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.
- Buyers in the luxury market have discovered they can successfully run companies from anywhere.
- 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.
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.
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.
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.
All photos courtesy of the respective listings. Have a listing or know of interesting home you’d like us to feature? Email me at [email protected]