Originally developed in 1989 by Crescent Communities, The Peninsula is a planned community in Cornelius, NC that seeks to facilitate “involved residents working together to continually improve and enhance the quality of life in the Peninsula” as well as “use our people, resources, and energy to thrive in a safe and beautiful community that is respectful of its members and the natural beauty of our environment.”  Marked by distinctive blue mailboxes, homes located in The Peninsula are linked by pedestrian friendly streets and are generally walking distance from Lake Norman. New homes are currently under construction as both costumer’s interest and prices rebound after the financial crisis.

This community features a country club, golf course, yacht club, marina, and many luxury homes. We visited The Peninsula to see what this development looks like today. View our findings here.

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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).” 

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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The Duke Power affiliated Crescent Communities was founded in 1969 to develop Duke’s holdings, initially focusing on forestry management before their first residential community, The Peninsula, began sales in 1989. Still focused on building “communities with room to thrive,” Crescent has also developed First Industrial Park in Charlotte and is currently working on transforming Potomac Yard, South Carolina into an award-winning resort with their Palmetto Bluff development.

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A home for sale with Trump Real Estate

In 2005, The Economist wrote that housing prices had “risen so fast, for so long” that a drop-off was inevitable. The 12.5% growth seen in the first quarter of 2005, spurred by historically low interest rates and lack of confidence in the stock market, could not be sustained and there would be international consequences.

The Economist’s prediction proved insightful, as in 2008 the collapse of sub-prime mortgage bubble and bankruptcy of Lehmann Brothers marked the beginning of the financial crisis. Until roughly 2013, home sales shrank and the luxury real estate market, including around Lake Norman, looked grim. Loans became harder to obtain and newly constructed homes were left empty for long periods of time.

Only recently, with the stock market’s tentative recovery and a drop in unemployment, have sales accelerated. New homes in The Point, Peninsula, and other high-end developments are under construction and real estate agents argue there has never been a better time to buy.

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One of the homes that some would describe as a “McMansion”

When discussing luxury real estate around Lake Norman, on catch phrase appears with remarkable consistency: the McMansion.

While homes located in the The Point and Peninsula often fit the McMansion stereotype, the term’s definition is far from concrete. In fact, the meaning of “McMansion” is not only difficult to pin down the term’s origin, but also susceptible to critique as journalists often stereotype wealthy buyers.

Many writers have attempted to chronicle the McMansion’s development or predict its future, but perhaps the most logical approach would be to accept the trend in all its diversity. Outside of being large, a “typical” McMansion is impossible to describe and incorporates a huge variety of architectural styles, including nods to the neoclassic and gothic, and transcend local and vernacular influence. Some may reference Spanish villas, others medieval castles.

McMansions will likely continue to be the object of derision in the coming years, but the style has proven to be resilient and survived numerous critics’ death knells. In the years to come, the McMansion, and all its large, exotic glory will remain a presence overlooking Lake Norman in The Point and the Peninsula communities.

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