By Dave Yochum. Cornelius may be getting wealthier and grayer. An informal survey of new building permits shows more than two dozen single-family homes are under construction or were built between Jan. 1 of 2017 and mid-August of this year.

Construction values of three individual homes—one on Freshwater, one on Mollypop and one on Belle Isle—weigh in at $8 million, $7.3 million and $4.2 million, respectively. The permit values are exclusive of the dirt underneath.

Most of the high-dollar construction permits are for homes on lakefront property.

Take the existing house at the end of Mollypop, for example.

It had quartz counters in the kitchen, modern lighting, a renovated hall bath and laundry room both with modern tile and fixtures, not to mention a new front door, fresh paint inside and out and high-end carpet.

Party-worthy for most of us at $1.4 million. Alas, it was a tear-down.

The building permit on the site indicates the new house on the site will be worth $7.3 million.

That’s actually a lot of money (spoken like Thurston Howell III), but it’s not the highest by any means.

Not counting land, the new construction on Freshwater at $8 million is costing about 25 times more than the median price home in Cornelius, which, according to Zillow, is $300,000.

It’s also considerably bigger: 17,563 square feet, according to the building permit.

A single million-dollar house can be worth as much to the town—income-wise aka tax revenue—as a landmark commercial building on West Catawba.

The Lake Norman Realty building is assessed at about $1 million. In our survey, million-dollar homes are, well, a dime a dozen.

Twenty $1 million homes produce as much tax revenue for the town as 20 $1 million commercial properties, according to Town Manager Andrew Grant.

We sifted and sorted building permits dating back to January of 2017 in Cornelius. The  total value of the Top 20 was $43 million.

“It’s a wonderful endorsement of our special community that individuals and families choose to make personal investments of these magnitudes,” Grant said.

Of course Cornelius’ large tracts of farmland are mostly gone, which means smaller, infill developments with higher price-tags, almost by definition.

Homes listed for sale in Bailey’s Glen run upwards of $350,000 to well over $500,000, according to Carolina Realty Advisors.

There are 434 existing units in Bailey’s Glen and 33 lots still available, as per the town.

There are 25 lots in the Jetton Extension Epcon community and 67 lots in the Nantz Road Epcon. The developer specializes in over-55 communities with homes that have luxury kitchens and baths, as we’ll as open-concept living areas.

Meanwhile, the developers behind the Alexander Farms project on West Catawba are proposing a “resort-style” senior living complex with 130 apartments and 84 age-restricted single-family homes ranging from the high $300,000 range to the mid-400s.

It’s a far cry from 25 years ago when vast tracts of open land—farmed not long before—were transformed into affordable family-friendly neighborhoods like Oakhurst, Glenridge and Caldwell Station.

From a Town management perspective, the new “old” neighborhoods contribute to our community’s culture and commerce without placing an additional burden on schools.

This big gray demographic tends to be highly engaged in civic service and volunteering.

“Some may dread those first gray hairs, but we welcome the stability and wisdom that they bring,” said Clayton Murtle, a former Town of Cornelius spokesman.

Indeed, the median age of Cornelius residents is climbing.

The US Census says our median age was 37.9 in 2010. City Data says the median age here was 40.2 in 2017, compared to a stateside median of 38.7.

The nation as a whole continues to grow older, but not as fast as Cornelius. The national median age increased to 38.2 years in 2018, up from 37.2 years in 2010, according to the US Census.

“There’s no question there is a graying of the region,” said Bill Russell, CEO of the Lake Norman Chamber.

Interestingly, the chamber has commissioned a map—the fold-out kind that’s hardly ever seen in places like Austin, Tex. or Palo Alto—for local businesses and visitors.

It suits Cornelius, just fine.

Russell, who came to the chamber 24 years ago with a full head of dark hair, is now a silver-haired authority on business. He mentioned more demand for businesses like hearing aid stores, funeral services and reverse mortgage lenders.

Realtors say Baby Boomers are staying put longer, tightening the supply of move-up houses for the younger set. They’re healthier, wealthier and not ready to downsize.

The trend helps drive price appreciation and the market for extensive home renovations and tear-downs.

The Watermark project is another example of the mansionization of Cornelius—in a condominium. The $800,000-and-up units test the price-point for the upper levels of multi-family housing.

Michelle Ivester-Rhyne, an agent with Premier Sotheby’s International in Cornelius, says high-dollar sales in various neighborhoods push up the value of the land underneath older homes.

It’s all good, sort of, when rising home values make homeownership a good investment. For those trying to get into the market, it’s another story.

RentCafe says the average rent for an apartment in Cornelius is now $1,235, an 11 percent increase compared to the previous year, when the average rent was $1,111.

Average rents in Charlotte are only a few dollars more per month— $1,242—but they’re increasing at less than half the rate of Cornelius.

From a taxpayer perspective, rising residential values do much to support Town services.

“When a piece of property redevelops, there is typically an increase in its assessed value.  The net increase in value does lead to a net increase in Cornelius tax revenue which helps sustain the levels of service the Town provides,” Grant said.