We Examine the Luxury Home Market in Charlotte

The Queen City is full of dream-worthy homes with impeccable landscaping in the city’s most sought-after areas. Charlotte’s luxury home market, much like other price brackets, is booming.

What’s a luxury home? It’s hard to define exactly and varies greatly among neighborhoods, but a general rule is somewhere in the range of $460 to $600 per square foot, according to the experts at Helen Adams Realty.

“Luxury real estate isn’t bound by a specific price bracket, neighborhood, or design aesthetic. A luxury condo in Uptown will look far different from a luxury single-family home in Eastover,” says Helen Adams Realty Agent Chloe Faucher. “Both properties will likely feature high-end finishes and creature comforts, but they’ll offer different benefits from a lifestyle perspective to their respective owners.”

Chloe says the number of single-family homes in Charlotte that sold for more than $1.5 million has tripled from three years ago. She attributes this to home price appreciation, new luxury home construction and buyers flocking to Charlotte from higher-priced metropolitan cities.

“Luxury is more than a high sales price, it is about a unique and exclusive lifestyle,” says Helen Adams Realty Agent Erin Ficenec, who specializes in luxury properties in the Lake Norman area. “I have buyer clients reaching out from all over the country wanting to own beautiful waterfront property. The demand for luxury has been very high, and it isn’t slowing down.”

Buying a luxury home

“The luxury home market has not been immune to the fierce buyer competition that we see in lower price points. There is a healthy pool of buyers waiting to strike when a high-end home hits the market,” Chloe says. “Even though we’ve adjusted to the state of the current market, the level of competition still feels a bit surreal to me at times.”

How can a buyer get a leg up in this climate?

“Buyers should be prepared to submit their offers quickly and to put their best foot forward at the outset. In addition to purchase price, sellers are looking for strong due diligence fees, as-is purchases, and flexible closing timeframes,” Chloe says. “Sellers want to feel confident that the deal will go through, so whether a buyer is paying in cash or getting a loan, sharing a healthy proof of funds or verified pre-approval letter from a reputable lender is key.”

Erin says buyers should be prepared for the possibility of multiple offers on their prospective dream home.

“Writing the perfect offer requires a great deal of strategy while keeping the sellers’ wishes in mind,” she says. “Offering to provide the sellers a leaseback option, so they have time to find a new home, can be another advantage.”

Selling your luxury home

If you own a luxury home and are planning to sell, Erin says your first call should be to a top-producing luxury agent.

“They will have connections to the very best high-end photographers and videographers in the area,” Erin says. “You only get one chance to make a first impression. While 90% of buyers begin their home search online, I highly recommend marketing your property both in print and digital media to capture the entire market.”

Erin says you’ll also need to properly price your home.

“Let your expert agent guide you on the perfect pricing strategy. Pricing your home appropriately will allow you to reach the maximum number of buyers; oftentimes the market will organically raise the price on it’s own simply because of the demand in the current market,” she says.

You’ll need to set your home apart from the rest of the inventory.

Depending on your timeframe, the experts have varying advice about how to get your home ready. If you’re not planning to put your home on the market for several months to a year and are willing to take on a remodel, it could net you major dollars when it’s time to close.

“When preparing a luxury home for sale, sellers should focus their attention on updating the kitchen and primary bathroom, and making sure the home has attractive curb appeal,” Chloe says. “Luxury buyers will appreciate high-end kitchen appliances and premium finishes such as curated yet neutral countertops and tilework, and designer plumbing and electrical fixtures.”

Some of Chloe’s high-end design suggestions include:

• Site-finished hardwood floors with wider planks (5 inches or more) for a more modern look
• Tile flooring in the bath and laundry room
• Kitchen backsplashes that go from the counter to the ceiling
• Countertops in marble, high-grade quartz and exotic or textured granite in neutral whites, grays or a marbled pattern
• Statement tile at the fireplace hearth and surrounding
• Tile above a bathroom vanity
• Heavy crown molding, baseboards and wainscoting in formal areas like the entry and dining room
• Custom milwork like a decorative statement wall
• High-end appliances like Viking, Sub Zero, Wolf, Miele, and Bosch
• Stainless steel finishes on appliances
• Refrigerators with cabinet paneling to seamlessly blend into the overall aesthetic
• Smart appliances that are app-controlled to remind you when you’re running low on a grocery item, for example.

One caveat to remodeling for a sale: if you haven’t touched your home’s design since the 1990s, don’t try to start now.

“If your home is outdated, don’t go all out with major renovations, as the next buyer may not have the same design aesthetic or needs. Instead, tackle a minor remodel by making functional and cosmetic updates,” Chloe suggests. “In the bathroom, for example, focus on updating plumbing and electrical fixtures, mirrors, and the vanity.”

And think twice before retrofitting that fancy bathtub.

“People have strong and differing opinions on bathtubs in the primary bathroom, so avoid installing a top-of-the-line tub if you’re remodeling for an upcoming sale,” Chloe says.

Erin says buyers also want multi-purpose spaces like movie rooms with a pool table and/or game area.

“Wet bars are also making a comeback and wine cellars always impress,” she says. “Rooms for yoga and massage are also in demand.”

Whatever renovations you decide to do, don’t try to cut corners.

“Buyers can see through low-quality cabinets, fixtures and materials. Match the quality of the materials used to the value of your home. 

If you’re ready to sell sooner and just need a quick refresh, here’s what the agents suggest:

• Fresh coat of interior and exterior paint
• Refinish hardwood floors
• Update plumbing and electrical fixtures
• Get tune-ups on major systems like the HVAC
• Make sure there’s no water penetration from the roof or into the crawl-space
• Referesh the exterior by laying mulch, pressure washing the walkways and driveway and generally tidying up.

Whether you’re buying, selling or just enjoying looking at gorgeous luxury homes, the Queen City is the perfect place to start.

Helen Adams, a sixth-generation Charlottean, founded her residential real estate company in Charlotte in 1975. Her achievements as an entrepreneur and community leader laid the foundation for a thriving, multi-office real estate business, and today she has become a role model for women throughout the Charlotte region. Second- and third-generation family members, led by Jeff Adams, continue to successfully operate four offices serving Charlotte’s finest neighborhoods with a stalwart commitment to perfecting their craft.

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