Friday, July 9, 2010

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. 

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