Is there affordable housing at The Point on Lake Norman?

Affordable housing at The Point on Lake Norman?  It's an oxymoron, or is it?  Thanks to its incredible reputation as THE upscale Lake Norman community, many home-buyers just assume that a home in The Point is out of their price range.  

With their resort-like amenities including  The Point Lake and Golf Club, their Nantucket-inspired community complete with a tennis club, three swimming pools, a general store, tavern, large club house, full-time activities director and even their own cobbler, one tends to picture only magnificent waterfront estates dotting the shoreline of The Point on the Brawley Peninsula.

 There is no doubt that with 18 miles of Lake Norman's most beautiful shoreline, The Point has more than its share of multi-million dollar homes. 

Would it surprise you to know that there is a lovely ranch home on a waterview lot currently for sale for only $495,000? Now that's affordable housing at The Point! In fact, as of today, there are 114 active listings in The Point.  While their average price is $1,338,142, there are 5 active listings under $600,000 and another 10 active listings under $700,000!  There is a total of 50 homes for sale in The Point under $1 million. 

A community that has a perception of being out of reach for most home buyers may actually be affordable after all!  

How would you like the current scoop on the affordability of The Point? 

It turns out that since this past January 1, 2009 only 19 homes have sold in The Point half of which sold for under $1 million.  Since their highs a few years ago, waterfront homes are now selling under $300 per square foot depending on the quality of the water.  With 38 months of supply of homes based upon current sales and inventory, we are seeing many price reductions and even foreclosures and short sales at The Point, something that would have been unheard of a few years ago.

Sure, these prices may not be affordable to all,  However, compared to their peak, this may be the best opportunity to buy in The Point before our Lake Norman housing market comes back to life AND the widening of Brawley School is completed.