The luxury real estate market in Lake Norman is booming

The luxury real estate market in Lake Norman is booming
  • Share on Twitter
  • Share on Facebook
  • Share by Email
  • Share on Twitter
  • Share on Facebook
  • Share by Email

Lake Norman’s luxury market exploded in 2020 with 358 homes selling for $1 million or more in 2020, compared to 213 in 2019.

Why it matters: The data points to what experts predict will be a theme in 2021 and in a post-corona world: More people from larger cities, from Charlotte to Chicago, will purchase homes in the suburbs and destination areas like Lake Norman.

What’s happening: Not only did the number of luxury sales increase exponentially, but the price ceiling increased by well over a million, Reed Jackson of Ivester Jackson Distinctive Properties said. 

  • In previous years, it was unusual for a house in Lake Norman sell for more than $5 million. But in 2020 there were three sales over $6 million. The most expensive house sold for $7.5 million. (You might remember us writing about it. It was purchased in cash by a certain Charlotte celebrity.)

Between the lines: Two things have changed the game, Jackson said.

  1. Buyers in the luxury market have discovered they can successfully run companies from anywhere.
  2. Travel restrictions prevented those with expendable income from their usual vacations so they bought second and third homes to have somewhere else to go.

Of note: Jackson said the number of showings is a good indicator of what sales might be like. In Q4, they had 243 showings compared to 119 this time last year.

Advertisement

Here’s a quick look at the 3 most expensive sales in 2020:

1. “Grand Lac Chateau” ($7.5 million)

Highlights: French castle design, $60,000 stove, 250-bottle wine cellar, two-story owner’s closet, basement lounge with 6 TVs, bar, and speciality car garage, 12-person hot tub, 60-foot lake view infinity edge pool.

Listed by: Josh Tucker of HM Properties.

154 Tennessee Circle back

154 Tennessee Circle great room

154 Tennessee Circle man cave

2. 16700 Tinker Place ($6.6 million)

Highlights: Indoor slide, themed movie room, custom pet room, elevator, infinity edge pool overlooking Lake Norman, in-ground trampoline.

Listed by: Tracy Davis at Ivester Jackson.

16700 Tinker Place kitchen

16700 Tinker Place slide

16700 Tinker Place theater room

3. 8495 Norman Estates Drive, Denver ($6.3 million)

Highlights: Helicopter pad, 2.5 private acres, five custom fireplaces, two-story wine cellar, private workout suite off owner’s suite, “men’s lounge,” lakefront pool flanked by gas fire pits.

Listed by: Lori Jackson and Reed Jackson of Ivester Jackson.

8495 Norman Estates Dr  8495 Norman Estates Dr living room

8495 Norman Estates Dr pool


All photos courtesy of the respective listings. Have a listing or know of interesting home you’d like us to feature? Email me at brianna.crane@axios.com.

Story Views:
SIGN UP FOR THE DAILY AGENDA
Join the 55,944 smart Charlotteans that receive our daily newsletter.
"It's good. I promise." - Ted   Ted Williams