It is still a great time to invest in a Lake Norman home or condo. If you are in the market for a Lake Norman home I would like to show you what you would get for your $ now vs 5 years ago when the market was near its highest level and when interest rates were over 6.5% (a 1% change in interest rates = 10.75% purchasing power change – so in 2012 you can afford almost 25% more home than you could in 2007!).
If you are in the market for a home around $200,00 this is what you could afford in 2007:
Sold Price: $205,000
Beds: 3 Baths: 2.5
SqFt: 1642
Acres: .12
Year Built: 2004
Garage: 2 Car
City: Mooresville
Subdivision: Water Oak
Community Features: Playground, Pool, Walking Trails
In todays Lake Norman real estate market this is what you can get for $200,000:
Sold Price: $196,000
Beds: 3 Baths: 3.5
Sq Ft: 2169
Acres: .12
Year Built: 2007
Garage: 2 Car
City: Mooresville
Subdivision: Water Oak
Community Features: Playground, Pool, Walking Trails
These Lake Norman homes are in the same community in Mooresville and there is over 500 sq ft extra in the home sold in 2012!
If you are in the market for a home around $400,00 this is what you could afford in 2007:
Sold Price: $400,000
Beds: 4 Baths: 3
SqFt: 3220
Acres: .45
Year Built: 2000
Garage: 2 Car
City: Mooresville
Subdivision: Morrison Cove
Community Features: Boat Ramp, Pool
In todays Lake Norman real estate market this is what you can get for around $400,000:
Sold Price: $410,000
Beds: 4 Baths: 3.5
SqFt: 4086
Acres: .62
Year Built: 2000
Garage: 3 Car
City: Denver
Subdivision: Sailview
Community Features: Club House, Lake, Playground, Pool, Tennis Courts
Exterior Features: Boat Slip
The home sold in 2012 is 800 sqft larger, has a 3 car garage, a waterview lot and includes a boat slip!
If you are in the market for a home around $600,00 this is what you could afford in 2007:
Sold Price: $595,000
Beds: 4 Baths: 3.5
SqFt: 3615
Acres: 1.07
Year Built: 2004
Garage: 3 Car
City: Mooresville
Subdivision: The Farms
Community Features: Club House, Playground, Pool, Tennis Courts
If you are in the market for a home around $600,00 this is what you could afford in 2012:
Sold Price: $609,000
Beds: 4 Baths: 3.5
SqFt: 4501
Acres: 1.29
Year Built: 2012
Garage: 3 Car
City: Mooresville
Subdivision: The Farms
Community Features: Club House, Playground, Pool, Tennis Courts
These homes are in the same neighborhood in Mooresville and the home sold in 2012 is new construction and almost 900 sqft larger!
We would love to help you find your Lake Norman dream home, call us now at 866-LakeNorman.
Check back next week for our Lake Norman waterfront comparison between 2007 and 2012!
