CORNELIUS – Two companies known for their real estate success have formed a partnership to strengthen the area's luxury market.
At the end of last year, Ivester Jackson Distinctive Properties announced it was becoming an affiliate of Christie’s International Real Estate.
Reed Jackson, managing partner for Ivester Jackson/Christie's International, said the partnership allows the entities to take advantage of each other’s markets.
“We are in one of the key markets they wanted to get in,” Jackson said. “North Carolina is attractive for growth.”
Ivester Jackson was established in 1998 and has since closed more than $1 billion in real estate transactions thanks to efforts in sought-after neighborhoods such as The Peninsula, The Point and River Run Country Club.
In return, Ivester Jackson can feed off of Christie’s International Real Estate brand, which is touted to be the world’s leading luxury homes real estate network. It’s a subsidiary of Christie’s auction house, the oldest in the world.
Luxury home sales are a large part of the Ivester Jackson/Christie’s International business, but not the only aspect.
“Fifty percent of the transactions are traditional transactions of $200,000-$500,000 houses,” Jackson. “The other 50 percent are luxury transactions, we’re selling houses from $700,000 up to $6 million.”
Emphasizing their luxury properties component, Ivester Jackson/Christie's International recently held an invitation-only home tour offering attendees a chance to go through three Peninsula homes ranging from $2 million to nearly $5 million.
“It’s been amazing relationship,” said Rick Moeser, Christie’s International senior vice president, regional manager for the Southeast Region, Caribbean and Latin America. “They have been branding themselves with us to help establish the brand and market properties not just to the Charlotte market, but to the U.S. and abroad.”
So far this year, Jackson said, projections show an increase of 10 percent more overall sales than 2013, which was already a record-breaking year. Slowly, they are starting to see an increase toward the levels of the peak 2007-08 years. Plus, thanks to the Christie’s International affiliation, they are reaching a bigger audience.
Jackson said more than half of their out-of-state clients seeking luxury homes come from 10 states, predominantly the Eastern seaboard. The draw, he believes, stems from the nearby airport that is an airline hub, the proximity to Charlotte and the offerings of the Lake Norman area. Also clients of the Lake Norman luxury home market are area residents looking to upgrade after doing well in their careers.
“The majority of the traffic for luxury homes of over a million dollars are people in their 40s to empty-nesters looking for a second home, vacation home or retirement home,” Jackson said. “A lot we call upshifters, looking for over a million dollar homes are local buyers doing well in their industry – bankers, NASCAR, out-of-state executives.”
The local clientele is on trend with what Christie’s has been experiencing in its buyers, Moeser said, though other groups which make up a substantial amount of its customer base are millennial and international buyers.