The Point at Lake Norman

Sconset Village - 106 Yale Loop - Mooresville, NC

(includes Lot at 102 Yale Loop...subdividable)

Contact - Steve D'Gerolamo at 201-262-0412 or ultgar@verizon.net

 

Frequently Asked Questions (FAQ's)

 

1. What are the annual fees ?

For 2017, the fees were as follows..........

  • HOA Fees (The Point & Sconset Village) - $2,416/yr
  • Pier Z Dock Fee - $400/yr
  • Iredell County Property Taxes - $3,586/yr

 

2. What is included with the sale of the home?

  • Pier Z Boatslip (#90)
  • Washer & dryer
  • Garage microwave & refrigerator
  • Televisions (x3)
  • Porch and Outdoor furniture
  • Inside furniture & staging (with the exception of a few pieces) - $20,000 additional cost

 

3. Will you convert the garage for storage of 3 cars?

The garage is currently "finished" with HVAC & music - 1 bay is functional for parking. The other 2 bays include lockable storage areas (one with cabinetry) and an open area (13'2"x22'6") that can be used as exercise area or office. A detached garage/workshop/pool house/storage area was going to be built on the adjacent wooded lot. There's an additional 200 amp panel feed to power this structure, electric car charging stations, and other electrical requirements.

Example of a detached poolhouse/garage built on an adjacent lot within The Point. The structures are connected with an extended breezeway. (satellite photo from Google maps)

 

The buyer can convert 1 or both of the garage bays back to parking. The garage doors and tracks are behind the sheetrock and the thermostat wire would have to be relocated to an outside wall. There are no interior load bearing walls. Cost for tear out is minimal and already factored into the asking price. The cabinets can be relocated in the garage for storage.

 

4. How big is the garage?

Here are the measurements taken by an independent contractor working for the realtor. All of the space is conditioned (heat & AC). Two of the bays, approx 545sq ft, are configured as bonus & storage space. The first bay, approx 222sq ft, is functional as a parking garage with a remote door opener.

 

5. Are there any warranties?

The 1st and 2nd floor HVAC systems were replaced in 2016. This was an important upgrade as the new air conditioning systems use the readily available R410A refrigerant. The old R22 refrigerant, used in most home systems (through 2009), will be completely banned after 2019 and homeowners will be forced to replace their systems should they require refrigerant (at a cost of $8-12k per unit). The high efficiency Trane units (heating & AC) are under parts warranty through April 2026 and labor warranty through April 2021. Trane's North American HQ is in Davidson, NC.

 

6. What improvements have you made to the home since purchase?

When we purchased the home in July 2007, we had the builder upgrade the electrical service from 200amps to 400amps (for future expansion), include the furniture & staging, and leave the garage finished. Since then, we've done the following............

Owner additions (approx costs):

  • Purchase of Adjacent Lot-0.70 acres (102 Yale Loop) -  available for sale @ $150,000 as a separate buildable lot...see details/comps below (included with the 102/106 property purchase)

  • HVAC Upgrade w/Smart Thermostats (May 2016) - $20,000 (high efficiency, ultra-quiet Trane heating & AC for 1st and 2nd floor. Extended warranties.)

  • Tankless Water Heaters in Crawl Space - $7,500 (1 unit dedicated to master bathroom. High efficiency endless hot water)

  • Conditioned Crawl Space - $10,000 (improved indoor air quality, comfort and efficiency)

  • Lennox PureAir Filtration System - $3,500 (On main level..removes airborne particles, odors and vapors, and has UV lights to kill bacteria and germs)

  • Honeywell Steam Humidifier - $2,500 (1st floor....for health and comfort during winter months)

  • Window treatments (blinds & shades) - $5,000 (privacy, UV protection, thermal control)

  • Hunter Pro-C Irrigation controller (with Solar Sync) & Rainbird Water saving heads - $4,500

  • LED landscape lighting - $500 (energy saving & longevity)

 

7. Are you willing to subdivide 102 and 106 Yale Loop and if so, what would the price be for each lot?

Yes. The sale price of 106 Yale Loop (home on approx .83 acres plus boatslip) would be reduced to $875,000. The lot at 102 Yale Loop would be offered at $150,000 (approx .70 acres). There is considerable savings in purchasing the combined 102/106 property for $950,000.

 

8. 102 Yale Loop - why are you asking such a high price when you purchased it for only $65,000?

When we purchased 106 Yale Loop in 2007, the empty lot at 102 Yale Loop was also available. We approached Crescent Realty to purchase the lot and their asking price was $125,000 at the time (mid-2008). Apparently 102 Yale was sold to a builder (Arcadia Homes) who had plans to construct a 4,000 sq ft home on the lot. The front part of the lot is elevated (possibly the highest elevation in The Point) and a home with an upper deck/balcony would have a nice view of the Yale Loop common ground and waterviews of the lake. When the recession hit in 2008-2009, many builders were forced to sell their assets/properties at whatever the market would bear. Lots went as cheap as $20,000 within The Point. We were able to purchase 102 Yale Loop at good price and combined it with 106 for the extra acreage and privacy with minimal tax and fee impact.

 

9. 102 Yale Loop/Sconset Village/Lots for Sale in The Point - when I look at the "comps" in Sconset Village, I see the lot at 153 Hopkinton sold for $95,000 back in 2017. Why is your lot so expensive?

Timing is Everything.....while we purchased the home at 106 Yale at the peak of the market, we were able to pickup 102 Yale Loop at a low point. Since we're likely to take a significant loss on the sale of the home, we need to offset some of this loss with a profit on the wooded lot. Here are the current empty lots (under $500,000) available within The Point (per Zillow...as of Dec 20, 2018).........

  • 102 Yale Loop (.70 acres) - $150,000
  • 121 The Point Drive (1.08 acres) - $335,000
  • 2023 Brawley School Rd (1.02 acres) - $339,000
  • 205 Brownstone Drive (1.20 acres) - $400,000
  • 1710 Brawley School Rd (1.81 acres) - $438,000

There are another 8-10 lots for sale within The Point, ranging from $515,000 to $1,995,000. Many of these are waterfront.

 

There are 4 roads in Sconset Village. The Western part of Sconset has 1 road.........Bunker Way. The Eastern part of Sconset Village has Tuscany Trail, Hopkinton Drive and Yale Loop. Yale Loop, overlooking the Loop common grounds, is the most desirable road in Sconset Village and where the builder (Simonini Builders) located their office and models when the community opened back in 2005-2006. There are only 5 lots on Yale Loop...102/106/110/114/118. In my opinion, Tuscany Trail is the least desirable because, with the exception of the end lot at 146 Tuscany, the road traverses the lots of all of the homes on this street.

Here's the recent Lot sales history within Sconset Village (per Zillow). Realtors, investors and buyers love to look at "selective comps" to support their offer but supply/demand is also in play here. There's only 1 lot currently being offered for sale in Sconset Village (102 Yale Loop).

  • 102 Yale Loop - offered for sale at $150,000

  • 118 Tuscany Trail - sold at $88,500 on 9/4/15
  • 124 Tuscany Trail - sold at $120,000 on 10/11/13
  • 130 Tuscany Trail - sold for $60,000 on 10/29/12
  • 136 Tuscany Trail - sold for $120,000 on 12/12/16
  • 142 Tuscany Trail - sold for $120,000 on 12/12/16
  • 146 Tuscany Trail - sold for $135,000 on 4/24/18
  • 135 Hopkinton Drive - sold for $55,000 on 12/23/09
  • 153 Hopkinton Drive - sold for $95,000 on 9/1/17
  • 165 Hopkinton Drive - sold for $134,500 on 8/12/16
  • 166 Hopkinton Drive - sold for $120,000 on 12/28/07
  • 104 Bunker Way - sold for $129,000 on 12/27/07
  • 111 Bunker Way - sold for $56,000 on 3/15/13
  • 116 Bunker Way - sold for $190,000 on 4/5/17
  • 132 Bunker Way - sold for $647,000 on 2/15/08