Local Luxury Market Boomed in 2017

WILMINGTON, NC – Luxury home sales in the tri-county area boomed in 2017 producing the best sales numbers in a decade. A total of 149 homes sold for more than $1 million each in New Hanover, Brunswick and Pender in 2017. That compares to 99 high-end homes sales in 2016. Total dollar volume topped $248 million, almost a 56% increase over 2016. Last year’s luxury sales were the highest they’ve been since 2007. Of note were the 12 ultra-luxury homes, with selling prices of $3 million or more, which sold last year. That compares to only four similar sales in 2016 and represents the highest number since 2007 when 16 homes with price tags exceeding $3M sold. The most expensive properties to sell in each of the counties this past year were: New Hanover: 226 Beach Road North, … [Read more...]

Tax Refunds Give Buyers Extra Cash to Buy First Home

WILMINGTON, NC - If you’ve been toying with the idea of buying your first home, now is the time to get serious. There are several factors that make the first quarter of 2018 the perfect time for home buyers, especially first-time home buyers, to make the move. At the top of the list is tax refunds. According to the IRS, the average American received a tax refund of $2,763 for 2016 taxes filed. That’s extra cash buyers can use to help cover closing costs, which are often seen as a hurdle to purchasing a home. “Tax refunds are often seen as an opportunity to make a splurge purchase, but for those wanting to increase their net worth, it’s a chance to do so by buying a home. That’s means you stop making your landlord richer and start building your own wealth. Every mortgage payment is … [Read more...]

New Hanover County Sets September Luxury Home Sales Record

  The property at 202 Nun Street, known locally as The Verandas, is one of the 16 new luxury home listings  in New Hanover County to come on the market during September. The home is listed for $2,199,000. Photo © Intracoastal Realty Corp. Used with permission. WILMINGTON, NC – Sales of luxury homes in New Hanover County set an all-time high for the month of September. Eleven homes with a total value of $21.29 million sold. That compares to the next busiest September in 2009 when nine luxury homes totaling $16.42 million sold. While not setting a monthly record, sales of million dollar homes in Brunswick County were also robust. Five properties with a combined value of $6.71 million closed, compared to two properties totaling $2.28 million in September 2016. The trend for … [Read more...]

Overall Luxury Market Holds Steady; $3M+ Sales Boom

WILMINGTON, NC – During August, sales of homes priced at or more than $1 million kept pace with sales a year ago. However, homes priced over the $3 million dollar mark are the big story. From January 1 through August 31, seven properties have sold over the $3M mark in the tri-county area of New Hanover, Brunswick and Pender. With four months to go, 2017 already tops the total annual sales of $3+ million homes for every year in the past decade. (See chart below for historical perspective of annual sales topping $3M.) The last time more homes over $3M sold in a single year was at the peak of the real estate market in 2007. That year, sixteen homes priced at or more than $3M closed. While 2017 is unlikely to surpass that total, there are currently four more similarly priced homes under … [Read more...]

Upper End of Local Luxury Market Suddenly Simmers

    WILMINGTON, NC – After picking up steam in June, activity of homes listed for more than $3 million made a record jump in July. While no homes priced for more than $3 million closed during July, four homes priced between $3.45 - $5 million went under contract.  Also, six new listings came on the market, bringing the total number of active listings with asking prices above $3 million to 29. To put these numbers in perspective, the tri-county area (New Hanover, Brunswick, and Pender) has seen an average of 3-4 homes priced more than $3 million sell per year over the past ten years. If all four homes that went under contract during July actually close, they will exceed the yearly average of total homes sold at this price point. The home at 286 Beach Road … [Read more...]

Most Expensive Home Back on Market Amid Strong Luxury Sales

WILMINGTON, NC – The most expensive home ever listed on the MLS serving the tri-county area is back on the market for $11,900,000. Located at 710 Shoals Watch Way on Bald Head Island, the home sits on 2.56 acres of oceanfront property. Extensive and finely detailed woodwork throughout the 5,500 square foot house, including unique rafters designed to imitate whale ribs, contribute to this home’s impressive feel.  The “little extras” you’ll find in the area’s most expensive residence include multiple built-in window seats; many ship-lap covered walls; a custom lighting system with chandeliers that can be lower or raised; a commode with a heated seat; and an elevator. The current owner purchased the truly remarkable home in September 2012 for $9.7 million.  The asking price was $15 … [Read more...]

Local Luxury Home Sales Surge

WILMINGTON, NC – Sales of luxury homes in Brunswick and New Hanover counties more than tripled in March.  The total sales volume of properties priced in excess of $1 million jumped from $7.9 million in March 2016 to $23.9 million this March. These numbers represent the strongest March showing in the high-end market since the peak of the real estate market.  The last time this segment of homes produced better numbers was in 2008 in Brunswick County, when luxury sales hit $7.7 million; and 2007 in New Hanover County with $18 million in sales. “The last couple of months suggest growing confidence in the local luxury market,” says Kathleen Baylies, Broker In Charge at Just For Buyers Realty.  “It’s important to understand this is a very exclusive segment of the market where the sale of a … [Read more...]

2017 Luxury Home Sales Continue to Strengthen

PRESS RELEASE Contact: Kathleen Baylies 910-470-3190 March 7, 2017 For Immediate Release WILMINGTON, NC – Sales of luxury homes in New Hanover, Brunswick and Pender counties continued to make a strong showing during the month of February. Nine homes with a total value of $14.79 million sold.  That compares to six valued at $10.92 million in February 2016. The number of available high-end homes grew, too.  Thirty-two new listings came on the market this February, compared to 15 during the same month in 2016. Of particular note among the new listings was the addition of an ultra-luxury property priced more than $5 million.  The home at 7527 Masonboro Sound Road and two adjacent lots came on the market for $5.75 million.  This is one of only five single family homes … [Read more...]

2017 Luxury Home Sales Start on a High

WILMINGTON, NC –  If January pending sales numbers are an indicator, 2017 could be a solid year for luxury home sales in New Hanover, Brunswick and Pender counties. A total of fifteen homes with asking prices in excess of $1 million went under contract in the tri-county area this past month.  That compares to three in January 2016 and ties 2005 for the most luxury homes ever put under contract during the month of January. The most expensive property to go under contract is 334 Cabbage Inlet Lane, Wilmington, priced at $3,295,000.  With five bedrooms and 5 baths, this home is more than 7,000 square feet and sits on two-plus acres along the Intracoastal Waterway.  Among the many note-worthy features are four boat slips with a floating dock and boat lift; a free-formed salt water pool … [Read more...]

Figure Eight Island Home Pushes December Luxury Sales into Positive Territory

PRESS RELEASE Contact: Kathleen Baylies January 9, 2017 910-470-3190 For Immediate Release Wilmington, NC - Luxury home sales were on track to finish December on par with the same month in 2015, but the sale of 1 Banks Road on Figure Eight Island changed that.  Its $3,537,500 selling price caused the monthly dollar volume of high end homes sold in New Hanover County to more than double from $3.11 million to $6.64 million during the final month of the year. The custom built home sits on a half acre, sound front lot with sweeping views of the Intracoastal Water Way.  More than 6,000 square feet in size, it has five bedrooms, seven spacious baths, an elevator, extensive decking, ocean views to the east and two outdoor showers. Only one other home sold for a higher … [Read more...]