Archive for September, 2007

The Village at Lake Norman project that has been an on again off again project do mainly to the funding of the new exit 27 on route 77 and the surrounding roads in the area that would need expansion Cornelius, NC may just be a “GO!” after all. Sources have reported that funding by the state has been moved up the priority list and the project will move forward. If you have not read the details about the Village at Lake Norman project you can check them out below.

Well, the final decision is up to the 5 members of the Cornelius Town Board. The now more than 2 year old 1.4 million square foot real estate development project planned to sit on Highway 21 just south of Westmoreland Road leading all the way up to Grace Covenant Church is still up in the air according to recent reports. The current proposal includes the development of a town center with a large high end retail presence of over 840,000 square feet, 500,000 square feet of class A office space, two Hotels and 400 luxury condominiums. If the project is approved it will be 3 times the size of the ever popular Birkdale Village in Huntersville. A large hurdle that has the project in limbo is the exit ramp that will need to be built in order for the project to go forward. The developers have proposed to pay over $40 million in road improvements for the area, most of it to be spent on the new exit 27. In fact Walter Rector one of the developers said if the exit ramp is not approved the project will not move forward. The exit ramp seems to be the deciding factor at this point. We’ll just have to wait and see.

The Village at Lake Norman
UPDATE: The latest information according to sources has the project breaking ground in early 2010 and opening in 2011.

The Lake Norman area is bustling with real estate development and the Lake Norman Village along with the recently approved near by Langtree at the Lake are just two projects that will add to the already growing popularity of the area. If you are looking to relocate to the Lake Norman area feel free to contact me for information and real estate listings. Your Lake Norman Real Estate Connection
Craig LePage, Broker, Realtor
. 704-618-2412
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Lake Norman, NC Mortgage InformationYou would think that is was impossible to get a mortgage these days with the way the media has painted such an awful picture of the housing and mortgage industry. Truthfully things are really pretty good. Yes, things have slowed down in the past months but they are still quite good if you look at the big picture. Currently interest rates are at 6.424% and the fed just dropped a 1/2 point earlier today which should bring down rates even more in days to come. The only people that are having trouble getting a loan are people that have poor credit.

Foreclosures are also up do to the many high risk loans (ARM – adjustable rate mortgages) that were approved in the last few years and are now unaffordable. Adjustable Rate Mortgages should be obtained when rates are going down. This will allow you to refinance at a lower fixed rate once rates have levelled off. In the meantime you also enjoy the lower rates that adjustable rate mortgages offer. Just don’t get stuck with an ARM when rates are going up.

As far as the housing market goes things are still going well in the Charlotte / Lake Norman area. In fact the Charlotte / Lake Norman market is one of only five markets in the United States that had an increase in home value from June ’06 to June ’07 according to a recent article in the USA Today. Home value increased 6.7% in the Charlotte / Lake Norman area second only to the Seattle market that increased 7.0%.

Do to an increase of the number of days homes are on the market and stricter lending requirements around the country the market is now considered a buyers market. Great if you are looking to buy a home but not so great if you are looking to sell a home.

Contact: Lake Norman Loan Specialist
1st Mortgage Corporation, LLC
Anthony Frustaci, Loan Officer
19615 Liverpool Pkwy.
Cornelius, NC 28031
Cell: 704-779-7911
Office: 704-944-0444
Fax: 704-944-9460

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If you would like more information about the Lake Norman area contact Craig LePage, Broker, Realtor

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Lake Norman Real EstateIf you have been watching TV, reading the paper or talking to your next store neighbor you must think the housing market is doomed and the world is coming to an end. Thanks to media momentum the housing market has taken a pretty good blow nation wide. Although certain parts of the market are on a decline the media has been feeding snow to the snowball and it is now rolling down hill if you know what I mean. The truth is, its not as bad as everyone thinks it is. If you are comparing to the last couple of years the numbers are down in almost all areas of the United States but overall the market is still fairly healthy looking at the big picture. If fact the Charlotte area, Lake Norman included is one of five cities in the U.S. that actually gain home value from June ’06 to June ’07. Interest rates are still in the mid to low sixes. As a REALTOR in the Charlotte / Lake Norman area the biggest problem I have been faced with is that buyers from out of state are unable to purchase the Lake Norman homes they are interested in because they are unable sell the house out of state. The Lake Norman market remains strong but has been effected by the majority of markets outside the area.

As with all financial markets, the housing market is going through a natural cycle that will level out the steady climb that has been going on for years and years. Were it has been a sellers market for a number of years, it is now swaying back towards a buyers market. Listings have been staying on the market for about 100 days in the Lake Norman area which is a bit longer than months past. If you compare that to other markets that is’nt too bad from a sellers point of view. Do to the market slow down nation wide the Lake Norman market is also experiencing the transition to a buyers market. That is obviously good for buyers but touch on the selling side. If you were thinking of buying a new home this may be the time to start looking.

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If you would like more information about the Lake Norman area contact Craig LePage, Broker, Realtor

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         Mooresville, NC
When NASCAR fans take a trip to check out the NASCAR seen they almost always wind up visiting the Charlotte North Carolina area. About 90% of all NASCAR teams (Nextel Cup, Busch Series and Craftsman Truck Series) are located in the Charlotte area with the majority of them located in Mooresville and Concord. Fans often will stay in the Lake Norman area when taking in all the NASCAR sites. If you are looking for a hotel in the Lake Norman area click here. If you stay in the Lake Norman area you will have plenty of things to do including lake fun, fabulous dining, shops, night time entertainment and all the NASCAR site you can handle all within a short driving distance.

The Lakeside business park in Mooresville is were the largest group of race shops can be found. You can find it just off exit 36 on route 77. DEI is located on the other side of Mooresville. Other major shops including Penskie, Hendrick and Haas are located in Concord. Concord is also were the Lowes Motor Speedway is located. If you are looking for race shop locations click here. Next year the NASCAR Hall of Fame will begin construction in downtown Charlotte.

It is not uncommon for fans to visit the Lake Norman area and wind up moving here. The area is bursting with new development and prices are very competitive. Homes start as low as $110’s and can go as high as $5 million. In fact the cost of living is 25 to 35% lower than it is up north. More and more large companies are moving their corporate headquarters to the area which has created a very strong job market. With a beautiful lake, fabulous city (Charlotte), plenty of new development and and a strong job market the Lake Norman area is a great place to live. In fact the Charlotte (Lake Norman) area has been voted one of the top places to live by Forbes Magazine and was 1 of only 5 areas of the country that increased home value in 2007 (June ’06 to June ’07).

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If you would like more information about the Lake Norman area contact Craig LePage, Broker, Realtor

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