you're reading...

Cornelius News

Home prices still on the rise in and around North Meck

Lot for sale: $1.65 million

Only in Cornelius: An empty lot on Bethelwood Lane is for sale at—brace yourself—$1.65 million. It’s lakefront, of course, and it’s two-thirds of an acre. It’s also one indication residential real estate prices remain strong, although it looks like the rate of price gains is slowing down.

Measured from their peak in 2006-2007, home prices are up only around 3.5 percent, based on surveys in 20 large markets like Atlanta, Boston, Charlotte, Las Vegas, Los Angeles, Miami, Phoenix, Tampa and Washington D.C. Year over year, the S&P Core Logic Case-Shiller U.S. National Home Price NSA Index, says prices are up about 6 percent.

Charlotte prices year-over-year are up 5.6 percent according to Case-Shiller, not a bad thing in the world of residential real estate where slow and steady is better than sharp spikes in either direction.

The lot on Bethelwood was once part of the Hall family farm, back when  farming was the principal endeavor in Cornelius. An old barn was torn down on the property, making room for a 5,000-plus square foot home.

Tear-downs are a thing in Cornelius where waterfront lots for luxury homes are few and far between.

Mike Shula’s English cottage inspired house

“A lot of buyers like the idea of new construction, and some don’t like the idea of going in and tearing down an existing home,” Pape says.

In other local real estate news, former Panthers offensive coordinator Mike Shula has sold his English cottage inspired house in the La Reserve section of The Peninsula in three days. The 3,753-square foot house sold for $1.135 million. Shula is now the quarterback coach and offensive coordinator for the New York football Giants.