February 2016 Luxury Real Estate Market Report for Wilmington, NC

Two new luxury homes with asking prices of more than $5 million came on the local market this past month. Two may not seem like such an interesting number, until you consider there is only one other property in the region with a listing price of more than $5 million, and only two homes above that price point have sold in the past 10 years.

The two new listings are 2336 Ocean Point Drive in Landfall, Wilmington, priced at $5,200,000; and 7903 Masonboro Sound Road, Wilmington, with an asking price of $5,250,000.

2336 Ocean Point Drive, Wilmington, NC.
©Landmark Sotheby’s International Realty, Surf City, NC.  Used with permission.

The property at 2336 Ocean Point Drive came on the market February 24.  The Mediterranean Revival style home is more than 7600 square feet, with four bedrooms, seven bathrooms, a saltwater pool, gourmet outdoor kitchen, and unobstructed views of the Intracoastal Waterway and Atlantic Ocean.

The home at 7903 Masonboro Sound Road was listed February 5. Sitting on almost eight acres, the main house is 6,470 square feet, with 4 bedrooms and five bathrooms. It features a pier with a boat lift, a pool, water views and a putting green.  The property also has a separate three bedroom, 2 bath guest cottage.

The one other property currently listed for more than $5 million is 188 Beach Road, Wilmington.  Located on Figure Eight Island, the asking price is $5,900,000.  It has been on the market since February 2013.

February was a busy month for new listings of luxury homes in New Hanover County, where a total of 24 new properties came on the market.  That is a 20% increase over February 2015.

Only five luxury homes were newly listed in Brunswick County in February, down from seven for the same month last year.

Both New Hanover County and Brunswick County saw an increase in the number of luxury homes that went under contract and that closed in February.  Seven went under contract in New Hanover County (compared to four in Feb. ’15) and two in Brunswick County (compared to one in Feb. ’15.)  Five homes in New Hanover, and one in Brunswick, closed in February.  Those numbers are up from four and one, respectively, the same month last year.

With a total of 79 homes priced at more than $1 million in Brunswick County and 136 in New Hanover County, the local luxury market continues to favor high-end buyers searching for good values.

Chart Feb 2016 Lux Rep

This report was compiled by Just For Buyers Realty, the largest exclusive buyers agency in southeastern North Carolina.  If you’re shopping for a luxury home in the greater Wilmington area, including Wrightsville Beach, Figure Eight Island, Kure Beach or along the Intracoastal Waterway, call Just For Buyers Realty at 910-202-4813.  Our Exclusive Buyers Agents pride themselves on being consumer advocates, not sales people.  You can count on them to do the research and provide you with the pertinent information you need to make well-informed choices.

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