Posted by: Roby Robertson | July 23, 2010

Lake Norman Foreclosure Update

News Flash From Lake Norman

Finding a Lake Norman Foreclosure on the water for around 300,000 is NOT going to happen, unless you are willing to buy a mobile home and/or live in the back of a cove.

OK, there I have said it.  I have been asked this OFTEN!  There are 38 Lake Norman Waterfront homes listed in our MLS and described as Bank owned or a short sale opportunity. Of these 38, 6 are priced under 400,00. The largest of these is 1900 sq. ft and here is the description in the MLS provided by the listing agent:

Bank owned property…This property is considered waterfront by NCREC standards because of 25′ frontage on Lake Norman w/ private dock. Please inform your clients that it is one home back from the wat er with the 25′ access between 2 waterfront homes before scheduling a showing.”

So, don’t look for a ‘STEAL’ on the water for under 400,000 that has 3000 sq. ft and big open water.  It probably is not going to happen,  ever!

Now if you are willing to look for off water deals, we can find you one of those.  Here is evidence.  We just went under contract for a new construction minutes from the water with 4300 sq. ft.  Original price was $695,000.  Contract price was SIGNIFICANTLY less.  ( Can’t say yet because we have not closed).  Second example.  Home listed originally fo $645,000, needs about 30,000 to finish and is listed for $260,000. and it is larger then the one under contract.  Both of these have granite and hardwoods througout. 

So, for everyone looking for the deal of the century, You need to look off water or be willing to pay more than $500,000 which is where the waterfront deals are!


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