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Old 12-30-2007, 12:05 PM
 
5 posts, read 9,054 times
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Folks,

I may be relocatting to the Concord area, moving from Northern Virginia. I want to live in the Lake Norman region. Last week, I drove around and found out that the closest/best area of the lake is in Cornelius. I want a more developed area and close to where the fun is on the lake.

However, I would say that there are 2 major types of waterfront houses on the lake: the ones with water access in the backyard and the ones with a real waterfront where there is a lot of lake straight ahead. The first type, even though you have water access, the view is not so good, you may have shallow waters which can get worse in drought seasons. The second types are in the million dollars and above.

Now, when you dont get a waterfront house, prices drop dramatically. If you move a little farther away from the Lake area (eastbound), you can find new homes in gated communities, in the 300k range.

Questions:

Is it worth spending more money to have a waterfront home and risk losing equity in this real estate crash? Would I be better off buying a cheaper home close to the lake and having my boat in a marina?

Should I try one of the newer gated communities, save more money, and still have my boat on the Lake, where I can drive 15/20 min and be there in the weekend?

To add more to the decision process, the School district is an important factor since my kids are in Middle/High School.

Thanks for your help
Clovis
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Old 12-30-2007, 12:11 PM
 
Location: Charlotte
2,447 posts, read 6,642,023 times
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Where will you work? Have you considered Lake Wylie or Mt. Island Lake properties?
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Old 12-30-2007, 12:15 PM
 
5 posts, read 9,054 times
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Quote:
Originally Posted by NCgirl View Post
Where will you work? Have you considered Lake Wylie or Mt. Island Lake properties?
I will work in Concord.

Thanks
Clovis
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Old 12-30-2007, 01:39 PM
 
3 posts, read 5,869 times
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Have you thought about Mooresville? Lake Norman high school is rated highly. The schools in Cornelius have low ratings.
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Old 12-30-2007, 02:30 PM
 
316 posts, read 287,997 times
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If you can afford on the lake - You should do that! Water never goes down in value!
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Old 12-30-2007, 03:20 PM
 
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Aim for the lake, the farther west on the lake you go, the more house for the money and the cheaper the pricing! Lake values will always go up or stay still, I have yet to see them decline.
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Old 01-01-2008, 08:59 PM
 
5 posts, read 9,054 times
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Quote:
Originally Posted by SuperchargedSS View Post
Aim for the lake, the farther west on the lake you go, the more house for the money and the cheaper the pricing! Lake values will always go up or stay still, I have yet to see them decline.
Thanks for the advice. I found out that the best public High School seems to be Lake Norman. It has an overall grade of 9 which is impressive. This takes me to the Mooresville area as a better bet: it's close to 77 and not that far to drive to Concord.
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Old 01-01-2008, 09:08 PM
 
Location: The 12th State
22,974 posts, read 58,470,348 times
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It been awhile since I price property on north end of the lake; the area you are looking at, but check out the lake properties around South of Troutman or Sherills Ford North Carolina. Good luck in your quest
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Old 01-02-2008, 07:01 AM
 
876 posts, read 3,481,355 times
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Originally Posted by SunnyKayak View Post
It been awhile since I price property on north end of the lake; the area you are looking at, but check out the lake properties around South of Troutman or Sherills Ford North Carolina. Good luck in your quest
Sherrills Ford FTW! Heheheheh. It's only 8 miles west of Mooresville on HWY150. They just sold a brand new construction 5100sqft waterfront home in my neighborhood for $800K, 2-acre lot with a pier too! Definetly a tad more for your money and the commute it only 15 minutes longer than from Mooresville.
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Old 01-03-2008, 05:00 PM
 
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Mooresville is in Iredell county, MUCH cheaper taxes there.
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