Print
Real Estate - Residential

Luxury Home Sales Break 2005 Record In August

By Cece Nunn, posted Sep 4, 2020
The home at 264 Beach Road North on Figure Eight Island sold for nearly $3.8 million. (Photo courtesy of Intracoastal Realty Corp.)

Area luxury home sales shattered a 15-year record in August, according to a news release Friday. And September is already looking good, Realtors say.

In New Hanover, Brunswick and Pender counties, 47 homes sold for a combined value of $82.2 million, stated the release from Wilmington-based Just For Buyers Realty. That breaks the record set in June 2005 when 40 homes sold for a total of $60.9 million.

For the purposes of the report, compiled from the N.C. Regional Multiple Listing Service, luxury homes are defined as those priced at $1 million or more.

“By many standards, it has been a remarkable summer,” said Kathleen Baylies, broker in charge of Just For Buyers Realty, in the release. “Since the beginning of May, 116 luxury homes have sold in this area. Luxury sales were quite impressive during the real estate boom years of 2005 to 2007, but 2020 is on track to be the new record-setting year.”

The single most expensive sale was of 264 Beach Road North on Figure Eight Island, listed by Buzzy Northen of Intracoastal Realty Corp.

Northen also just sold the house at 268 Beach Road North in a $3 million transaction that closed Wednesday.

"Somebody pushed the go button and the market's been really, really strong through the summer," he said. "Usually the summer is not the time to sell luxury properties at the beach because everybody's enjoying their house, especially during COVID times."

But this summer, homeowners have wanted to take advantage of the seller's market, and inventory on Figure Eight is at historic lows, Northen said.

"We have no inventory to sell right now," he said.

On Aug. 1, there were four $5 million and above homes, all oceanfront, that were new to the market at Figure Eight, Northen said. Before Sept. 1, all four were under contract. 

"That's never happened," Northen said.

The 5,000-square-foot oceanfront home at 264 Beach Road North has five bedrooms and five and a half bathrooms. The home was on the market for a year before it closed Aug. 23 for nearly $3.8 million.

Another 48 luxury homes went under contract in August. Those pending sales include six homes in New Hanover County with asking prices of $4 million or more.

The release stated, "Depending on when those transactions are finalized, the record that was set in August may be broken in September."

Ico insights

INSIGHTS

SPONSORS' CONTENT
Tonyharrington wrar300x300

Let’s #Rebuild Together

Tony Harrington - Cape Fear REALTORS®
Mike stonestreet 300x300

Want To Be An Amazing Neighbor? Five Ways To Start (And Some Things To Avoid)

Mike Stonestreet - CAMS (Community Association Management Services)
Drewsmith copiersplus headshot

How Accessories Can Step Up Your Copier Game

Drew Smith - Copiers Plus

Trending News

In Downtown Wilmington, First Commercial Tenant Opens At River Place

Cece Nunn - Sep 22, 2020

At Mayfaire, Burney's Sweets & More Opening Soon

Jessica Maurer - Sep 23, 2020

Save Our Hospital Files Suit On NHRMC Deal

Vicky Janowski - Sep 22, 2020

Last Three Recipients Announced For Downtown COVID-19 Grants

Staff Reports - Sep 21, 2020

Rumcow Owners Launch New Restaurant On Grace Street

Jessica Maurer - Sep 23, 2020

In The Current Issue

Biz Expo Keynote: Naudé Oversees NCino's Rapid Growth

CEO Pierre Naudé, who took the helm of Wilmington-based nCino in 2012, is a keynote speaker for this year's WilmingtonBiz Conference & Expo....


Info Junkie: Michealle Gady

Michealle Gady, founder, president and CEO of Atrómitos, an SBA-certified woman-owned management consulting business, shares her tech and in...


Take A Walk To Local Movie Sites In Town Of Burgaw

The town of Burgaw might seem a long way from California’s Tinseltown, but it has been a star in its own right as the backdrop to many Holly...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`