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It's Official; The Number of Newcomers to Lake Norman and Charlotte NC has Slowed

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Real Estate Broker/Owner with LKN Realty, LLC 242267

 

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What we have felt for quite some time here in the Lake Norman real estate market has been officially substantiated:  The number of people moving to the greater Lake Norman and Charlotte region has slowed according to a Charlotte observer article: Signs suggest regional influx slowing.

In Lake Norman we saw it first happening as much as a year ago when buyers planning to move to Lake Norman couldn't because they either were unable to sell their homes in the most hard-hit states around the U.S or hesitated to buy in a downward trending real estate market.  Since about 75% of our Lake Norman real estate sales involve buyers from other regions or states, I think this impacted our market even more than Charlotte last summer and fall.

The indicators used in this article include:

  • School enrollment
  • New electrical service hookups
  • Reports from businesses that cater to new residents

 

"Economists and others say the change, though just a hiccup and no threat to long-term prosperity, illustrates how Charlotte's economy is feeling pressure from a flagging national economy."

  • Charlotte Mecklenburg Schools planned for an increase of 5,200 students but got only 2,900
  • Duke Energy said that new power hook-ups fell to 38,391 VS 40,828 in 2006
  • Gentle Giant Movers has seen it's once-strong flow of New Englanders pull back

 

I had a call just the other day from a couple in Florida who had purchased a lot on Lake Norman with plans to build their dream home.  They were asking me to list it for them as they have been unable to sell their home in Florida so are no long able to make the move.

Last fall a family from Boston I had been working with for months finally sold their home in Boston for a loss and ended up renting a home as they were no longer in a financial position to buy.

Like the Charlotte Observer article suggests, I don't feel there is any reason to panic as I strongly believe our downturn is temporary and that once the national home sales begin to improve we will return to our traditionally strong and steady housing market.  And, our current Lake Norman real estate market, will down substantially in the number of homes sold has only had a small decrease in the average sales price.

In the meantime, a released on Monday ranks Charlotte among the top three locations for 8 of 20 careers. 

The future of our Lake Norman and Charlotte real estate market is very bright.  We simply need to hang on for a bit longer!

 

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Comments (10)
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Diane, yes, Charlotte is still a very strong area. The national economy like you folks in Florida is making people re-think what they can and cannot do with their real estate plans. Very good background you came up with for this piece.

Jun 16, 2008 10:02 AM
Shannon Lefevre
John R. Wood Properties - Naples, FL
Shannon Lefevre, PA Your Naples Smart Girl

I love the tone of this post.  Yep...ok...yeah so...it's still going to be alright in the long run...Diane, have you ever thought about being an anchor woman?  The news needs people like you. :)

Jun 16, 2008 10:11 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

That's sad.  Senior are not retireing to NC as they once did.  Military could lose their shirt in NC if they buy.  If the state loses much employment, they could have a bleak future. 

But, I believe it will not last.  I suspect that the reason sales are down in your area is because folks here can't sell to move to NC. 

Jun 16, 2008 10:15 AM
Susan Trombley
Trombley Real Estate - Wake Forest, NC
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs

Diane,

I read an article last week about Charotte and Raleigh that Forbes.com says we are recession proof. Hopefully that will help.

Jun 16, 2008 01:35 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Diane, Your area is so beautiful I also believe the slowdown won't last.  I also love seeing your pictures of the different neighbothoods and areas.

Jun 16, 2008 01:46 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Diane - best of luck weathering the market there. LIke others I think this is temporary...although for how long is hard to say.

Jeff

Jun 16, 2008 03:23 PM
William Johnson
Retired - La Jolla, CA
Retired

Diane, You seem to have a realistic view and the other views may have their own reasons for reporting as they do. News unless it can have a negative twist is not paid attention to. I love the irony. They make the news bad and make it sound like the "Sky is Falling" and then go to the businesses and sell them on committing to bigger and bigger ads. It is a form of insanity, it has to be.  :-)

Jun 16, 2008 07:25 PM
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Hi Diane, even with our increasing inventory and 'minimal' number of buyers, I too believe 'this too shall pass.'  It's too beautiful here NOT to turn around, but it probably isn't going to turn as quickly as we might like.

Jun 16, 2008 08:46 PM
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Gary:  We rely a lot on our "transplants" from other states but I'm sure it will pick up once the U.S. economy does!

Shannon: You are too sweet!  Thanks so much.

Lenn: Lenn, I agree with the latter.  We still have job growth and our great weather and the lake:)

Susan:  Yes, there has been an incredible amount of postive national press about Charlotte which is why I wanted to write about this new study.  The reality is we are slow right now but will bounce back!

Carole:  Thanks so much.  I think we'll see an upswing in 2009

Jeff: If only we knew how long!  I have so many buyers waiting to buy because they feel the market will come down further before it goes back up....but when?

William:  We suffer from the opposite....every national article seems to put Charlotte at the top of their list of thriving cities but the reality is our volume is down by almost 50% so I was glad to see this new study.  I have no doubt we will improve, as Jeff said, it's just not knowing when!

Susie:  Yes...we do have a bright future!

Jun 17, 2008 10:14 AM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

I think once the economy picks back up, things will get better for all things, including the # people that move to communities like yours and mine!

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Jul 01, 2008 07:29 AM
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