Home Buying in Mooresville>Question Details

dimmicks, Home Seller in Mooresville, NC

Is the start of construction on Langtree @ Lake having any effect on property values off of Exit 31? little 4 sale in the $4-600K range there..odd

Asked by dimmicks, Mooresville, NC Mon Aug 20, 2012

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It has not had any effect right now however I do believe that Exit 31 is an important spot for the West side of the Lake because many homeowners don't want to go above that exit IF they work in Charlotte. They can still get Iredell taxes (low) at this Exit and now with Langtree at the lake they will get great amenities right where they live along with fast exit to I-77. As a result I believe IF there is going to be an increase in values it will happen here before it does other areas around the lake.
Kathy Byrnes - RE/MAX Executive at the Lake. Call directly for additional information 704-881-3930
1 vote Thank Flag Link Tue Aug 21, 2012
Wanted to point out that Langtree is on the East (not West) side of Lake Norman and also that there was some talk of Mooresville incorporating the portion of the Langtree Rd area between I-77 intersection down as far as Gudger Rd -which would mean Mooresville city taxes/water and sewer on top of Iredell county tax.
If this happened then I'm not sure that Langtree area would be as attractive as someone suggested, even with the new facilities. Personally I like the area, but it is Iredell county schools so whilst Mount Mourne elementary is quite close, Brawley Middle and Lake Norman High are a bit of a hike,compared to if you live off HWY 150 West or Brawley School Rd. In addition- it seems unfair to pay Mooresville city taxes but not be in Mooresville city school district.
With the new I-77 exit 35 for Brawley School Rd opening in the Spring (2013) this will make access to BSR area even easier-and the widening of BSR has already made a huge improvement. Add to that the Trump National Golf course improvements, plus low homes inventory and you can only expect to see home values and the demad in that area go up.
Not sure there are many stores planned for Langtree-mainly restaurants and bars, so people will still need to go North or South for shopping.
0 votes Thank Flag Link Fri Feb 22, 2013
Good evening, Dimmicks:
Our experience is that today's buyer is both price sensitive and looking for a move in ready home. The new home market is very hot right now, especially where the existing homes for sale are aging, in need of renovation or updating, or where existing homes are overpriced. The problem is that many owners of existing homes at Exit 31 that would have an appropriate list price in the $400-$600k range have an inflated opinion of value or a mortgage that exceeds this amount.

Values of existing homes will increase only as the sales of comparable homes also increase. But existing homes values are often adjusted down against sales of new homes. If there is an increase in property values in this location, it will come as sales occur and to the extent that appraisers use these new home sales as comparable properties. My guess is that it will be a very gradual change. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
0 votes Thank Flag Link Tue Aug 21, 2012
Only time will tell. The inventory of for sale homes is low and is having much more of an impact on prices than a project to be completed in the months ahead.
0 votes Thank Flag Link Tue Aug 21, 2012
I agree with David.
Flag Tue Apr 30, 2013
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