It is still a great time to invest in a Lake Norman waterfront home or condo. If you are in the market for a Lake Norman waterfront 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 waterfront home around $250,00 this is what you could afford in 2007:
Sold Price: $240,000
Beds: 3 Baths: 2
SqFt: 1584
Acres: .62
Year Built: 1979
Garage: None
City: Sherrills Ford
Subdivision: None
Community Features: None
In todays Lake Norman waterfront real estate market this is what you can get for $250,000:
Sold Price: $258,800
Beds: 3 Baths: 2
Sq Ft: 1650
Acres: .62
Year Built: 2001
Garage: None
City: Sherrills Ford
Subdivision: None
Community Features: None
These Lake Norman waterfront homes are in the same city, Sherrills Ford, and the second home offers a screened porch, second kitchen and hardwood floors throughout.
If you are in the market for a waterfront home around $400,00 this is what you could afford in 2007:
Sold Price: $402,000
Beds: 4 Baths: 2
SqFt: 2145
Acres: .24
Year Built: 1977
Garage: None
City: Mooresville
Subdivision: Commodore Peninsula
Community Features: Lake, Recreation Area
In todays Lake Norman waterfront real estate market this is what you can get for around $400,000:
Sold Price: $428,000
Beds: 4 Baths: 3.5
SqFt: 3946
Acres: .54
Year Built: 1999
Garage: 2 Car
City: Mooresville
Subdivision: Winslow Bay
Community Features: Boat Ramp, Club House, Lake, Playground, Pool, Tennis Courts
The home sold in 2012 is 1800 sqft larger, has a larger lot, was built 22 years later and is in a great community on Lake Norman!
If you are in the market for a waterfront home around $600,00 this is what you could afford in 2007:
Sold Price: $610,130
Beds: 3 Baths: 2.5
SqFt: 2742
Acres: .57
Year Built: 1990
Garage: 2 Car
City: Mooresville
Subdivision: Diamondhead
Community Features: Lake, Pool, Tennis Courts
If you are in the market for a waterfront home around $600,00 this is what you could afford in 2012:
Sold Price: $628,900
Beds: 4 Baths: 3.5
SqFt: 3350
Acres: .34
Year Built: 2004
Garage: 2 Car
City: Denver
Subdivision: Smithstone
Community Features: Club House, Lake, Pool
The home sold in 2012 is 600 sqft larger and has an extra bedroom and bathroom. And with todays interest rates you would save over $1000 per month!
We would love to help you find your Lake Norman dream waterfront home, call us now at 866-LakeNorman.
