A New Market Emerges from Under Lake Norman

Following Duke Power (formerly the Catawba Power Company, now Duke Energy)’s construction of the Cowans Ford Dam, Lake Norman resolutely consumed acres upon acres of agricultural land between 1959 and 1964. Both individual landowners and Duke Power found themselves holding extremely valuable lake front property, rich with the potential for access to fishing, water sports, and other leisure activities.

Initially, migration to the Lake Norman’s edges was tentative, largely due to lack of road access. Through the 1970s, small cottages and weekend homes began to appear, soon followed by small clubs such as the Outrigger Yacht Club and Mallard Head Country Club.

However, with the completion of a large portion of I-77 by 1972, access to Lake Norman improved and increased construction commenced. In their book “Lake Norman Our Inland Sea,” Bill and Diana Gleasner claim that the construction of I-77 was the turning point in Lake Norman’s development, “there was a time when people stood on highways around the lake offering lake lots for sale for $1,000. There weren’t many takers back then. With the completion of I-77, the entire lake became more accessible to urban centers to the south and north. Slowly, development began creeping north to the part of the lake that had always been agricultural. Today in four counties that surround the lake, there are more than 25,000 residents who like calling Lake Norman home. Freelance writer Chuck McShane adds that by 1975 “the trickle of growth—a cluster of cabins here, a new marina there—grew to a steady stream of homes and restaurant.”

In fact, in their book “Lake Norman Our Inland Sea,” Bill and Diana Gleasner claim that the construction of I-77 was a significant turning point in Lake Norman’s development, “there was a time when people stood on highways around the lake offering lake lots for sale for $1,000. There weren’t many takers back then. With the completion of I-77, the entire lake became more accessible to urban centers to the south and north. Slowly, development began creeping north to the part of the lake that had always been agricultural. Today in four counties that surround the lake, there are more than 25,000 residents who like calling Lake Norman home (Bill & Diana Gleasner, Lake Norman Our Inland Sea).” 

Growth was sustained through the 1980s, but as Charlotte became a hub for industry and finance the desire for permanent, commuter homes on Lake Norman materialized. Development and real estate agencies quickly capitalized, and planned communities such as The Peninsula (1989) in Cornelius and The Point in Mooresville (mid-1990s) emerged. With large homes, view of the lake, and exclusive country clubs, these locations embody luxury.

Home purchases and construction in these communities and others around Lake Norman continue today. Despite fluctuations in the housing market and critiques of classism, the communities are thriving and receive credit for extensive philanthropy efforts.

The creation of Lake Norman completely changed the Piedmont landscape, but the luxury real estate market that emerged from the depths defines the region’s present and future.

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