We think this article written by Cece Nunn of the Starnews Online and posted in WilmingtonBiz is worth sharing.
Two luxury homes with asking prices of more than $5 million in Wilmington were put up for sale in February, an unusual occurrence for the local market, according to a report released this week.
Of the 215 houses priced at more than $1 million in New Hanover and Brunswick counties, the two new listings mean there are only three total with prices that high, and only two homes above that price point have sold in the region in the past decade, the report said. The luxury market real estate report is compiled monthly by Just For Buyers Realty using information from the local Multiple Listing Service.
The two listed in February are at 2336 Ocean Point Drive in Landfall, which is for sale for $5.2 million and listed by Landmark Sotheby’s International Realty; and at 7903 Masonboro Sound Road, listed by Intracoastal Realty for $5.25 million, the report said.
The Ocean Point Drive Mediterranean-revival style home is 7,600 square feet with four bedrooms, seven bathrooms, a saltwater pool, gourmet outdoor kitchen and views of the Intracoastal Waterway and Atlantic Ocean. The 6,470-square-foot Masonboro Sound Road house sits on 8 acres and has 4 bedrooms and five bathrooms. It also has a pier with a boat lift, water views and a putting green, and comes with a separate three-bedroom, two-bath guest cottage.
In New Hanover County, sales of luxury homes continued a mostly upward trend, with five selling last month compared to three in February 2015. Brunswick County’s sales also increased from last February, going from none to one, the report said. In Brunswick, there are 79 homes listed in the local MLS that are priced at more than $1 million, while there are 136 in New Hanover.
The luxury home market is soft compared to overall real estate sales in the region, but “we’ve definitely been seeing increases in the number of homes that are being sold on the high end,” said Kathleen Baylies, broker-in-charge at Just For Buyers Realty, on Friday.
Both New Hanover and Brunswick saw an increase in the number of luxury homes that went under contract in February in a year-over-year comparison – from four to seven in New Hanover and one to two in Brunswick.
In Pender County, the 13,000-square-foot home at 561 Ashton Lake Road in Burgaw came on the market Dec. 17 and is priced at $4.5 million, Baylies said. Located on a 20-acre site, the mansion includes six bedrooms, nine bathrooms, a gym, playroom, sauna, game room, bowling alley and saltwater pool. It also has a 35-acre lake and geothermal heat and air conditioning, according to its listing.
February 2016 luxury home market
||New Hanover County
Feb. 2015 / Feb. 2016
Feb. 2015 / Feb. 2016
||20 / 24
||7 / 5
|Highest new listing
||$4,195,000 / $5,250,000
||$1,689,000 / $1,625,000
||4 / 7
||1 / 2
||3 / 5
||0 / 2
|Most expensive closed
||$1,250,000 / $2,712,500
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