when you find a deal, these distressed properties don't last long and at some point there won't be any more.

The Point Year to date sales

A nice uptick in sales at The Point Lake and Golf Club year to date which is 37 homes closed vs last year same time frame of 23. A reflection of many of the distressed properties moving coupled with some much more realistic pricing by sellers as average prices per square foot are down from prior years.

August home sales for Lake Norman Mooresville Area

Below is a chart of the month of August comparisons for single family home sales closed and pending back to 2003. One note of interest is closed sales exceeded pending sales for the first time since 2006. Maybe a sign of lenders getting through the paperwork of some of the distressed properties. August 2010 closings were 27 vs 22 last year.

this next chart adds in new listings which includes new construction and existing home resales.

some other interesting data points to take note of when you are thinking of total new listings

Simonini

According to a statement released by Simonini today they will wind down operations by year end and complete the 14 custom homes in progress and the 21 spec homes. You can reach Simonini at (704) 358-9940.

The company like many builders just never saw the real estate turn, this was a headline from Dec 2008, in the eye of the storm "Drop in new home construction not stopping Simonini builders". Guess the drop in people wanting to buy new home construction finally did stop them. Real estate is a supply/demand problem and this will be good news for the Charlotte market with less supply coming on.

Construction employment

Simonini Builders news of closing up shop made me think about the current employment conditions in construction. Although it was just reported that construction employment gained jobs last month, which was due to the reversal of a strike of 10,000 workers from the month prior, the industry is still way over employed, there are currently 10 jobs for each housing start, historically that number is closer to 3 employees per housing start so something gives here, either labor comes way down or construction employment sees layoffs.

Simonini Builders shutting down because of 'catastrophic changes'

WOW! The Charlotte Observer just reported this (click here to read the full article) Might mark the turnaround in real estate as they didn't see the bubble bursting in 2007 either and didn't believe Ivy Zelman's reports about the real estate market being overpriced back then. Too bad, they built great homes and are the real deal in quality. Built many fine homes in The Point and most homeowners are proud they have a "Simonini home"

112 Dedham LOOP Mooresville JUST LISTED $675k

This is a great home I just listed in a great family oriented village in The Point, (Chatham Village). This manageable home packs a whole lot into it! Gorgeous tile floors gives this home a metropolitan feeling - light colors with tons of natural light. Custom built home with many upgrades and unique touches. This home is very elegant but easy to take care of. Venture outside to the new patio area and pool. Easy living! Call me.
MLS 971678 (click here for MLS Listing)

National Pending Home sales July

Just released figures show July pending home sales were up over 5% vs June. However, July sales were down 19% vs July 2009. Median expectations of 38 economists had expected a 1% decline month over month, so pretty good results based on expectations.

Waterfront Lots available in Mooresville

There are currently 77 waterfront lots available in Mooresville through CMLS. This interactive map has most of those lots and contains more data on each lot than normally available. If you would like a spreadsheet with all the lots and sortable by price relative to tax value or other important criteria call or email me.

click on the map

New Spec Home listed in The Farms

There's been a few new spec homes listed recently, a sign of stabilization seen by the builders and a good way to compare new vs existing prices. This one located in The Farms at 131 Colvard Farms Lane and being built by Courtland Builders, a terrific builder, is priced at $569,000. The home size will be between 3000-3600 square feet with an unfinished basement putting it's list price somewhere between $158 -$190 per square foot. The home is listed through Crescent Communities Realty MLS# 966845. Call me if interested at 704-996-2744

1897 Brawley School Rd The Point Lake and Golf Club Sold

This new home located near the 9th green sold recently for $732,500 or at 87% of it's latest asking price. Built by David Dibble in 2007 and originally listed in late 2006 at $999,000, the home with 4615 square feet, had a selling price per sq ft of $159. It has a tax value of $1,037,260. Which brings up an interesting point about tax values and how in The Point on homes built around 2007 and at the top of the bubble the values seem to be way off the mark to current sales prices. If you read the post below this, the tax value on that waterfront home is around 500k more. I would argue that the land cost alone is 500k more for that waterfront property and the home is almost twice the size and would have significantly higher building costs. So, be careful about using tax values as your measurement of home value. It is close on a lot of homes but can be way off on others and especially waterfront in which land costs can be significantly different.

262 Stonemarker Rd Mooresville SOLD

This is a really beautiful French Renaissance estate type home with all the upgrades, such as an underwater sound system in the pool and located on 197' of shoreline with a sandy beach. The home with an asking price of $2,499,000 closed for $2,050,000. It's tax value is $1,534,640. According to it's listing sheet it has 9099 square feet, which puts the sale price at $225 per square foot. RE/MAX at the Lake was the listing agent and represented the buyer as well.

127 Heathland Mooresville The Point Lake and Golf Club Priced to Sell!

This corporate relo home now priced at $799,000 sits on a great location on the par 3 13th hole of The Point Lake and Golf Club. This home built in 2002 by Kingswood and Assoc. was first sold in 2002 for $899,000. This home has a beautiful waterview and really feels like a waterfront home when your'e in it as the only thing separating you from Lake Norman is a narrow patch of a par 3. The views are much better than alot of waterfront homes. If you are a golfer it's in a really good location. You will also love the sunsets from this location and the views of Little Mountain. The pictures posted for this home do not do it justice. If   want a buyers agent to represent you let me know, I am familiar with it, know it's history, so let me help negotiate a good deal for you. It's listed by  Coldwell Bankers United listing #945576

link to it's MLS listing by clicking here and typing in 945576

121 Marston Mills Dr The Point Mooresville Sold

This 6043 sq foot ranch/basement home located on the third golf hole at The Point Lake and Golf Club recently closed at $875,000, or at 95% of it's $925,000 asking price. Built in 2003 by Simonini Builders, the home closed at $145 per square foot and has a tax value of $1,109,930. Good deal for the buyers.

Today's Brawley School Road Traffic

Notice the extra traffic on brawley? It was due to the first full day of kindergarten at Woodland Heights for all the classes. I expect traffic to be similar to today for a couple more weeks when more mom's start using the bus. Traffic is usually a little lighter on Friday's and a little heavier on Monday's. In a few weeks some of the part time summer residents move back to their full time residence whichs helps the traffic also.

132 Chestnut Bay Mooresville Sold

 This 3931 square foot home built in 2006 by Zande Builders located off Blume road in the Beech Tree Bay Community has sold for $460,000. It was originally listed back in mid-late 2006 for $740,000 and ended up becoming a bank owned property with a gradually reduced list price until June 2010 when they lowered it to $529,900 and then shortly thereafter went under contract and has now closed. The selling price puts it at $117 per square foot; down from it's asking price of $134 per sq foot. The tax value is $622,480. Average home price per sq foot in Mooresville is $125 according to Trulia. The home was listed by Moss Realty.

Lake Norman Waterfront Homes below tax value

Click anywhere on this text to view an interactive chart with lots of data that shows the 13 homes that are currently priced below tax value, are waterfront properties, and in the Woodland Heights school district. There are 84 active waterfront listings and the only criteria to create this list of 13 homes is it must be below tax value.

click here

145 Pine Mist Mooresville

Now here’s a home that you can move right into! Absolutely nothing to do to the inside of this home – it is beautifully decorated and has a great floor plan. The masters suite is out of a magazine; soothing colors and attention to detail……….The kitchen is gorgeous not only does it have a keeping room within the area but also a large breakfast area to accommodate a large family. The best part about this home is the location – it will take you less than 5 minutes to get to Woodland Heights and it's priced to sell at $389,000 between $108-$129 per sq foot!! listed by me and Keller Williams MLS# 924901

click here for the MLS listing

How about adding a live web cam at a couple points on Brawley. What do you think?

397 Bayberry Creek in The Farms available

Here’s a rare find in the Farms that I just listed– this home is in pristine condition the homeowners have taken such great care of this home that you wouldn’t believe it’s been lived in. incredible triple crown molding on the main floor – custom woodwork from Strom Construction (and it’s great that the builder is still in business and actively building in the Farms)beautiful maple cabinets in the kitchen with a great breakfast area that connects to the screened in porch with seasonal water views. What I really like about this house is the secluded bonus room over the 3 car garage; it has a convenient entertainment bar for those late night movies! This is listed through Keller Williams by me. MLS# 966369

Click here to see the listing on the MLS system

National New Home Sales just released

New Home sales contracts signed for July dropped 12.4% to a seasonally annual adjusted rate of 276k close to the lowest annual rate on record which was May 2010. Average price was 196k vs 214k in July 2009 and now back to levels of 2004. Inventories of new homes moved up to 9.1 months supply. In the South housing starts are running at levels not seen since the late 70's and in some month's in early 80's. With household formation continuing to grow eventually supply will meet demand, just as builders overbuilt in the 2000's, they are now underbuilding, it will take time to catch demand, but it is a simple supply side economics issue.

Traffic on Brawley

Welcome, the school year has begun so plan accordingly. Soon enough the road will be done and we'll have nothing to complain about. If you think we have it bad, how about this 60 mile long traffic jam in China that is now 10 days old and expected to last for weeks, cars are moving 1 mile per day, read the WSJ article here.

Mt. Mourne IB School

Just a passing thought........talking with my oldest and how he's excited to get back to school (8th grade) at the IB school and we are reminded that this school is 1of 5 schools in the entire state of NC in which 100% of the students tested at or above grade levels last year. How's that for great schools in NC.

Brawley School Road traffic

Today is the last day to enjoy your commute on Brawley School Rd. if you need to leave between 6:45am -8:00am. I expect traffic will be awful starting tomorrow for the first day of school. It tends to ease up a little bit in about 3 weeks but still if you are in The Point or beyond get on the road by 6:45am.

I recall when we moved to The Point in 2004 Woodland Heights Elementary was not built yet so my oldest attended 1st and 2nd Grades at Lake Norman Elementary and the commute to school and back home was an hour! So, not much changed in 6 years. Can't wait for the road to be done!

July 2010 Existing Home Sales from NAR

Just released data today from NAR confirm the recent softness in real estate markets with July existing home sales down a whopping 27.2% from year ago levels. Total units sold were 3.8 million, way off from the expectation of 4.7 million. In the South we were 22.6% below last year levels and median price was down 3.3% from July 2009.

Inventory levels continued to grow reaching a 12.5 month supply and is at record levels. Distressed properties accounted for 32% of sales and interestingly 30% of closed sales were to cash buyers. The market remains a buyers market and sellers need to be realistic about their pricing and make sure your home really stands out from the competition. This website is filled with details you need to help you understand the current values in our local area such as The Point, The Farms, and The Harbour at the Point and areas off Brawley School Road. I also have several "pocket listings" so if you are a buyer in the The Point, contact me.
(read the full NAR release here)

Homes Sales over the last 30 days in Mooresville 28117

Click here for an interactive Google map with all homes sold in the 28117 zip code through CMLS over the last 30 days to August 9, 2010. This map I designed contains a significant amount of information for those interested in the details of recent home sales.

Highlights are:
36 Homes Sold
Average Price =$507,747
Average sales price/ list price = 96%
Average Price per square foot = $127
Average Square footage = 3882
Average Year Built = 2002
Only 12 sold for more than Iredell County Tax Value
Only 1 home sold for over $200 per square foot

 addresses included
126 Whispering Cove CT; 114 Avocet CT;149 St Charles LN;127 Hawksnest LN;146 Orchard Farm LN;
118 Morehouse AVE;115 Wilton PL; 199 Chandeleur DR; 135 Lynn Cove LN; 108 Yacht RD;
205 Templeton Bay DR; 113 N Audubon AVE; 124 Spears Creek DR; 156 Eclipse WAY;
115 Standish LN; 118 Ewart PL; 243 Woodstream CIR ; 108 Sandpiper DR; 121 Seabury DR;
256 Wood Duck LOOP; 708 Isle Of Pines RD; 105 Purple Finch LN; 106 Lightship DR;
125 Sapphire DR; 268 Indian TRL; 120 Fantasy LN; 165 Kilborne RD; 117 Sundown Cove DR;
105 Gammon Point CT; 132 Chestnut Bay LN; 111 Jase CT; 143 Palmer Marsh PL; 101 Egrets Walk PL;
268 Bay Harbour RD;  133 Vista Bluff LN; 152 Longboat RD;

Compared to the same period one year ago, the median home sales price decreased 7.8%

This report is from Trulia:

Average price per square foot for Mooresville NC was $125, a decrease of 3.8% compared to the same period last year. The median sales price for homes in Mooresville NC for May 10 to Jul 10 was $205,000 based on 203 home sales. Compared to the same period one year ago, the median home sales price decreased 7.8%, or $17,300, and the number of home sales decreased 32.1%.

There are currently 1,790 resale and new homes in Mooresville on Trulia, including 140 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Mooresville NC was $464,012 for the week ending Aug 04, which represents a decrease of 1.5%, or $6,831, compared to the prior week.

127 Thurstons Way Mooresville, NC For Sale

Look no further than this waterfront estate home for the most discriminating tastes.Panoramic views of Lake Norman, handcrafted quality construction, and a beautiful Cape Cod design. It is listed through CottinghamChalkHayes, Realtors  MLS # 945354. Take a tour of this beauty by clicking here

105 Gammon Point Court Mooresville NC The Point

This home closed recently for $755,000. Located on the right hand side of the 6th fairway, it has 4853 square feet and a tax value of $906,590. The home last sold in 2005 for $835,000. It's selling price per sq is $156.

346 Bayberry Creek Circle Mooresville, NC The Farms

This lovely home located in The Farms community recently closed for $492,000. The home has 3600 square feet for a per sqaure foot selling price of $137, right in line with the average and median prices we've been seeing in The Farms. This home last sold in May 2007 for $590,000. It's latest sale price represents a -16% decline in it's price and roughly in line with the 14% decline in the Case-Schiller indices for Charlotte over that same time period.

108 Yacht Rd Mooresville The Point

This home on the corner of Brawley and Yacht Rd recently sold for $1,150,000. This home has beautiful curb appeal, is located along on the 16th fairway bridge, has 6252 sq feet, a basement and a nice waterview. Selling price pe sq foot is $184. Originally listed in 2007 for $1,549,000.

106 Lightship Mooresville, NC The Point

This 6300 square foot basement home recently closed for $975,000. It is located across from the 13th green , the last house in the cove with it's own boatslip. It's selling price per square foot is $155, putting it well below average waterfront prices. It was originally listed at $1,499,000 in late 2007 and it's current tax value is $1,123,480.

Still a large supply of housing inventory to households

National Pending Home Sales down 18.6% vs. June 2009

Will Donald Trump buy The Point Lake and Golf Club?

Wow. Funny how old information finally made it to the press, WBTV article (link to it here) There is nothing new in the information they provide and. Eric Trump and reps from the Trump org. have given us a look and have been in an advisory meeting but for now there is nothing on the table. Any sale needs to be voted on by the membership.

What's your opinion on a Trump owned Point Club? Does the name add value?

I'm a full equity golf member so it pertains to my family and the investment we made. For the swim/tennis member or community member it should be of no big concern. The interest, appeal and the value is the Golf Course.

118 Ewart Place mooresville NC

This home in the Farms closed recently at $640,000. The home has 4789 sq feet and sold for $134 per square foot slightly under The Farms average price of $137 and median price of $136.

S&P/Case-Shiller Home Price Index

According to yesterday's release of the S&P/Case-Shiller Home Price Index, which measures sales of repeat home and reflects changes in prices, not actual prices showed that the Charlotte homes prices fell 2.8% from year ago levels. As Charlotte was the last market out of 20 Metro markets to start falling almost as much as 2 years prior to other markets it should come as no surprise given our local economy and the reliance on the banking industry that it will be one of the last markets to recover. It is good to see tha Boston, San Diego markets showing signs of vibrancy.

The Value of Information in Real Estate Transactions

Market Distortions when Agents are Better Informed: The Value of Information in Real Estate Transactions.

This is an interesting paper from the University of Chicago that seeks to understand the informational advantages that realtors have over home sellers and that they on average sell their own homes for almost 4% more on average, and even more than that when a buyer does not use a buyers agent. Much of the work I do is to help my buyers and sellers understand this informational difference and to help them understand values better. As I read this paper it makes me think about some of my competition and how they run their business and in some cases do exactly what this paper talks about in that the incremental difference in trying to get a higher price for their sellers does not make economic sense for the agent and they talk the seller down in price in some cases below value....yes I've seen it and the values that a few homes have sold for when it's not a forced sale don't fit my valuation matrix. Email me if you want a copy of this whitepaper.

The Farms Sales

The Farms community has seen 15 sales over the last 5 months, due to the fairly homogenous nature of lots and homes in this community it's always interesting to see valuations, which in this case range from a low of $73 per sq foot for the sales office (are you kidding me!) to $150 per sq foot, by eliminating the 73 per sq sale as an outlier, we are looking at an average of $137 per square foot with not a whole lot of variation. For the sellers, we have alot of ideas and creative marketing expertise to get your house shown. Let us show you how we can help.

Foreclosure Hurts Values More Than Bankruptcy

 Foreclosure reduces the value of a home by 27 percent on average, according to a new study from Harvard University and the Massachusetts Institute of Technology.

Other kinds of forced sales have less dramatic impacts, for instance; an estate sale after an owner’s death reduces the price of the home by only 5 percent to 7 percent and a bankruptcy filing cuts the value by an average 3 percent.

If you would like to view the 33 page white paper click here

Soiree on Main is closing.

Soiree, the upscale restaurant in that opened in 2006 in downtown Mooresville is closing. Founded by the former head chef at The Point, Jon Spencer, the downturn in the economy is the driving factor. A new restaurant owner is hoping to open in the space. We will miss Soiree, it helped to start the revitalization of downturn Mooresville (DOMO) and helped usher in JJ Wasabi's and more.

Iredell County jobless rate at 11.6 percent

JUST LISTED Waterfront

I have just listed this fabulous waterfront property. The property is over 2 acres and sits on a level lot complete with your own sandy beach and has terrific views of the lake. It is listed for only $675,000.
It is an incredible LakeFront Lot in the Point 2.21 acres!!. A great value for this size lot....Private lot will accomodate a full basement 6 bedroom home with a pool. Septic system is located in the front of the property. Please contact me for house plans - over 10,000 sq ft home with gorgeous lakefront beach setting. House plan to be approved by ACC; no time frame to build. This is located in an exclusive area of The Point with some of the larger homes.CLICK HERE TO SEE THE MLS LISTING

Foreclosure sale in The Point

This 3500 square foot home located in The Point and offered at $472,000 just closed at $470,000. This home was a foreclosure sale and listed through Old Stone realty. It's sale price puts it at $134 per square foot and around the same levels of other distressed non-waterfront properties.

A great example of waterfront land prices on Lake Norman in Mooresville

This property is .24 acres, lot size is 73x143, it is in a cul-de-sac near the end of Stutts Road and just closed at $389,900 which was full list price. The home is 1200 sq foot, perfectly liveable and was updated in 2007 with granite counters and stainless appliances, but in most cases these small homes are torn down and it's the land and the view which holds all the value. This property changed hands a few times and represents a pretty good picture of typical waterfront lots and the trend of prices and values; it sold in 2004 for $135,000, re-sold in 2006 for $475,000, immediately put back on the market for a flip at $649,000 as it was updated with the granite, hardwoods, etc and was being rented at $1100 per month and was sold in spring 2007 for $630,000. A good example of the "hot potato" being passed on to the next person. The home back then was marketed as "If you ever want BIG water views under $700k, this is probably your last chance!"

For those that didn't recognize a clearly identifiable bubble or didn't have someone working for them with knowledge, shame on them. The home now owned at $630,000 was put back on the market in May 2009 for $575,000, reduced to $489,900 in February 2010 and then reduced $100k to $389,900 and went under contract in 7 days at full price. Lots like this are finding interested investors in the 3's, still up big time from the $135,000 in 2004 it sold for.

There are still some sellers whose prices won't attract buyers, if you are a buyer or seller contact me to help you with values, so you don't end up holding the "hot potato". And for buyers; when the list price is right you have to strike fast.