Posted by: Roby Robertson | January 17, 2010

Solid Start To 2010 In Lake Norman Luxury Market

Solid Start in 2010 in Some Lake Norman Luxury Ranges

It is only a few weeks into 2010 but already we have seen some solid activity in certain Lake Norman area luxury ranges. While the activity is promising prices remain under pressure from distressed and long listed properties.

The number of pending contracts for luxury homes (over 500k) in the theLake Norman area is up to 58 total. A really strong number (in 2008 this number was in the 40’s in January). In The Point  the total homes under contract is up to 10 right now. Very solid for January. River Run now has 7 homes under contract, the best position for that Davidson community since last summer, and The Peninsula has 6 under contract.

The Point saw a 3.3 million dollar distress sale of a house that had been listed as high as 5 million (a new construction). The Point also saw another foreclosure go on the market at 695,000 and get bid up to 799,000, something that’s beginning to happen again as people line up to buy anything labeled “foreclosure”. 

Good News For Lake Norman Buyers and Possibly Bad For Sellers

The biggest concern is still the rise in the number of distressed properties . There were 47 in December and now that number has risen to the 50’s.  These homes will drive pricing  until these numbers reduce significantly meaning  prices are going to remain depressed.

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