Since January, five local Luxury residential properties have sold for $1 million or more, according to the Wilmington Multiple Listing Service (MLS). Only one property sold for over $1 million during this period last year.
This is an indicator for a recovering Luxury real estate market, buyers are finally starting to realise the potential of fantastic home prices and incredible interest rates. We are on the way to a recovering market.
The first home sold for over $3 million in Brunswick, New Hanover and Pender counties since October 2010; it was the first $3 million-plus sale on Wrightsville Beach since September 2009, according to local MLS data.
The three-story house, located at 14 Southridge Road on Wrightsville Beach, sold for $3.15 million. It was built in 2007 and orignally listed for $5.25 million. At the time, that was the peak of the market and almost impossible for someone make an profit with a market decline of 28 to 33 percent and carry it for five years.
The last $3 million-plus home sold in the area was a Piper’s Neck Road listing on Figure Eight Island, which sold for $3,495,000 on October 25, 2010 The last sale above $3 million on Wrightsville Beach was a Parmele Blvd. listing, which was sold for $3.2 million on September 15, 2009.
This is an indicator for a recovering Luxury real estate market, buyers are finally starting to realise the potential of fantastic home prices and incredible interest rates. We are on the way to a recovering market.
The first home sold for over $3 million in Brunswick, New Hanover and Pender counties since October 2010; it was the first $3 million-plus sale on Wrightsville Beach since September 2009, according to local MLS data.
The three-story house, located at 14 Southridge Road on Wrightsville Beach, sold for $3.15 million. It was built in 2007 and orignally listed for $5.25 million. At the time, that was the peak of the market and almost impossible for someone make an profit with a market decline of 28 to 33 percent and carry it for five years.
The last $3 million-plus home sold in the area was a Piper’s Neck Road listing on Figure Eight Island, which sold for $3,495,000 on October 25, 2010 The last sale above $3 million on Wrightsville Beach was a Parmele Blvd. listing, which was sold for $3.2 million on September 15, 2009.
Now is the time to get into a luxury home at a mere fraction of what it used to cost.
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