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Real Estate - Residential

On Private Peninsula, Figure Eight Home Sells For $4.8M

By Cece Nunn, posted May 31, 2019
The home at 49 Pipers Neck Road on Figure Eight Island recently sold for $4.8 million. (Photo courtesy of Landmark Sotheby's International Realty)
A high-dollar home sale on Figure Eight Island this month represents the region's most expensive luxury residential sale of the year so far, Realtors said Friday.

The home at 49 Pipers Neck Road on the private island in New Hanover County sold for $4.8 million to Louise F. Brady and her husband, James E. Brady, of Greensboro, according to the deed dated May 21. The seller was 49 Pipers Neck LLC.

The 6,588-square-foot home located on a private peninsula and surrounded on three sides by water was listed by Nick Phillips of Wilmington-based Landmark Sotheby's International Realty, and the selling agent was Buzzy Northen of Wilmington-based Intracoastal Realty.

The home was built by Jim Farlow in 2000 for James "Chip" Mahan III, CEO and chairman of Live Oak Bancshares, and his family, and the Mahans sold it in 2005.

"Basically Mahan said, 'Here's the best lot on all of Figure Eight; let's build something special on it,'" Northen said Friday.

Phillips said, "That house is really an iconic property on the island." 

He said the waterfront estate was designed by mid-century modern architect Ligon Flynn.

"I believe that house was really one of his finest works," Phillips said.

The listing stated, "The property boasts four pavilions and multi-level outdoor living areas with gorgeous sound and ocean views that never end. Fantastic details throughout this entertainer's dream include custom reclaimed cypress siding from the Cape Fear River, vaulted ceilings, oak hardwood floors, and indoor-outdoor sound system and elevator."

The home was listed by Landmark Sotheby's for $5.2 million and last sold during the pre-recession market of 2005 for $5.25 million, according to the N.C. Regional Multiple Listing Service and property tax records. The N.C. Regional MLS shows that the May 21 transaction is the highest-valued residential closed sale in the region so far, said Kathleen Baylies, broker in charge of Wilmington-based Just For Buyers Realty. 

"It actually was under contract its first day on the market," Phillips said. "It was such a spectacular property, truly one-of-a-kind."

The luxury market's indicators have been strong recently in the Wilmington area, according to recent reports. Phillips said the Pipers Neck Road transaction is another of those signs. 

"I think that sale is a very good indicator for the luxury market in 2019," he said. "Buyers continue to have strong optimism about luxury properties."

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