Monday, September 27, 2010

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.

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Wednesday, September 22, 2010

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.

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Tuesday, September 21, 2010

Canvasback Light is not synced right

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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
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Canvasback Road has now reopened as of today.

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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.
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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
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Monday, September 20, 2010

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. Bookmark and Share

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.
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Saturday, September 18, 2010

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. Bookmark and Share

Friday, September 17, 2010

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. Bookmark and Share

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. Bookmark and Share

The Farms Mooresville for sale


current statistics in The Farms

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Thursday, September 16, 2010

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. Bookmark and Share

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.
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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.
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Tuesday, September 14, 2010

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. Bookmark and Share

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. Bookmark and Share

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

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Wednesday, September 8, 2010

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
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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.
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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. Bookmark and Share

traffic moving 20 mph now past bloom's

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15 minutes from Point to Milfs at 10:05

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

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

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all emergency vehicles cleared out

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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. Bookmark and Share

traffic still backed up at 9:00

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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. Bookmark and Share

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. Bookmark and Share

Tuesday, September 7, 2010

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.
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Sunday, September 5, 2010

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.
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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


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Friday, September 3, 2010

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. Bookmark and Share

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. Bookmark and Share

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" Bookmark and Share

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)
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Thursday, September 2, 2010

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. Bookmark and Share

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
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Wednesday, September 1, 2010

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 Bookmark and Share

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.
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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.
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