Posted by: Roby Robertson | March 12, 2008

Lake Norman Real Estate, Luxury Homes Snapshot

Read about Lake Norman Luxury Homes and the state of the Market

Quoting from the “Soft, But Stabilizing Home Sales” article recently posted at the National Association of Realtors web site for February 2008, NAR Chief Economist Lawrence Yun makes the following statements: 

“Today’s data on existing home sales continues to show soft figures.  In January, there were 4.89 million existing home sales on a seasonally adjusted annual basis, which is down very slightly by 0.4 percent from the prior month and by 23 percent from one year ago.  It marks, essentially, the lowest level of activity in 10 years. 

However, sales have held steady at near 5 million (plus or minus 100,000) since September of last year.  In other words, the past months’ home sales activity accounts for the virtual disappearance of the subprime and other risky loan products, and the continuing wide credit spread on jumbo loans.  Unless there is a blowup in the lending on prime loans (unimaginable), there is not likely to be a further notable sales decline from this point.  In fact, any greater use of the safer FHA or jumbo loans can help revive home sales later in the year.
We are watching closely to see when the market begins to take advantage of extremely low interest rates and discounted prices. This is how real estate fortunes are made. 
Basically, the gist of things is this.  The loans that should never have been offered are gone.  This is a good thing.  These type loans are the main reason we are seeing all the foreclosures.  The market is soft for sellers but buyers can still find great homes.  It just takes some patience, a good realtor and a buyer ready to deal.
Below are some statistics on what I call Lake Norman Luxury Homes in our market.  These are homes from 1,000,000 and up.  Keep in mind thare are also numerous homes that were priced in this range but recently have had prices dropped below this mark.
Active – 244 Properties Found

Square Feet

Bedrooms Full Baths Half Baths List Price Sale Price Days On Market
Min 0 2 2 0 $ 1,000,000 $ 0
1
Avg 5589 4 4 1 $ 1,788,120 $ 0
129
Max 11395 7 8 4 $ 10,500,000 $ 0
701

You can contact your Lake Norman Real Living Agent at 704 451 7051

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