Looking to Move Up to a Luxury Home?

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control. The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount. Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home. The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000. But not all who are buying luxury properties have a home to sell first. In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:

“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”

The Cost of Renting vs. Buying

Does size Matter in the Wilmington NC Luxury Home?

Price per square foot has long been equated with defining a home’s value or degree of luxury. Pre-2008, many luxury communities experienced sales of more than $800 per square foot, while tract homes, or houses in so-called less desired areas, would sell for less than $100 per square foot.

Size does matter in Luxury Homes.  Where we are seeing the size of homes shrink to the average buyer as they take into operating costs.  The Luxury Home buyer typically does not have the majority of their wealth invested in their home. The amenities that come in luxury homes vary by area. In Wilmingont NC, the Luxury homes typically feature vaulted, cathedral, or high ceilings with extensive crown molding, hardwood or stone flooring, and incredible views or an expansive lot. Other items they include media rooms, wine cellars, and security systems, as well as zoned heating and air. The accompanying garages house three or more cars. Kitchens are a big deal,” Tina Abraham says. Luxury home owners expect granite countertops, custom cabinets, double ovens and micro-waves, and top-of-the-line appliances. “It’s all Viking, Thermador, or Bosch” .

Luxury Homes in Wilmington Selling.

Luxury Homes are they moving in Wilmington?
In the last 6 months we have seen 21 homes sell that were priced above 1 million. 13 of those were in Wrightsville Beach. Some great deals are being had with some of the higher priced homes seeing a 25% decrease in pricing. Many who have been sitting on the fence are finally getting off.

My Listing on Fig 8 Sold Aug 30, 2012

Luxury Home Sales Rise in Wilmington Area

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.

Now is the time to get into a luxury home at a mere fraction of what it used to cost.

How do Figure Eight Homes Sales stack up?

How did the luxury market stack up in 2011? Figure Eight being one of the exclusive areas in New Hanover County to shop for Luxury Homes. In 2011 there were 10 homes sold on Figure Eight Island a jump from 2010 where there were only 7 homes sold. The highest price one being $2.8 million. Most of the homes sold between 85 and 90% of their list price. Look at this home I have listed on Figure Eight Island. This home is one of a kind located in the middle of the island on the intracoastal on one of the most coveted lot on the island.

Figure Eight Luxury Homes

Looking for an exclusive private island?  Figure Eight Island is the ideal option, oozing Southern elegence and privacy located on the North Carolina Coast just minutes from Wilmington.
This 1,300-acre, five-mile island retreat features only private homes – currently 460, and each one is different. You won’t find cookie-cutter developments. And the homes are gorgeous, most with spectacular ocean, sound or marsh views. From luxurious, exquisite five and six bedroom homes to more modest three and four bedroom bungalows, all have their own personalities.

The island has permanent residents, but is popular as a second home and vacation location, too, often as a haven for celebrities and politicians