T
he number of ultra-wealthy home buyers has surged 19% over the past five years, according to Knight Frank, and they're now targeting lesser-known areas like Lake Norman in North Carolina. While one of the lake towns, Mooresville, is known for its affordability with houses priced below $500,000, the area's luxury market is also on the rise.
Three mansions sold for over $10 million in just 45 days, a first for the area. Lori Ivester Jackson, broker and founder of Ivester Jackson Distinctive Properties, credits the lake's 36-mile length and 520 miles of shoreline as well as its proximity to Charlotte and its reimagined airport.
Luxury sales are taking off, with seven Lake Norman homes now priced between $9.9 million and $21.99 million. A new listing in Cornelius is priced at $25 million. Josh Dearing of Serhant North Carolina notes that the luxury market in North Carolina has caught up with other major markets like New York City.
NASCAR driver Kurt Busch recently sold his home on The Point for $10 million, while Christian McCaffrey and Olivia Culpo's French-inspired manor in Mooresville has been on the market since 2022. The couple bought the property for $7 million when McCaffrey was a Carolina Panther.
Another Point manse on Longfellow Lane sold this summer for $10.7 million, fully furnished. Listing agent Laura Pegram notes that buyers are drawn to the area's golf course communities and luxury amenities like private tennis courts and boat docks.
As high-priced sales rise, a greater focus comes into the stock of luxe homes, such as one at 17028 Island View Dr. in Cornelius. Jessica Grier of Premier Sotheby's International Realty notes that custom-built homes are staying on the market until owners want to sell, with some even downsizing to nearby condos.
A private island home, Merancas Island, has a new ask of $15 million after being priced at $22 million in 2023. The property features a gated drive, five bedrooms, and seven baths in 14,346 square feet, along with an indoor pool and a long sandy beach for outdoor swims.
In nearby Cornelius, a 7,209-square-foot home at 16716 Belle Isle Dr. sold for $11.5 million in July, featuring an infinity pool and a sandy beach along its 365 feet of shoreline. Offers came from prospective buyers in California, Virginia, and Greenwich, Connecticut.
A $13.8 million listing at 124 Wellcraft Ct. has six bedrooms and eight baths with beautiful millwork, a home theater, and an outdoor pool. A fully furnished, 12,002-square-foot modern manse at 19125 Peninsula Point is listed for $18.89 million, featuring dual kitchen islands and a scullery in the main cooking area.
The sellers of a chateau in Cornelius are hoping to get $16 million after two years on the market. The 15,000-square-foot mansion has an elevator serving its six bedrooms and 11 baths with soaring ceilings and a lavish master suite with a private patio.
