Lake Wylie Waterfront
What to look for in Waterfront Real Estate
 |
 |
When in the market for waterfront property, the first rule to know is that all rules are out the window. Literally!
Evaluating a house or building lot based on “cost per square foot” or “cost per acre” just doesn’t work with waterfront property. Instead, property price is impacted by factors such as view, water depth and clarity, number of shoreline feet, whether or not a dock is allowed and the size of dock allowed, access to the property by water, shape of the lot, steepness of the lot, and neighborhood.
In general, waterfront property nestled in a cove is less expensive than a comparable property with a “big view”. Cove property, however, usually offers more privacy and more “calm water” for swimming. You need to decide what factors are important to you, and how much you’re willing to spend.
Restrictions play a big part in the price and use of a lot. Lake Wylie restrictions can be complicated considering that the jurisdiction of the lake falls under two states, three counties, eight cities or municipalities, as well as the federal Army Corps of Engineers and Duke Power. Depending on the area and jurisdiction, the buffer (required space between the lake and any building) may be 50’, 100’, or even 200’ from the 570 line.
Be careful not to make costly mistakes resulting from not knowing the lake or restrictions. For example, a lakefront home may have an outstanding view, but insufficient water frontage to meet minimum requirements for a dock. Or, a lot may be on a beautiful point with water on three sides, but because of set backs there may not enough room to build a house or install an adequate septic system. In another case, a property may be in an area of the lake that is shallow or has a shoal and difficult to maneuver when the water is lower than optimum level. Knowledge of these considerations is critical.
The real estate market has been volatile in recent years. Many waterfront lots, purchased as investments, have fallen into foreclosure. This has affected pricing on ALL waterfront property, to an extent. You can see recent sales of waterfront property to see prices of lots and homes sold in the last few months. In general, here's what to expect at different price points for waterfront lots:
| Under $150,000 | Cove lot, usually shallow water. May be dockable, but limited. Lot may have topography issues, or less than appealing view. |
| $150-$200,000 | Cove lots, usually dockable. View is usually limited. Surrounding properties vary. |
| $200-$250,000 | Usually cove lots, more open view than lesser priced property. Good availability in this price range, especially in Belmont, Charlotte NC and some in Lake Wylie (Clover school district) areas.. |
| $250-$350,000 | Lots with an open cove view. Good topography, newer neighborhood lots. Some main channel lots available at this price point. |
| $350,000 up to $500,000 plus | Premium waterfront property, with big open view, good surroundings, good topography for building. Desirable or high demand areas. |
In this time of foreclosures and real estate volatility, exceptions certainly exist. However, the chart above should set expectations of what's available in today's market.
The quality of the lot is the first consideration in the price of a waterfront home. Waterfront homes on Lake Wylie are typically unique in nature, and vary from "river cabins" to luxury custom homes. For a good representation of what's currently available at different price points, please visit Featured Properties Currently For Sale on Lake Wylie.
When buying or selling waterfront real estate, it is best to work with a real estate agent who specializes in lakefront property. An experienced waterfront agent will be familiar with the conditions in each area of the lake, will be very knowledgeable about Duke Power’s Shoreline restrictions, and will be able to guide you through each consideration unique to lake property. So when you’re ready, call in The Lake Wylie Man!
.
