* Pending Sales Report (Over $500k) for May 2018 – Lake Norman/Davidson, Charlotte, Union County & Buncombe County:
While Lake Norman, Union County & Buncombe County pending sales showed upward movement as the month of May progressed, Charlotte’s pending sales ended the month down by 5%. Union County had a slightly higher pending sales increase at 15% over Lake Norman’s 12% increase but Buncombe County lead all areas with almost a 19% increase in pending sales by month end.
* Showing Trends Report (Over $500k) for May 2018 – Lake Norman/Davidson, Charlotte, Union County & Buncombe County:
Following suit, Showing Trends for May 2018 compared to this same time in 2017 were also up across all areas except Charlotte, which was down albeit by only 1%. This indicates a pretty tight inventory with showings about flat and pending sales down for the area as buyers struggle to find homes they like enough to go see much less buy. Lake Norman showings were up by 20% as were both Union and Buncombe Counties by 26%-27%, right in line with their upward pending sales trends.
Many homebuyers in Charlotte are interested in popular gated communities for several reasons including exclusivity, sense of security, privacy and an overall quiet atmosphere.
Ivester Jackson Christie’s Int’l Real Estate has some wonderful homes for sale in many of these Charlotte gated communities, including Skyecroft, Maple Grove, Pellyn Wood, Greenwood, Morrocroft Estates, Norman Estates and Heydon Hall.
Click on the images below for more details, pictures, and virtual tours.
A Parade of Homes award winner, this meticulously maintained Skyecroft custom build features an owner’s suite on main with the second master located in the exquisitely finished walk-out basement.
Skyecroft is a lovely neighborhood with a serene peaceful landscape. It’s a resort style neighborhood with multiple walking trails, ponds, tennis courts and pool. It’s located minutes from Waverly & Rea Farms shopping & restaurants and excellent Weddington Schools.
Patrick Joseph custom built estate on over 3 acres in the gated community of Maple Grove.
Maple Grove has many large estate style lots and grand luxury homes, it’s located in a unique and peaceful area close to Lake Norman and just minutes from Highway 16 which makes for a quick commute to Uptown Charlotte.
One of Charlotte’s premier settings highlights this flagship home in gated Morrocroft Estates.
Located in the SouthPark area, Morrocroft Estates is one of Charlotte’s most prestigious and private addresses, complete with 24-hour security and convenient access to Charlotte’s center city and dynamic SouthPark area.
Built by Kingswood Builders, words cannot truly describe what an unbelievable house this is, in a gated community, in a cul de sac with Quail Hollow Country Club in view.
Heydon Hall is full of spectacular homes located in a quiet neighborhood with tree-lined streets. It’s located minutes from Uptown Charlotte and right next to the distinguished Quail Hollow Country Club.
Take award-winning luxury design features & superior finishes. Add best-in-class high-tech entertainment, automation & security.
Governors Island is a gated community located on the West Side of Lake Norman and offers spectacular waterfront views. Nearly 40 families call this island home enjoying the privacy and park-like setting.
Charlotte’s luxury market saw a comparable start to that of 2017 this spring, while sold results in the mid-luxury segment below $1 M in value were fairly flat up to about $1.5 M in value. The ultra-luxury segment saw a surge in pending contracts near the end of March in both SouthPark and near town areas of Myers Park and Eastover.
Total showings and average showings per home increased about 3% in the $500 – $999 K range this spring over last spring. The range just above $1 M also saw an increase in showing activity over last spring of roughly 5%.
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.
The event featured Christie’s Executive Director Rick Moeser who presented on the state of the global luxury real estate market and Christie’s Wine Specialist Noah May who spoke about the Old World and New World chardonnays and pinot noirs.
Featured in Italian Restaurant
On a recent trip to Umbria, Italy Ivester Jackson agent Colleen Ludington was delighted to see the Christie’s Int’l Real Estate magazines in a fabulous hilltop restaurant, Erba Luna, located in Montone, Italy. The magazine features several North Carolina listings. Colleen says, ‘It made me proud to see the truly global reach of our brand!”
The brochures were provided by the Christie’s affiliate Romolini International Real Estate Agency.