Penthhouse Sales on The Way Up

The year started with the now-famous $88 million sale of a penthouse at 15 Central Park West, and before 2012 was done, city-wide records for condo, co-op and townhouse sales had all been broken — some more than once.

In 2012, there were 10 sales over $30 million, compared to six in 2011, according to data from the listings website StreetEasy. And at $88 million, 2012’s most expensive sale dwarfs 2011’s $48 million record and 2007’s $50 million top deal.
Brokers attributed 2012’s jaw-dropping prices to limited inventory and a seemingly insatiable appetite for high-end product.

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” .

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 Real Estate Market "Capitulation"

Why are they calling this the"Year of Capitulation" in the Luxury Home market?
Even the rich aren’t immune to the pressures of the housing market.
Prices for homes priced at $1 million or more have fallen a 20 percent this year, according to RealtyTrac. The average sale price for top-tier real estate has fallen to just over $2 million, from $2.5 million in 2011.
Those prices cuts stand in stark contrast to the broader housing market, which is seeing early signs of price stability and even price increases for the first time in years.
All that price-chopping at the top, however, has sparked a wave of sales as buyers scoop up deals and sellers accept the new reality of lower prices.
The number of transactions for homes priced at $1 million or more has jumped 18 percent this year, one of the strongest increases since 2008, according to Realtytrac.
Brokers for luxury real estate are already calling 2012 the “The Year of Capitulation” for wealthy sellers.
There are several factors behind the price drops. The high end of the market didn’t fall as much or as early as the broader market, since there weren’t as many distressed sellers that were forced to sell. Those wealthier sellers have hung on to their properties, waiting for prices to approach 2008 levels.
Now that they see that the prices of 2008 aren’t likely to return anytime soon, many are deciding to drop their prices just to get a deal. The increase in sales has itself spurred sales, as wealthy sellers see a larger number homes in their neighborhoods trading at lower prices.

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.

Trying to sell a Wilmington NC Luxury Home in this market? What are the Key Elements.

VALUE--Due to current economic times, the inventory of Wilmington NC Luxury Homes is huge, and the buyer pool is certainly smaller and much more selective. Is your home considered a value in comparison to your competitors
EXPOSURE--Not just the MLS, cutting edge exposure using social media websites and viral marketing.

MOTIVATION--Buyers are sitting on the side-lines, watching prices fall and waiting for the perfect moment to swoop in to get a "deal."

As we have seen in the last 4 months homes are starting to move. Remember only the best priced, best in condition wins!

Wilmington NC Luxury Homes Statistics

Wilmington NC Luxury home market statistics from year on year.

Annual Luxury Homes Sold priced above $750,000 in the Greater Wilmington area.

  

· 2007  there were 189 homes sold.

· 2008 there were  128 homes sold.

· 2009 there were 39 homes sold.

· 2010 there were 85 homes sold.

· 2011 there were 74 homes sold.

· So Far in  2012 there have been 10 homes sold with the highest being $3.1 million.