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.

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” .

Are Landfall Courntry Club in Wilmington Homes Selling?

While Landfall offers one of the only private, member-owned equity clubs on the North Carolina coast, Wilmington offers a combination of urban and rural luxuries not easily found anywhere else in the Southeast.
The incomparable Country Club of Landfall maintains 2 golf courses with 45 championship holes designed by Golf Legends Pete Dye and Jack Nicklaus.

So how does Landfall real estate stack up 2012?  Landfall Real Estate Stays Strong–Latest Numbers Buyers and sellers are on the same page….Homes are selling for 95% of the list price.  Currently there are 118 Landfall homes for sale ranging from $350,000 to $3.5 Million.  In the last year there have been 77 homes sold with the lowes being $273,000 and the highest being $2.8 million. Last year this time we only had 59 homes sold about a 30% increase!

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.

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.