LAKE NORMAN, N.C. – Real estate experts say luxury home sales on Lake Norman are on the rise and expect the trend to continue into at least the next few months.
Reed Jackson, a partner with Ivester Jackson Distinctive Properties in Cornelius waited three years to put an under contract sign in the yard of a 7,800 square foot Tuscan villa in The Peninsula.
That sign is finally there, with the house originally listed for $3.4 million dollars selling for approximately $2.6 million. The price is lower than the owner initially hoped for, but at least it finally sold.
"I feel like the market is definitely improving,” Jackson said.
Several numbers fuel Jackson's optimism: He says showings are up 20 percent. 60 Lake Norman area luxury homes are under contract now, compared to about 40 this time last year.
(Click here to see a list of the pricest homes on the market in Charlotte)
"It should ramp up from here,” he said.
Seven ultra-luxury homes, costing at least $2 million dollars each went under contract in recent weeks, compared to three or four this time last year.
Jackson says the number of homes in short sale or foreclosure is down to around 30 instead of 80 from 2009.
Luxury home buyers have been waiting see several factors, which are now prompting them to act.
"I think people were timing at that price point over the last two or three years trying to get a feel for when the economy started turning the corner, and I think now that they see that, they anticipate that perhaps interest rates are going up and prices may start showing some improvement, so they're jumping in and buying,” Jackson said.
Inside Light Styles on Catawba Avenue, Terry MacCallem has noticed more custom lighting orders coming from newly purchased homes.
"It kind of comes in waves,” MacCallem said. “It’s very encouraging for us.”
Especially when you consider how a bad housing market hurt the store for about a 3-year stretch.
"We went through a layoff and down to a skeleton crew,” she said.
Now, MacCallem says the store is still there, alive and kicking after 15 years, due in part to the uptick in luxury home sales.
Low interest rates are also fueling the “luxury at the lake” comeback, with buyers saving thousands of dollars on their mortgages.