Lake Lure sits in the Hickory Nut Gorge surrounded by lush green mountain tops, granite monoliths and of course the jewel of the Blue Ridge, Lake Lure.
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.
Pinnacle SIR Stats
Average Sold Price-$818,000
Michael Holden & Kevin Swerdlin
Average Sold Price-$448,744
TEAM CLEARY-Wes & Cathy Cleary
Average Sold Price-$545,833
Average Sold Price-$459,850
Average List Price-$495,909
Average Sold Price-$363,048
Total Homes Sold-132
Rumbling Bald Resort
Average List Price-$453,806
Average Sold Price-$349,247
Total Homes Sold-39
Average List Price-$558,160
Average Sold Price-$514,225
Total Homes Sold-23
Average List Price-$518,283
Average Sold Price-$342,967
Total Homes Sold-117
2018 Significant Sales
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 new trail was added to the now 1,527 acres of Buffalo Creek Park making it one of the largest town owned parks in North Carolina. This past Friday, May 4, the Ribbon Cutting ceremony was held at the Bald Mountain Farm just inside Rumbling Bald Resort for the official Grand Opening of the Weed Patch Mountain Trail. The backdrop to this ceremony held gorgeous views of Eagle Rock and the beautiful legacy farm and home on the property.
This new trail is 8.6 miles and offers hikers, bikers and climbers access to breathtaking views, clean mountain streams and massive rock formations. Excitement awaits! From the average hiker to the most advanced backpacking and rock climbing thrill seekers.
The ceremony celebrated the culmination of nearly a decade of conservation and recreational trails and honored the completion of the 8.6 mile Weed Patch Mountain Trail that connects Buffalo Creek Park to Eagle Rock.
The additional acreage to the Town of Lake Lure’s Buffalo Creek Park makes it 1,527 acres and one of the largest municipally owned parks in North Carolina.
Speakers included, Peter Barr-Trails Coordinator, Kevin Cooley-Mayor of Lake Lure and Trail Builder-Shrimper Khare
For more information including a map of the Weed Patch Mountain Trail visit https://conservingcarolina.org/weedpatch/
This picture may fool you. Can you guess where this body of water was taken?
Here is the big reveal of last week’s photograph. Was anyone able to guess where that picture was taken?
This photo was taken in 1924 and is the Chimney Rock Consolidated School. The caption read that it was near Havener’s Point and was located in what is now, “most likely” the middle of the lake!!
Since the school has been under water for more than 80 years, there is no way of knowing where the exact location is. Hopefully further research will lead me to someone that can tell us.
If you look at the photos side by side, you will see that the mountain on the right side of the current photo looks very similar to the mountain behind the school in the old photo. So we have determined that this is probably in the same location. If anyone has any more information or even better, more photographs please contact me at 828.625.9600 ext.217 or email email@example.com.
Photographs capture moments in time and take you to places and times you may never have gone to before. Frozen so that future generations can get a glimpse of the way things used to be. We have been searching for old photos of Lake Lure and the surrounding area so that we may see some of Lake Lure’s history. We were very lucky to have found quite a few very interesting photographs, so we have put together an ongoing “Then & Now” article featuring some of these great pictures. Each week we will post a “then” photo and the following week we will post the same photo in present day.
Can you guess where this photo was taken? The answer is hidden deep inside Lake Lure!
Our office has closed over $6.5 million in real estate just this month!
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.
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
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
Pinnacle Sotheby's International Realty is the Lake Lure and Western North Carolina area's premier real estate company for luxury and equestrian homes.$$
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2992 Memorial Highway | Lake Lure, NC 28746