Hurricane Florence Hits Area’s Luxury Housing Market Hard In September

Wilmington, NC – The tri-county area’s luxury housing market is the latest victim of Hurricane Florence. High end homes, valued at $1 million or more, had their worst month in six years.

Only two luxury homes, with a combined value of $3,325,000, closed during the month of September.  That is the weakest showing of high-end home sales since the bottom of the market in March 2012 when only one home sold for $1.4 million.

“Like everyone else, buyers and sellers had other things on their mind,” said Kathleen Baylies, Broker-in-Charge of Just for Buyers Realty. “The storm affected every aspect of every category of the local real estate business.  Real estate companies, attorney offices, lenders and insurance companies all closed. To complicate things further, many of their offices suffered damage, delaying their ability to reopen for as much as two weeks. Right now, everyone is working on rescheduling transactions.”

Seven additional luxury homes came on the market during September, but only one after Hurricane Florence.  That was 1520 North Shore Drive in Sunset Beach, which was listed September 27. The custom built, waterfront home has a solar heated pool, sauna, private boat dock, six bedrooms, five full baths, and an elevator. The asking price is $1,525,000.

(1520 North Shore Drive courtesy Coldwell Banker Chicora RE)

 

 

September 2018 Luxury* Home Report

New Hanover County

Sept 2018  / Sept 2017

Brunswick County

Sept 2018  / Sept 2017

Pender County

Sept 2018 / Sept 2017

Newly Listed 5 16 3 4 0 1
Went Under Contract 5 10 1 0 0 0
Closed # Homes Sold 1 11 1 5 0 0
Total Closed $ Volume $2.1m $21.9m $1.2m $6.71m 0 0
Total Current Listings 135 151 76 80 12 15

*Luxury homes defined as those priced at $1,000,000 or higher Statistics are from the North Carolina Regional Multiple Listing Service.

This report is presented by Kathleen Baylies, Just for Buyer’s Reality Broker in Charge. As the name implies, Just For Buyers Realty serves only buyers. In a state where buyers purchase real estate at their own risk, the company’s mission is to serve as Superheroes for Buyers, using all of the secrets of the trade to protect buyers at every stage of the process. Contact Just For Buyers Realty by calling 910-202-4813 or by e-mail at [email protected], or visit www.JustForBuyersRealty.com

 

 

 

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