Crescent Communities Tops Charlotte in Luxury Home Sales

Charlotte, N.C., Nov. 6, 2008 … Despite the sluggish housing market in some price points, Crescent Communities continues to lead the Charlotte area in luxury home sales, according to a regional report that tracks residential real estate transactions.

During the 12-month period ending Sept. 30, four of the top six selling neighborhoods with an average sales price of more than $500,000 belong to Crescent, according to Market Opportunity Research Enterprises (M.O.R.E.), a Rocky Mount firm that reports residential home sales data.

The M.O.R.E. Report showed that Crescent Communities has a 34 percent market share for dollar volume of new homes with an average sales price of more than $500,000 in the Charlotte area.

“We, along with the builders in our communities, spend a great deal of time and energy on providing thoughtful places and first-rate homes in which families can thrive,” said Mike Burnett, senior vice president of Crescent Communities Realty, LLC. “It is very gratifying to know that home buyers overwhelmingly turn to Crescent for quality and value when they search for their dream home.”

The top-selling community in the region is Crescent’s Springfield in Fort Mill, S.C., which sold 31 homes for almost $28 million during the 12-month period ending Sept. 30, according to the M.O.R.E. Report. Crescent’s other top communities are the Sanctuary on Lake Wylie, and The Point and The Farms on Lake Norman. New Crescent communities include Chapel Cove on Lake Wylie and Falls Cove on Lake Norman.

So far in 2008, Crescent has sold 100 homes for more than $104 million. Crescent has also sold 44 homesites for more than $10 million.

Crescent Communities is a trademark of Crescent Resources, LLC, which is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte, Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund. Established in 1969, Crescent creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. More information about Crescent Resources is available at Crescent-Resources.com.

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