Sold price: $2.85 million
Square feet: 8,786
Listing agent: Sheryl Francis, Southern Homes of the Carolinas
Selling agent: same
Sheryl Francis isn’t ready to call it a comeback.
But she has noticed some periods are busier than others in her luxury real estate market of properties on Lake Norman near The Point. Late summer has been kind, as she had the highest-priced single family home to sell in the Charlotte area last week.
“I don’t think there is one single thing that has led to some turnaround in the market,” Francis said. “We’ll have one month were things are up, and then the next month things are dead. I haven’t found any rhyme or reason to it as to why things are good one month or flat the next.”
Francis said selling this home on Lake Norman was pretty easy, though, once the sellers got everything into perfect shape.
She said the home was pre-inspected, and the sellers made sure to repair each thing – no matter how minute – on the inspection report.
“They made repairs with things like windows where the seal was broken or the hardwood floors needing a refinishing,” she said. “All the furniture was taken out because the sellers had already moved out of the home. So this looked like a brand new home, once we got them to understand it needed more than just a little polish.”
The home was built in 2000, but Francis said that in Lake Norman’s luxury market, it was considered an older property. She said she was surprised the home was on the market only about 30 days.
“But I think this buyer was looking for location, and the home is right near the amenities center for Trump National golf course here at The Point, so I think that was a draw,” Francis said. “Also, the fact that it was a big house, and he has a large family helped. The two things combined meant he saw it, fell in love with it and bought it.”
Closing thoughts: Francis said she had two tips for selling real estate at the lake: Price the property right and make sure it is spotless. “Buyers won’t even look at a home if they think it is overpriced,” she said. “And all the repairs need to be made and every detail handled meticulously.”
Sold price: $16,500
Square feet: 905
Listing agent: Richard Montgomery, Weichert Realtors, Rebhan & Associations
Selling agent: Your Property People, Inc.
Richard Montgomery was not surprised this home in Charlotte sold so quickly – especially since it needed only some minor cosmetic repairs and had been foreclosed upon by Bank of America. The sale came after only 35 days on the market.
“It was in good condition overall, structurally sound and in a good location,” Montgomery said. He has done about 15 investment sales in the Charlotte area so far this year, Montgomery said, while in 2011 he did only 12 such sales the entire year.
“This is what people who are looking for rental income or to flip a home are interested in right now,” he said. “I have several investors who are always looking to buy especially in this section of Charlotte.”
Montgomery said he had been selling real estate in the Charlotte area since 1991 and that he had been focusing on investment property a lot more in recent years than at the start of his career. And he said he doesn’t advertise these kinds of sales as much as he would a more traditional single family home. The investment properties, it seems, promote themselves by virtue of the fact that investors are actively seeking them, he said.
“I do a lot of work through the MLS, but I also send out information to investors and agents I’ve worked with in the past that have worked with investors and reach out to them,” he said. “I did that in this case but most of the investors and agents I work with are knowledgeable, and they have specific areas they want to stay in and different price ranges. They then look at the property and try to make their own decisions.”
Closing thoughts: Montgomery said his one piece of advice for other real estate agents who want to sell this kind of investment property was to do good research. “Doing your market research and knowing the neighborhoods is key for sales like this,” he said. “For example, this property was in a good neighborhood for rentals and I knew that.”
A look at the highest-priced sales in other Charlotte-area counties
826 Kings Crossing Drive, Concord
Sold price: $405,000
Square feet: 3,715
402 Sebring Drive, Belmont
Sold price: $637,500
Square feet: 2,989
111 Sail High Court, Mooresville
Sold price: $895,000
Square feet: 3,738
3320 Lake Shore Road, Denver
Sold price: $548,000
Square feet: 3,624
3350 Leamington Lane, Charlotte
Sold price: $1.245 million
Square feet: 7,044
28578 Hatley Farm Road, Albemarle
Sold price: $164,000
Square feet: 1,750
204 Waterby Way, Weddington
Sold price: $645,658
Square feet: 4,469