A home on the South End of Wrightsville Beach is the most expensive to sell in New Hanover County this year, as for only the fourth time in history, a home with a price tag of $5 million or more has sold in New Hanover County,
The sale of 915 S Lumina Avenue in Wrightsville Beach was finalized on July 31, 2019.
Vance Young, of Vance Young and Associates of Wilmington-based Intracoastal Realty, listed the home.
“It’s as fine a home as I ever have listed,” Young said. “It’s a spectacular property on the most choice oceanfront at the southern tip of Wrightsville Beach, with westerly views over the ICW. This house had every bell and whistle available.”
The four bedroom, five and a half bath, 5,570 square foot, ocean front home, debuted on the market in January with an asking price of $5,250,000. The final sale price was negotiated down to an even $5 million dollars.
The sale is part of a thriving Cape Fear beachfront market, where demand is exceeding supply, said Young, who listed another $5 million sale in 2018 in the Bradley Creek Point neighborhood.
“All the beach markets are doing very well,” he said. “The problem is the lack of inventory, especially in Wrightsville Beach and Figure 8 island. There are plenty of buyers out there.”
The Wrightsville Beach home was one of 9 luxury properties, valued at $1 million or more, to sell in New Hanover County during the month of July. Another 10 luxury properties went under contract during the month, while 28 other high-end listings came on the market.
“Typically, I look at the number of transactions as the primary indicator of the health of the luxury market,” says Kathleen Baylies, Broker in Charge at Just For Buyers Realty. “So far, those numbers have been quite strong this year, especially in New Hanover County. But, what’s particularly remarkable is the number of homes with price tags in excess of $4,000,000. The most we’ve ever seen in a single year is four. The sale of 915 South Lumina in July ties that number and there are still five months to go.”
It was also a busy month in Brunswick County where five luxury homes sold for a combined value of $6.4 million. In Pender County, one luxury home sold for a price of $1,079,000
Only three other homes in county history have sold at that price or higher. The most expensive home to ever sell in New Hanover County was located at 2029 Turner Nursery Road in Wilmington. That home sold in February 2006 for $5,264,000.
And while the South Lumina Avenue property is the highest priced to sell in New Hanover County this year, Young said he expects other properties in the area to fetch even higher prices within a few years, especially with the millions invested in some Wrightsville Beach and Country Club of Landfall properties.