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2018 Year End Review

 

2018 has been a great year for Pinnacle Sotheby’s International Realty. We have added three exceptional new agents – Wes and Cathy Cleary of TEAM CLEARY who had the company’s highest listing that resulted in the highest sale of the year and Alan Rieger, who sold his first home with the company less than a month after signing on.

We ended the year with a 35% increase from 2017 and finished with over $22 Million in our Volume Sales!

Our company listed 81 properties and sold 56 in 2018.

We have expanded our geographic interest by adding Lake James and Lake Lanier to our waterfront focus and also have agents licensed in South Carolina.


STATISTICS

Pinnacle SIR Stats 

Thomas McKay

Top Sale-$1,442,500

Average Sold Price-$818,000

Michael Holden & Kevin Swerdlin

Top Sale-$1,299,000

Average Sold Price-$448,744

TEAM CLEARY-Wes & Cathy Cleary

Top Sale-$1,442,500

Average Sold Price-$545,833

Alan Rieger 

Top Sale-$1,000,000

Average Sold Price-$459,850


MLS Stats

Lake Lure 

Average List Price-$495,909

Average Sold Price-$363,048

Total Homes Sold-132

Average DOM-135

Rumbling Bald Resort

Average List Price-$453,806

Average Sold Price-$349,247

Total Homes Sold-39

Average DOM-197

Lake Adger

Average List Price-$558,160

Average Sold Price-$514,225

Total Homes Sold-23

Average DOM-91

Tryon

Average List Price-$518,283

Average Sold Price-$342,967

Total Homes Sold-117

Average DOM-102


 

2018 Significant Sales

255 Deerwood Drive Lake Lure, NC 28746 Sold at $1,442,500

139 Storm Ridge Lake Lure, NC 28746      Sold at $1,400,000

111 & 212 Fiddlehead Ln. Zirconia, NC 28790 Sold at $1,299,000

MARKETING 

When your home is represented by the Sotheby’s International Realty® brand it benefits from the worldwide recognition and prestige of the Sotheby’s name and gains exclusive access to highly qualified global clientele.

For those looking to sell their luxury estates, our experienced associates are equipped with the marketing tools needed to ensure your property is presented to a global audience of qualified and interested buyers. Our luxury real estate marketing is designed to give you the competitive edge by increasing interest in your property and engaging our audience both online and off. The Sotheby’s International Realty network acts exclusively on behalf of our client’s individual needs and offer the utmost discretion when helping market and sell your estate.

When a listing is marketed through the Sotheby’s International Realty network it immediately begins a journey to worldwide exposure!


 

 

A Productive November

Our office has closed over $6.5 million in real estate just this month!

Meticulously Maintained Waterfront Home on Lake Lure

Intriguing and meticulously maintained Lake Lure waterfront home. Features include a large great room with floor-to-ceiling windows, kitchen with Corian counters and center island, two fireplaces, main level Master Suite, 2 bonus rooms on the upper level, a large laundry/craft room, and a two-car attached garage. The waterfront features a large boathouse with sun deck, and extensive rock wall terracing and landscaping.

The Market Report – Western North Carolina 2014

Looking at the nation’s housing and economic indicators, there is plenty of positive news to justify continued investor optimism in 2015.

THE GENERAL MARKET

The housing recovery has progressed in fits and starts this year, with historically low mortgage rates and the strongest job gains since 1999 slowly luring buyers into the market. The average 30-year, fixed-rate mortgage was 3.93 percent in the week ended Dec. 11, down from 4.53 percent at the start of January, according to data from Freddie Mac in McLean, Virginia.

At the 2014 Realtors Conference & Expo, Lawrence Yun, chief economist for the National Association of Realtors, or NAR, predicted a rebound for existing home sales for the next two years, and he projects the national median existing-home price will rise at a moderate 4 percent in each of those years.

On the new home front, David Crowe, chief economist for the National Association of Home Builders, forecasted in an Oct. 31, 2014 National Association of Home Builders webinar that multi-family housing starts were projected to increase 15 percent in the rest of 2014 and hold steady in 2015.

Two major concerns remain: tight lending standards, which continue to keep people who could otherwise afford to buy a home from qualifying for a loan to finance the purchase, and interest rates, which are expected to hit at least 5 percent by year-end. However, as the run-up in home prices decelerates and lending standards become less strict, homeownership may become more attainable for many Americans. Starting Dec. 13, Fannie Mae is allowing lower down payments for first-time buyers and permitting borrowers who are refinancing to reduce equity to 3 percent to cover closing costs.

THE LUXURY MARKET

U.S. millionaires see real estate as the top alternative-asset class to own this year, according to Morgan Stanley.

About 77 percent of investors with at least $1 million in assets own real estate, according to a survey released today by the New York-based investment bank’s wealth-management unit. “After a year where the Standard & Poor’s Index rose 30 percent, some millionaires are moving money out of traditional, long-only strategies to find outperformance, and turning toward alternatives such as real estate and private equity,” said Gary Kaminsky, a vice chairman at Morgan Stanley Wealth Management in New York. “Sophisticated, high-net-worth investors are much more concerned about losses.”

Wealthy foreigners have bought high-end U.S. properties for their safety and because they’re denominated in dollars, the world’s reserve currency, he said. This helps domestic millionaires maintain the value of their property investments. This is creating competition, which drives U.S. real estate prices up. U.S. sellers have multiple channels to sell into which gives them more liquidity.

THE FORECLOSURE AND REO MARKET

The number of U.S. properties in the process of being foreclosed upon dropped last year to its lowest level since 2006, real estate data firm RealtyTrac said on January 15th, 2015. In total, 1,117,426 properties were at some stage of foreclosure proceedings in 2014, down 18 percent from 2013 and off 61 percent from the peak of the aftermath of the housing collapse in 2010, when 2,871,891 properties had foreclosure filings under way. The data for the year overall showed the foreclosure market is “close to finding a floor and stabilizing at a historically normal level,” Daren Blomquist, vice president at RealtyTrac, said in a statement.

THE REAL ESTATE MARKET IN WESTERN NORTH CAROLINA

When compared to 2013, the real estate market is up in almost all counties of Western North Carolina. In 2014, the counties of Western North Carolina posted a total sales volume of $2,011,717,532, selling 9,286 properties, up % over 2013.

PINNACLE SOTHEBY’S INTERNATIONAL REALTY

2014 was an extraordinary year for us. Here are some of our highlights: • Over $12,000,000 in total sales • Top office in Lake Lure • Highest sale in Henderson County • Third highest sale in Rutherford County • Second highest sale in Lake Lure • Ranked 13th in the Hendersonville Board of Realtors • Highest average transaction in Lake Lure We look forward to a prosperous 2015!

Click HERE to read the full report

The Market Report – 4th Quarter 2014

Overall, the 4th quarter of real estate sales in Western North Carolina continued the trend of a slightly improving market; especially in the more affluent areas of Asheville and Hendersonville.

The Grove Park area, along with Beaver Lake and Reynolds Mountain show 27% increase in sales price and a 22% increase in units sold.

South Asheville including Biltmore Forest, The Ramble, and Biltmore Park also posted a higher 4th quarter compared to 2013, as did both Champion Hills and Kenmure in Henderson County.

Lake Lure again showed a decrease in overall sales despite the second highest sale on the Lake happening in December.  Thankfully, activity has returned to Rumbling Bald Resort, which didn’t record a single sale last quarter and is only slightly down from the 2013 4th quarter.

Click here to read the full report.

2014 By The Numbers

Pinnacle Sotheby’s International Realty ended 2014 as the highest grossing office in Lake Lure as well as having the highest average sales transaction.  Our agents occupy the top 3 spots in average individual sales transactions.

We also had the highest sale in Henderson County at $1,400,000 and the second highest sale in Lake Lure and the third highest sale in Rutherford County at $875,000.

This was definitely a wonderful year for our office and indicates that real estate in Western North Carolina is on the rebound.

Click HERE to view the interactive presentation

The Market Report – 3rd Quarter 2014

Overall, the real estate in Western North Carolina either stayed level or improved from the 2nd to the 3rd Quarter.

Primary market neighborhoods like Biltmore Forest, with it’s million dollar plus homes, Biltmore Lake, and Haw Creek, showed a modest increase in sales, more transactions, and higher list price to sale price percentage.

Lake Lure however, has shown a decrease in number of transactions and high-dollar sales. However, to put that in perspective, Lake Lure is a resort community of mostly secondary homes and the prime selling season is from Memorial Day to Labor day, so the decrease is to be expected.

Click here to read the full report

More Than Just a Place to Dock Your Boat | Waterfront Homes

When affluent consumers are considering their next purchase,  waterfront properties top the list, according to the Sotheby’s International Realty Luxury Lifestyle Report. Explore these magnificent waterfront homes featuring docks, a luxury amenity trending among affluent consumers around the world.

$2,900,000 USD | Lake Lure, North Carolina | Terry Tincher

This award-winning, Adirondack home embodies the ambiance of an Aspen lodge merged with eclectic, contemporary styling. From its finely crafted interiors including its hand-tooled trusses, copper sinks, and limestone tile, to its world-class waterfront that features a 75′ water slide, cascading waterfall, and boathouse with sundeck, to its detached two-car garage with guest house on the lower level; this home is truly refined and incomparable.

 

$1,390,000 USD | Lake Lure, North Carolina | The McKay Group

Sweeping views of Lake Lure and the Chimney Rock Mountains provide the frame for this thoughtfully designed hilltop estate. One level living invites all who enter to experience a panorama of breathtaking views from almost every room. The spacious Master Suite with a fireplace is privately located from the two guest suites and third guest/study. A 2-car garage, in-ground pool, and a double boathouse on the waterfront complete this inspired home.

$1,220,000 USD | Lake Lure, North Carolina | Terry Tincher

Sophisticated and serene custom lakefront estate encompassing over 5,000 sq ft. Impeccable details include mesquite hardwood flooring in the living room, Brazilian Rosewood paneling on the curved staircase, and handcrafted oak coffered ceiling in the den. Other features include a Master Bath with heated floor and tiled walk-in shower, an elevator, an enclosed heated lap pool, generator and, and trolley taking you to the double berth boathouse.

$1,120,000 USD | Lake Lure, North Carolina | Terry Tincher

Beautiful Lake Lure waterfront home with beautiful Rumbling Bald Mountain and open water views; live outside of the resort but still enjoy all amenities. Master bedroom with stone fire place and total update of master bath with walk-in shower and granite counter tops for the double vanity. Large boat house with workshop area and carpeted sundeck to enjoy sun sets. Private patio with stone arches off of the master. Private gated entrance with parking.

$795,000 USD | Lake Lure, North Carolina | The McKay Group

Lakefront home about a mile from the Lake Lure Beach and town center. This 2 ½ story home has breathtaking views of the lake & Chimney Rock Park Mountains. Two original stone fireplaces, beautiful wood flooring, up-to-date kitchen with high-end stainless steel appliances, private master suite & wonderful outdoor spaces w/docks, boathouse and covered slips provide an elegant rustic retreat for year-round or seasonal living.