Swank abodes setting records for home prices

Even at $3.8 million,the house on Spinnaker’s Reach had 28 showings and multiple offers, listing agent Marzia Mazzotti said \ Photo by Tim Erskine, TourFactory

May 1. By Dave Yochum. The recent sale of a luxury home in The Peninsula and a new listing on the lake in Huntersville have Realtors buzzing about the strength of the market in Lake Norman and the unique allure of trophy homes.

The new listing on Island Drive in Huntersville is one of those properties that has a name: Merancas Island. Set on an uncommon 4.5 acre island-like parcel, the 12,800 square foot abode went on the market for $22 million, more than $1,700 a square foot. Oh, there’s a 1,700-square-foot guest house, piers, docks and gazebos, but you get the idea

The Peninsula sale, at $3.8 million, was record-breaking in terms of price per square foot. It closed at $900 a square foot—triple some other recent deals.

Even at this price point, the house on Spinnaker’s Reach had 28 showings and multiple offers, listing agent Marzia Mazzotti said.

“This recent sale proves how strong and desirable our lakefront market is,” she said.

The house had a “tasteful and clean renovation,” not to mention a wall of windows showcasing the pool and a view of the lake.

“That can make the difference between a million-dollar home and a multimillion-dollar home,” she said.

According to Houzeo, it costs $200 to $300 per square foot to build a house in North Carolina. In The Peninsula, the minimum price per square foot was $221 during the past year. The average closed price per square foot was $448.

Mark Bardo is the “Luxury Strategist” for Allen Tate Realtors.


He said there are at least three values of real estate: Assessed value, appraised value and market value. But there’s a fourth one here—emotional value—that can trump the rest.

“The emotional value will be the key to the sale price,” Bardo said, explaining that trophy properties are in a class unto themselves.

“There are very few single-family homes in the Charlotte region that would demand this kind of price tag. And the buyer for such a trophy property is equally unique,” Bardo said, explaining that buyers up in the stratosphere are unlikely to be concerned about assessed or appraised value.

Like pedigree horses and collectible cars, trophy properties defy the need to be rationalized.

“The luxury buyer will always pay what the asset is worth to them, often based on the emotional value alone,” Bardo said.


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