New Hanover County’s Luxury Market Bounces Back After Florence

 Wilmington, NC-New Hanover County’s luxury market bounced back in October after its worst month ever in September.  Hurricane Florence, which forced real estate, mortgage and law offices to close and delayed inspections and a number of closings, was to blame for the weak September numbers.

In October, the local real estate industry in general, and the luxury market in particular, showed strong signs of returning to normal.  Eight homes valued at $1 million or more sold during the month.  The cumulative price tag for those properties was $14,125,790.

Additionally, sixteen high-end homes in the tri-county area (including New Hanover, Brunswick, and Pender) went under contract, including the fourth most expensive listing in the area.

The property at 407 Bradley Creek Point Road in Wilmington had an asking price of $4,950,000 and was on the market for nearly 21 months.  The actual selling price will not be made public until the transaction closes.  The new buyer will take possession of a 6500 square foot mansion with 180 degree views of Bradley Creek.   This one-of-a-kind,  waterfront home is five years old, but was built using antique doors, chandeliers and building materials, many of which were imported from Europe.  Additional features include an elevator, high end appliances, a wet bar, and a private pier.

 

(407 Bradley Creek photo courtesy of Intracostal Realty)

“The storm was devastating to so many of our friends and neighbors, and it left a certain amount of uncertainty about which direction the market would go,” says Kathleen Baylies, Broker in Charge at Just For Buyers Realty. “The latest sales numbers indicate Florence’s impact on real estate sales in all segments of the market, including luxury homes, will not be long-lasting.”

  New Hanover County

Oct 2018  / Oct 2017

Brunswick County

Oct 2018  / Oct 2017

Pender County

Oct 2018 / Oct 2017

Newly Listed 6 17 4 6 0 4
Went Under Contract 13 8 3 4 0 1
Closed # Homes Sold 8 12 0 1 1 0
Total Closed $ Volume $14.1M $20.97M $0 $1.38M $1.4M 0

 

Total Current Listings 116 146 67 82 12 18

*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 Realty 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  [email protected],  or visit www.JustForBuyersRealty.com

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