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Real Estate - Residential

Luxury Market Posts Record Numbers

By Cece Nunn, posted Jan 26, 2018
The most expensive home to hit the luxury market in December was 6 Beach Road S. on Figure Eight Island for $5.25 million. (photo c/o Intracoastal Realty)
Luxury home sales in the Wilmington area produced the highest sales figures in a decade during 2017, Realtors say.
 
A total of 149 homes sold for more than $1 million each in New Hanover, Brunswick and Pender counties, compared to 99 in 2016, according to a report by Kathleen Baylies, broker in charge of Just For Buyers Realty.
 
Lake Slacum, vice president of marketing for Wilmington-based Intracoastal Realty, said the total volume of luxury home sales was more than $572 million in 2017 compared to more than $356 million in 2016 – an increase of about 60 percent year-over-year.
 
“The economy, which resulted in high consumer confidence, drove luxury sales in 2017,” Slacum said. “The outlook for 2018 is equally as strong, according to many economic and housing forecasts.”
 
The Just For Buyers Realty report pointed out that last year’s luxury sales numbers 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,” Baylies wrote in the report.
 
She said the year had a strong finish with December 2017 sales doubling those of December 2016. According to the report, nine luxury homes totaling $17.14 million sold in December, compared to four for a total value of $8.13 million during the same month in 2016.
 
The most expensive new listing to hit the market in December was 6 Beach Road S. on Figure Eight Island, listed by Intracoastal Realty.
 
The report said that the nearly 5,000-square-foot, oceanfront house features a reverse floor plan and nearly floor-to-ceiling windows throughout the home, as well as five bedrooms, five-and-a-half bathrooms, a game room, elevator and expansive decks for sweeping water views. The property is listed for $5.25 million.

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