Real Estate - Residential

Higher End Of The Housing Market Shows Renewed Life

By Cece Nunn, posted Aug 21, 2017
The home at 417 Bradley Creek Point recently sold for $3 million. (Photo courtesy of Vance Young, Intracoastal Realty)
Sales activity in the higher end of the Wilmington area's housing market is demonstrating potential for growth, Realtors say.

"I've shown more property over $2 million in the past 60 days than I did in the previous six years," said Vance Young of Intracoastal Realty’s Vance Young & Associates team, relating he'd recently described the state of the higher-end market to Intracoastal Realty owner Jim Wallace.

In a recent transaction Young used as an example Monday, Young's team worked on the closing on a $3 million waterfront home at 417 Bradley Creek Point. Sam Crittenden of Landmark Sotheby's International Realty represented the buyers.

In another example, Young said the $4.9 million home at 2336 Ocean Point in Landfall is under contract, for which Landmark Sotheby's International Realty's Nick Phillips is representing the sellers. 

"The upper end has finally caught up and has come to life," Young said.

The Bradley Creek Point home overlooks Bradley Creek with views of the Intracoastal Waterway, Masonboro Island and the Atlantic Ocean. It includes a 5,850-square-foot home with five bedrooms and five-and-a-half bathrooms, a three-car garage and a private pier with three boat slips. The Ocean Point home (pictured below) is a George Alsina-designed residence on a high bluff overlooking the Intracoastal Waterway and Atlantic, with four bedrooms and seven bathrooms in 7,669 square feet.

A look at the N.C. Regional MLS' statistics supports Young's opinion, according to a recent report on July luxury home sale numbers by Just For Buyers Realty. 

While no homes priced for more than $3 million closed last month, four homes priced between $3.45 million and $5 million went under contract, and six new listings came on the market, bringing the total 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 10 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 report said.

The home at 286 Beach Road North on Figure Eight Island, listed for $4.5 million in July, went under contract after nine days on the market, according to the report.

The number of homes sold in July that were priced above $1 million rose to 8 compared to 6 last year in New Hanover County, 1 compared to none in July 2016 for both Brunswick and Pender counties. Total sales volume for the tri-county region rose from $9.4 million to $17 million, according to the report, compiled by Kathleen Baylies, broker in charge at Wilmington-based Just For Buyers.
Ico insights



Intellectual Property Can Add Value to Your Hospitality Business

Chris Hinnant - Barnwell Whaley Patterson & Helms, PLLC
20180514 104209 51418120638

What is SOLA?

Steve Adams - School of Learning Arts
Jim ellis headshot 10311631058

Facebook Ads: What’s Changing

Jim Ellis - Signal

Trending News

Chops Deli Co-owner Explains Financial Woes Behind Fundraising Campaign

Jessica Maurer - Jun 18, 2018

Hendrick Automotive To Operate Stevenson Honda Of Wilmington

Johanna Cano - Jun 19, 2018

At ILM, Regional Carrier's Technical Issues Cancel Flights

Christina Haley O'Neal - Jun 18, 2018

Plan A Advertising Adds Recent UNCW Grad

Christina Haley O'Neal - Jun 19, 2018

During Port Of Wilmington Visit, Cooper Says Port Jobs, Growth Good For NC Economy

Christina Haley O'Neal - Jun 19, 2018

In The Current Issue

Labor Market Checkup

The demand for health care workers in an area like the Cape Fear region is expected to remain healthy for years to come, experts say....

Millennials And Money

The age demographic that now represents the largest percentage of the workforce doesn’t feel confident about its saving and investing habits...

Mirimichi Looks To Changing Landscape

Russ Britton started his sustainable landscape products company with a star-studded partnership and plans to continue to grow Mirimichi Gree...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes