Home prices strengthen; what a difference a view makes

Home prices strengthen - 18305 Shearwater Lane in Cornelius for $1.3 million

18305 Shearwater Lane in Cornelius for $1.3 million

High-end home prices in Denver are benefitting from “much-improved highway access to Charlotte.

“The Denver area with it’s newly widened highway and improving amenities has posted five straight quarters that exceeded the comparable prior-year quarter,” says Reed Jackson, managing partner of Ivester-Jackson Distinctive Properties in Cornelius.

A major change in this year’s luxury home sales activity is how geographically spread out it has become. “Both the North Shore, with new mixed-use development planned for Terrell, and the West Shore, which now has much improved highway access to Charlotte, are seeing increases in buyer activity in the luxury price ranges that previously might have gone to Cornelius or the Brawley School corridor,” Jackson said.

Meanwhile, in Davidson 38 homes have closed over $500,000, vs. only 23 last year.

Good times, these are.

“The $500,000 to $1 million range continues to be very active, with most areas around the lake as well as Davidson, all running even with, or ahead of, last year’s unit sales,” says Jackson.

“As is typically the case, it varies from community to community, with Davidson running well ahead of last year in that range, the West Shore and North Shore of Lake Norman both running 15-25 percent ahead of last year, while The Point is ahead of last year in unit sales in that range as well,” Jackson explained.

Cornelius lags last year “just slightly.” But among homes in the $500,000 to $1 million range in The Peninsula, prices per square foot are up about 4 percent.

There are also 46 homes over $500,000 pending in Cornelius, a 10-year high. It averages out to about $184 a square foot in Cornelius vs. the mid-170’s in The Point and $166 to $170 a foot in Davidson.

“With older homes, the updates play such a large role in the end pricing result, it’s not  uncommon to see an originally upfit home of 20 years in age sell in the $130 to $145 range while fully updated homes can push $200 a square foot,” Jackson said.

During April alone, 40 single-family homes sold in Cornelius, Davidson, Huntersville and Mooresville, vs. 27 during the same month last year. According to Frances Dawson of ReMax Executive at the Lake, the average sales price per square foot this year was $191, vs. $174 last year. In Cabarrus County during April there were two sales—at an average of $145 a foot—and none during April last year.

What’s a view worth?

If beauty is in the eye of the beholder, a stunning lake view will do wonders for property value.

An estate near the end of a cove at 20705 Bethel Church Road in Cornelius has sold for more than $1.4 million, complete with a 5,639 square foot home, three garages, a gated entry and a private pier—all on 3.7 acres. If privacy is paramount, this was the house.

Then there’s this: A little over a third of an acre with no house, no garages and no gates sold for $900,000 on Town Harbor in The Peninsula. But it has a stunning view of Lake Norman.

Lance Carlyle, of Carlyle Properties in Cornelius, had both sides of the Town Harbor deal. Carlyle had the listing side of the Bethel Church deal; Kristi Vernon of Keller Williams represented the buyers.

“Although some people want privacy, a view is valuable. A spectacular view could add 50 percent to the value of a property,” Carlyle said.

In Cabarrus

A fine old home on 117 acres at 2210 W. Mt. Pleasant Road has sold for $1.125 million after being on the market for more than two years. The property has a private lake lined with blackberry bushes, as well as woods and fields. The listing agent was Ford Craven with Craven Realty.

In Cornelius

A house at 18305 Shearwater Lane has sold for $1.3 million after being listed at $1.25 million by Debbie Monroe of Lake Norman Realty. The lakefront three-bedroom house has a total of 3,826 square feet. It has a private beach and good sunset views.  The tax value is $1 million. Marcy Prentiss of Redfin Corp. represented the buyers.

In Mooresville

A lakefront house at 148 Lightship Drive in The Point has sold for $2.675 million after being listed at $2.72 million by Doris Nash of Ivester-Jackson Distinctive Properties. The 7,400 square foot house comes complete with an elevator, five bedrooms (two on the main level) and covered and open terraces. It has a private pier, a beach and excellent views. Alice Stewart of Southern Homes of the Carolinas represented the buyers.


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