NASCAR money drives Lake Norman’s luxury home market

LAKE NORMAN, N.C. — Dominant industries in a given area tend to be the main drivers of luxury real estate markets — big oil in Texas, for instance, or finance in New York, notes a recent article by The Wall Street Journal. In Lake Norman, just north of the nation’s No. 2 banking center? It’s NASCAR.

The article points to two properties currently on the market — an equestrian estate in Mooresville and a waterfront compound in Cornelius, both priced around $16 million — to illustrate the trend of soaring prices in communities around LKN. The sale of either at anywhere close to its asking price would set a record for the area.

Agents told the WSJ that money tied to NASCAR has long propped up the high end of residential real estate on Lake Norman, which ranks among the largest lake markets in the nation.

Read more here.

(WATCH BELOW: Teen racers hit the track as part of NASCAR development combine for diverse drivers)