Check out our latest significant sales for June 2018 including a stunning Mediterranean home in Seven Eagles, a gorgeous SouthPark home in Morrocroft Estates and several Lake Norman waterfront listings.
The West Shore communities of Denver, Terrell, and Sherrills Ford saw a solid start to 2018. First quarter sales in the sub-million dollar range nearly matched last year’s first quarter, with 20 deals closing vs. 22 last year and 24 more pending as we went into April. The million dollar plus range saw similar action compared to last year, with 3 homes trading in both this year and last year’s first quarter. There are currently 5 homes pending on the West Shore listed at over $1 million.
Are you dreaming of ways to cool off during your summer break? Ivester Jackson Christie’s International Real Estate has dozens of fantastic homes with beautiful pools and spas just waiting for new owners to enjoy.
Mountain resort style private estate
Spend your summer evenings cooling off by this oasis-style pool which has a breath-taking view and is accompanied by an outdoor wood-burning fireplace. This exquisite mountain resort-style, private estate is situated on 7.25 acres, the main living area looks out upon a beautiful private tree-covered backyard.
If you like outdoor living you’ll love this home! This custom-built home on two lots is the pinnacle of luxurious indoor/outdoor living. The 15,000 square foot, impeccably-detailed structure surrounds a gorgeous courtyard oasis designed with fun, relaxation, entertaining, and privacy in mind – Pool, Spa, Guest House, Outdoor Kitchen, Fireplace, TV & Surround Sound.
You can enjoy swimming at your pool all year long at this luxury custom brick home with an outdoor heated swimming pool. This Elegant 21-acre Equestrian Estate epitomizes privacy & luxury. Located within the equestrian community of Farms at the Heartwood the private gated entrance is bordered by privacy trees; a paved driveway meanders through the manicured grounds, past a 3-stall show barn, and board-fenced pastures
Privacy, 180-degree lake views, fountains, outdoor living spaces and so much more! Outdoor features include a lake hued tile pool & spa, gas fire pots, pool bath & shower, loggia with a kitchen, retractable screens, built-in heaters, and fireplace.
Outdoor amenities at this waterfront home redesigned in 2008 feature a resort style pool, cabana with fireplace & bath, and sun decks all bordering the waters of Lake Norman. It also includes a private outdoor master retreat with fireplace & spa, a covered pier, and private waterfront beach
Feel like you are spending your days in Tuscany while floating in this private oasis which includes an infinity pool and two fountains surrounded by extensive landscaping, verandas, and patios. This Italian Villa is found in prestigious Pellyn Wood in heart of SouthPark.
Savor Lake Norman’s most spectacular sunsets while floating in this saltwater pool. This private gated estate is perfectly designed for indoor/outdoor living with covered dining areas, a fire pit, and meandering terraces.
Stroll directly from your elegant owner’s retreat out to a private Euro-style infinity pool lined with privacy trees and nestled in a gorgeous mature landscaped setting. Find your zen while looking beyond at a tranquil pond.
First Quarter in Myers Park and Eastover Trails 2017 But Rallies in March
The first quarter sold activity in Myers Park and Eastover trailed last year’s sold results by a significant margin of over 50%, which by itself might indicate a serious slowdown. However, showing activity in the area had been running at last year’s levels. It appears that as March comes to a close, pending activity, particularly in the $1 million plus category, trended upward significantly with 25 homes pending to close in that price range, including 2 above $3 million in value. The sub $1 million range continues to lag early 2017 and will warrant watching in the second quarter.
SouthPark Area Matches Q1 2017, $1 Million+ Market Surges
The SouthPark area, which stretches from Foxcroft and Barclay Downs southward down Carmel, Park, and Colony Roads to the Quail Hollow area, saw a solid start to 2018. 48 homes closed in the $500K – $999K range, while 12 closed over $1 million (including a Charlotte high-bar sale at $5.3 million in Seven Eagles). With showings in both ranges running at or above 2017 levels for the first quarter, buyers in the 1 million plus range got serious and put 31 homes under contract, including an impressive 13 over $2 million, one of the strongest performances in any luxury price segment in the entire regional MLS. Foxcroft, Old Foxcroft, Pellyn Wood, and the Carmel Country Club area all saw action at the high end of the market.
Global Expertise, Tailored Service, Christie’s Credibility
Christie’s International Real Estate, the world’s leading luxury real estate brand, announced this week it has awarded Ivester Jackson its prestigious “Overall Affiliate of The Year Award” at its annual ownership conference, this year held in Buenos Aires, Argentina.
The overall award is given annually to one of Christie’s 145 market leading luxury brokerages from around the world, with recent previous winners including Daniel Feau of Paris, France, and Chestnut Park Real Estate of Toronto, Canada.
Market Leadership & the Passion to Succeed
While announcing the award at the Buenos Aires conference, Christie’s CEO Dan Conn noted, “since joining Christie’s four years ago, Ivester Jackson has grown by more than 200% and tripled in annual volume, in the process becoming the top seller of multi-million dollar estate homes not only in the Charlotte region but in North Carolina.”
International Exposure for Luxury Properties
Reed Jackson, IJ’s Managing Partner says “Our partnership with Christie’s has attracted luxury buyers to our agents and properties from a select worldwide audience and delivered maximum exposure for our listed properties. This acknowledgment of our region by an iconic brand like Christie’s highlights the continued emergence of North Carolina as an important destination for luxury property buyers from around the United States as well as for those originating internationally”.
Award Winning Magazine, Asheville & Events
In the past year, Ivester Jackson has expanded it’s Christie’s partnership into the Asheville, NC market, hosted Christie’s international head of wine and spirits, Noah May, at a wine event in Charlotte’s prestigious Pellyn Wood enclave, and been awarded the Florida Printers’ Association first prize/bound printed for it’s Portfolio of Fine Properties magazine, now distributed to over 11,000 regional luxury homeowners and international subscribers.
Ivester Jackson also wishes to congratulate the other market-level winners from this year’s conference:
Small Market: Special Properties
Medium Market: Coastal Properties Group
Large Market: Hawaii Life
Look for a formal announcement from Christie’s International Real Estate early next week.
Please contact Reed Jackson for more information about Ivester Jackson Christies and this prestigious award.
At the start of the new year, it’s never been more evident that both the Charlotte and Lake Norman stars continue to rise. Heading into December, sales of homes priced in the $1 million to $2 million range increased at a double-digit pace compared to 2016. In Charlotte, sales in that range were up 13%, with 257 homes closing vs. 227 in 2016.
Up the road at Lake Norman, the activity was even more dramatic, with unit sales in that same $1M to $2M range up 30% over 2016.
Perhaps more impressive is the momentum the region is displaying. Showings on homes in this range are up 11% in town, and a whopping 46% at the lake. This points to a solid winter and early spring in the luxury market’s most popular price point.
The ultra-luxury price segment above $2 million in list price, while a smaller segment of the market, also showed some strength, with 30 homes closing in Charlotte and 25 at Lake Norman, both markets on pace to double-digit gains in this segment. So far this year’s high water mark in the region is a $5.6 million dollar closing of an Ivester Jackson | Christie’s listing at The Point.
Charlotte Region Featured
Nowhere is the region’s rising profile more visible than in the national and international media. Ivester Jackson | Christie’s listings have been featured in numerous flagship publications.
Southern Living Magazine featured homes we’ve listed on Queens Road West in Myers Park and on Connor Quay Court in Cornelius. The Queens Road West listing was also selected by Architectural Digest for a feature on interior appointments, while our Pellyn Wood listing on Craigmore made a feature on “fairy tale settings” by Southern Living.
A listing in The Point was chosen as North Carolina’s most beautiful home in Architectural Digest’s feature article “Most Beautiful Home for Sale in Every State”. All of this attention points to the elevated profile the Charlotte/Lake Norman region is attaining beyond our local area. Over 40% of this year’s luxury buyers came from areas outside the state of North Carolina, and a small but increasing percentage originated internationally.
Luxury Momentum in Charlotte Continues Upward Climb
Moving into the final month of 2017, luxury activity in Charlotte continued its steady upward trend. 2017 has so far seen 257 homes close in the range above $1 million, compared to 227 last year, an increase of 13% year over year. The ultra-luxury segment has seen 33 transactions versus 21 through the same period last year, an increase of over 50% but one needed as the year started with a large inventory position on the listing side. Much of this activity occurred in the $2 million to $3 million range, with 3 transactions exceeding the $3 million mark versus 4 deals last year.
Showings in the $1 million range continue to track slightly ahead of last year for the 4th quarter, posting an increase of 11%, which should translate into a solid winter/early spring period in the city. Union County also emerged as a popular choice, particularly with properties priced around the $1 million mark.
Lake Norman Sees Surge in Luxury Market Home Sales
With the fourth quarter coming to a close, the Lake Norman luxury market will post a very solid 2017. While sales in the $500,000 to $999,000 range have been roughly equal to 2016’s year-to-date sell-thru that activity remains very solid, with 580 homes selling thru October vs. 578 last year. The luxury price range, from $1,000,000 to $1,999,000, showed tremendous expansion, with 146 homes closing in 2017 vs. 114 in 2016 over the same period, a whopping 30% increase. The ultra-luxury range also showed expansion, with 24 homes closing over $2,000,000 vs. 18 the previous year. The lake area saw 5 deals over $3,000,000, including a 2017 record sale of $5.5 million by Doris Nash of Ivester Jackson | Christie’s in The Point.
Distinctive properties can generally involve longer sales cycles than mid-market and everyday level homes. This is particularly true for properties in unique or isolated settings, or for those with very distinctive and personalized features. The simple fact is that the subset of the population that can afford to purchase multi-million dollar and up trophy properties is a very small segment of the population. Move up the food chain to some of today’s international trophy properties which can sell for hundreds of millions of dollars, and there may be less than 200 people on the planet who can make that type of investment.
Is An Auction the Right Solution?
Here in North Carolina, where our ultra-luxury segment probably begins north of $2 million, the question occasionally arises as to whether or not an auction is a right solution to move a property, so let’s evaluate the pros and cons, as well as some recent results.
Two Main Types of Auctions
There are a couple main types of auctions, those with a “reserve price” (a minimum the owner will take the property or they won’t sell), or those sold “without reserve” (the owner has waived the minimum and agrees to take whatever that auction’s appetite for the property will produce at offering price).
Condensed Period of Making Home Available For Showings
Generally Pre-Qualified Buyers
Marketing Blitz To Qualified Buyers and Prior Mailing List
The general appeal of selling at auction includes the finality of hopefully being done as a seller (if sold without reserve, the home price garnered at auction generally means the selling of the home is moving toward a closing, pending a likely inspection by the buyer). An auction is a condensed period in which the home is marketed, may be open for a couple of weekends prior to, but otherwise reduces the hassle of having a home for sale and prepping it for showings over an extended period of time. Auctioneers generally verify the wherewithal to buy of all participants.
If Sold With a Reserve Minimum, A Property May Not Meet The Minimum
Sellers Typically Participate in Thousands of Dollars in Marketing Fees
Sales Prices Can Be 30% Or More Below Recently Listed MLS Pricing or Comparables
Perceived Potential Stigma Or Fire Sale Mentality From Some Buyers
While a no-reserve auction can certainly be appealing given the likelihood of being able to move on fairly quickly (many auction sales still require 30-45 days of inspections, etc. to get to closing), there are some risks and downsides to consider. First, if the house is sold with a reserve that the auction audience fails to meet, its’ back to square one for the seller, often after coming out-of-pocket significantly to fund the marketing for the auction. Additionally, some buyers arrive with the mentality that auction properties are being “fire sold” or in some way have been stigmatized, which could result in the property being sold at a discount to what it ultimately might sell for with a conventional realtor’s approach. Finally, in looking at a couple recent North Carolina results, sellers need to be realistic about how a property will perform relative to its most recently listed MLS for sale price.
Two recent sales of properties listed at the $3 million dollar level, brought no reserve auction prices of $1.68 million and $1.994 million, somewhere between 30 and 40% off their most recent MLS listing prices,and it is fairly common to see auction sold price points at 25% or more below a property’s recent MLS list price. Given this discount, some sellers may want to consider adjusting their price by 5-10% prior to see if they can attract an offer above that 25-30% or higher discount that recent auctions have come in with.
Auctions Can Be a Great Option
For a seller with the simple desire to move on quickly and no sensitivity to steeply discounted offers, auctions can be a great option. For those more sensitive to net proceeds, more conventional price reduction strategies for a currently listed property, may yield a premium over the longer term to auction results. It really comes down to the goals each seller has during the property sales process.
“If You’ve Always Dreamed About Living Like a Disney Princess, We Just Found the House for You!”
“Thank you, Lord Baby Jesus for this Lake Norman mansion.”
“Top 20 Homes on Instagram You Have to See This Week.”
Ivester Jackson Christie’s International Real Estate is garnering local, national and international attention.
The most recent news includes an online article that went viral featuring a current listing seen in the popular NASCAR film Talladega Nights, a “Beauty and the Beast” style library, recognition for our excellence in marketing, Top 20 Homes on Instagram, several properties spotlighted in the Christie’s Int’l Real Estate Luxury Defined blog and more.
A luxury Lake Norman waterfront mansion is the focus of a Charlotte Agenda blog about NASCAR film Talladega Nights – the story was picked up by news outlets around the world, various local television stations across the U.S. and popular racing websites.