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.”

                                                Real Estate Still A Hot Investment




HOT! HOT! HOT!  Investing in real estate can be a great way to create income and build wealth, but owning rental property isn't for everyone. Many people simply don't have the time and patience to be a landlord, while others are turned off by the thought of inconsistent income. Because of this, the smartest way for most people to add real estate to their portfolios is through equity REITs. Because of the high income potential combined with property value appreciation, the right kind of REITs can deliver consistent market-beating total returns over time. In fact, all five of the REITs mentioned here have handily beaten the S&P 500's total return over the past 20 years

Call me if you have any questions about an Investment property you see available on the market. I’d be glad to provide you with all the information and guidance you need. Email me with any questions.

Wilmington NC Real Estate
Currently on the market there are 1413 single family homes in the greater Wilmington area  and 672 under contract.  In the last month there were 3012.

Wilmington Rental Market
Wilmington boasts a very competitive renters market. Rental property is in high demand and availability is low. Rent prices have not changed over the past 3 months. This is 8 percent lower than the county average of $1,324 and same as the state average of $1,218. Those that do turn to renting should expect to pay about $1,228 a month in rent.

The Cost of Renting vs. Buying

Luxury Homes Spike the End of 2012, Cause? Wilmington NC is Trending the Same.

 

 

Wilmington Luxury Homes Sales jumped as it did Nationaly. Why?

Sales of luxury homes spiked in the final months of 2012 as high-end homeowners rushed to take advantage of lower tax rates before January 1.

Many sellers wanted to cash in on their homes before a widely expected capital gains hike -- to 20% from 15% -- that was part of the fiscal cliff budget deal. High-income earners (singles with income of $200,000 or more and couples making more than $250,000) also wanted to close sales ahead of a 3.8% Medicare surtax on investment income that was already slated to go into effect this year as part of the Affordable Care Act.

Viewings Increase for Wrightsville Beach Homes

Wrightsville Beach Luxury

During economic times buying a beach home was put on the back burner for awhile. They were not seen as a must have.  In the last three months there has been an increase in viewings; and more importantly solds in the Wrightsville Beach area.  These Luxury homes are at there lowest in nine years.  Buyers in the luxury market have realized now is the time to get off of the fence and purchase these magnificent homes. 

In the last 3 months there have been 120 homes sold in the Wrightsville Beach area.  With the most expensive one being sold at $3.2 million. Beach property continues to be a great investment in the Wilmington and Wrightsville Beach area!

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

Ocean Front in Wrightsville Beach Do You Own the Ocean?

For much of North Carolina’s history, the rights of oceanfront property owners have been loosely defined. This was due in part to the slow pace of development of much of the state’s
oceanfront shoreline. Consequently, there were fewer opportunities for conflict between oceanfront property owners, the state and the general public. All that changed in the past 50
years, the barrier islands and ocean beaches have seen a marked increase in development. This has occurred in conjunction with severe erosion caused by hurricanes, nor’easters, sea level rise and man-made activities, such as dredging and building jetties. The waters of the Atlantic now are lapping at the foundations of million-dollar oceanfront homes, condominiums, hotels and businesses.

 As a general common law rule, when natural cycles and processes result in additions (accretions) to the beach, the increase belongs to the oceanfront owner to whose shoreline
the accretions adhere; if the cycles result in erosion of the shoreline, then the oceanfront owner sustains the loss. In other words, the oceanfront property owner’s boundary is never fixed, but is always a shifting, ambulatory boundary line — moving as the natural process changes the shoreline.

So when buying that Million Dollar View in Wrightsville Beach or anywhere on the coast remember your lot could increase or decrease.

What Makes Luxury Wilmington NC Homes Sell?

Lifestyle Photography

Lifestyle Photography is about adding life, perspective and emotion to photos and telling a story about your home and its personality. It creates a mood, sets a scene and opens a window for buyers to see into your world, letting them experience what you’re the qualities of your home and enticing them to find out more.

The outcome, to translate and advertise their home through engaging Lifestyle Photography. Here at Coldwell Banker Previews we aim high! There are many luxury homes in Wilmington NC. We need to make sure they stand out from the crowd!

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.

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

Luxury Wilmington Real Estate - Not on Land? Mega Yachts

Incredibly expensive, more than the average person can imagine. Billionaires have their accountants doing the math.

Introducing “A” – the most recent member of the mega-yacht club, and to put things in perspective, the fuel tank is 757,000 liters. Diesel fuel costs around $1.40 per liter currently, so it would cost just over  $1.4 million just to fill the tank. That amount of fuel will last 15.5 days at cruising speed.  So the cost of building the ship becomes a little academic when the running costs are taken into consideration. A” is 118 meters long, and from whichever angle you see her is perfect, not a poor line in sight. I understand there are three swimming pools aboard, an owner’s suite, 6 guest suites and accommodations for 42 staff, which includes 5 guest’s staff.

The owner also owns one of the largest coal companies in the world, I doubt the cost of fuel is an issue.  Luxury Real Estate on Water!