Affordable Lake Norman realty? (Charlotte, Cary: spring break, for sale, rental)
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A little personal background:
Born a New Yorker, married a NJ girl 30 years ago, spent 3 years in Cary on an assignment, and got a taste for the climate and people. Oldest son is married and gave us 3 grandkids to spoil. They are in Weddington. I am 62, retired, and always wanted to live beachfront or lakefront for my final home. Financially we're in a good place - house in NJ paid off and probably will sell for high $400s. My wife is a preschool teacher at the local Y, primarily so we get some healthcare. In 3 years, I turn 65 and between my pension, my SS, my wife's SS, and our investments, we should be in good shape barring any unforeseen expenses.
About a year or so ago we went with a realtor that was an acquaintance of mine from the Ballantyne area. Needless to say, she didn't add a lot of value. And we started looking elsewhere, like Wilmington. But when you've got grandkids aged 2,4 and 6, driving for 4 hours one way to watch a pee-wee football game or a little league game can get old fast.
So we began looking once again at Lake Norman. Clearly there are some AMAZING homes topping in close to $2M, which is outside my budget. I spoke to a friends who moved to Cornelius from NJ about 10 years ago, and she's of the opinion that I might have to get closer to $600K to truly be lakefront, but I have seen Trulia ads (which I realize can sometime be a little bit of baloney) in the low $400s or so.
Is there anyone who's been looking who can share their experience of late? I don't own a boat nor plan to. I am happy kayaking with an occasional rental to take the grandkids out on JetSkis if permitted. Space wise, we'll it's hard to downsize with 2 sons, one unmarried but eventually he''ll get there, and one with a lovely wife and as I mentioned 3 children. So I figure I need at least 3BR/3B. I am anal retentive about my cars and done my own service, so I need a garage for my compressor and air tools.
I'm not a big fan of townhouses, but my seems to be OK with them. I'm approaching that point where loud rock, rap, country or anything gets on my nerves quickly (Hey you kids get off my lawn) so I'd like to be someone where being on the lake doesn't have to mean Spring Break every weekend.
That leaves the following questions, for which I would be in your debt forever for answers:
1) What part of Lake Norman (town, section, whatever can I afford based on not wanting to take on debt in my 60s? ie, can find a nice house on water under $500K
2) Is there 55+ section aka the old folks section, where peace and quiet has overtaken Kanye and JZ?
3) Should I push back on the townhouses my bride is enamored with? Townhouses these days are built (in SOME communities) where there is a piece of sheetrock on either side, so when you neighbor sneezes, you automatically say "God Bless You" because there isn't a lot of concrete between the two townhouses. How is that at Lake Norman.
4) Someone also recommended Lake Wylie. I got to say that we made a visit to Tega Kay, and the houses that were directly on the water were lovely, but on the other side of the same road (and I say this without a mean bone in my body - kinda looked liked the Redneck Rivera - major appliances on the front lawn, no trespassing signs, and not a lot of "curb appeal". Not meant to be an insult to anyone, but I am being totaling hones
OK folks. Give this NJ old dude some education. If you're right, and we find that place that fits our needs, first round is on me.
I'm in Iredell County, so I can't speak much for the lower area of Lake Norman. I just did a local search at
a mod cut : Direct message realtor websites
Search by city and enter: Mooresville, Denver, Troutman, and Sherrills Ford. Then put in your price point, click waterfront, and then any other features you want in a house.
Hope it helps.
Last edited by SunnyKayak; 08-29-2016 at 05:52 AM..
Hi Ed,
Your friend from Cornelius had advice that I would say is pretty accurate. If you want to be on the lake, then you are indeed looking to spend in the 600s for a "Nice" home. You can find an occasional home listed in the high 300's to mid 400's but usually they are not on good water, are aging, smaller , and or not in good locations. However for the kind of lifestyle you are after, it would seem don't necessarily need big water since you aren't big on boating. So you can certainly look for homes in the various towns around the lake for your price range.
As an example, one home that just went on the market for $469k that actually has good water is "7430 Bankhead Rd" in Denver NC.
Looking at the neighborhood that specific home is in suggests its a quiet waterfront neighborhood. In a neighborhood like that you can expect to see people walking their dogs, saying hi to their neighbors, folks leaving early to head to Charlotte, and little to no "Kanye or Jayz" haha. And you'll also have a mixture of ages in a smaller Non-HOA neighborhood, since the waterfront owners are usually older, while those on the other side of the street may have families with children. But again, this is the south so lots of friendliness.
If you are looking to be "near" the lake and not on it, than there are certainly lots of townhouse and condo options should you want to take that route that would be much more affordable than a lakefront home.
As far as "that" neighbor, unless you pay more money to live in HOA enforced neighborhoods, you'll pretty much always have someone on the street that may not share your same affinity for curb appeal.
To be honest, the best thing to do is to take a trip down, find a few homes for sale you may like, and drive around the neighborhoods. On the east side of the lake there is a lot more action happening. More to do, more to see, but also more traffic. On the west side, "the quiet side" you'll find it to be more rural, more quiet but still not too far from restaurants/shopping.
Direct waterfront is probably impossible to get for $400,000. But, you can be steps away in many neighborhoods for that price. In Davidson, for example, you can find things in and around Spinnaker Cove that will put you steps from the lake as well as walking distance to Main Street, movie theaters and restaurants and a 5 minute drive to every retailer known to man. So while you are not directly on the water, you will have access to many, many other things and the lake is only steps away.
The OP might also try Trilogy at Lake Norman which has houses under $600,000 for the 55+ crowd. Some existing homes are priced starting at $386,500. They won't be lake-front, and it doesn't even have lake access. But at least your neighbors won't be playing Kanye West!
As an example, one home that just went on the market for $469k that actually has good water is "7430 Bankhead Rd" in Denver NC.
Wow, that is as good as it will get. It is on a small arm of the lake with deep water, rip-rap and a dock. Single story living that looks a bit dated. I would bet it will not last long on the market.
Note that a neighboring lot is selling for $299,000.
You can certainly get a cove lot, decent home in the price point below 600. I would suggest looking outside of Mecklenburg county, because you will not only get more for your money, but lower taxes as well. My suggestion would be Mooresville, Troutman, Terrell, Denver and Sherrills Ford. There are many agents that specialize in the Lake Norman area and will be of great assistance to you. With 522 miles of shoreline, there is a great deal to cover, and a great many restrictions and setbacks that come into play when purchasing waterfront lots. Our prices are increasing rapidly, so you may be a bit far out to get an accurate price for the future. Our season typically begins in March with the most homes on the market going through October. In the last season we didn't see much of a slow down due to the sheer volume of people moving into the area. While you can get a lot more lot/view for your money on Lake Wylie, the "lake life" isn't quite the same. It's the bottom of the feed line so many people complain about the water quality. Cove lots will be better for kayaking and paddle boarding, I would just keep in mind the depth year around, and during our previous droughts for resale value. Check how easy it is to access as we have some pretty low bridges that hinder the type of boats that can access certain parts of the lake. Best of luck!
OK folks. Give this NJ old dude some education. If you're right, and we find that place that fits our needs, first round is on me.
Thank you
Ed in NJ
One thing to note since you mention driving. If you purchase a home on the lake on the North or West side, expect to spend more than a hour to drive, one way, to drive to Weddington to see your son's family. And it can take even longer if you go during commuting hours. This is due to the traffic and overloaded roads. It won't be a casual trip.
Basically you have an incompatible set of requirements. Anything on Lake Norman for under $500K if you can find it, is going to be a basement lot (not a good thing in this context) in a cove far north & west. IMO, you might be better served by looking on Lake Wateree in SC. Prices are cheaper and the drive to Weddington about the same or better. The east side of Lake Hickory is also very nice but it is on the wrong side of Charlotte.
Since commute to work isn't an issue, you could consider lake Hickory. It'd add 30 minutes of drive time to see the grandkids but considering how much you'll save on the house and taxes its worth thinking about. You'd also have the added bonus of never having to get on I-77.
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