Tuesday, November 29, 2022

Luxury housing report: Brunswick, New Hanover, and Pender counties have ‘best month’ in 11 years

 A developer out of Raleigh has plans to tear down an existing structure at 972 Gaye Avenue on Topsail Beach. (Port City Daily photo / Courtesy Ryan Ayre/ Mitchel Prime Properties)
A developer out of Raleigh has plans to tear down an existing structure at 972 Gaye Avenue on Topsail
Beach. (Port City Daily photo / Courtesy Ryan Ayre/ Mitchel Prime Properties)

SOUTHEASTERN N.C. — The Cape Fear region saw more luxury properties sold since before the market collapse over a decade ago, according to a recent report.

According to the Just For Buyers Luxury Report for August 2019, a total of 22 luxury homes were sold for a combined value of $32.1 million.

“The last time the region had a more successful month was at the peak of the market in June of 2007 when 25 million dollar plus homes sold for a total of $38.8 million. New Hanover County led the way in August sales with 15 homes closing at a price tag of $1 million or more. Brunswick County had five luxury transactions and Pender County
had two,” according to the report.

During the same time period, 13 luxury properties went under contract, and 36 luxury properties came on the market.

The report also notes that the most expensive property ever listed in Pender County was put on the market on August 9.

“A developer out of Raleigh has plans to tear down an existing structure at 972 Gaye Avenue on Topsail Beach and replace it with a 6,800 square foot, eight-bedroom, six-bath home. The construction is expected to take a year. The property was listed on August 9, for $5,000,000. This future project becomes the most expensive home to ever be listed in Pender County,” according to the report.

Despite the strong financial report for August, some realtors are concerned about the impact of inclement weather on the market.

“As we saw last September, all it takes is one substantial storm to put a kink in the
numbers,” Kathleen Baylies, broker in charge at Just For Buyers Realty, said. “Last year
things were going exceedingly well and then Florence hit, and the market basically lost
two months of business. So, like everyone else we’re keeping our eyes on the Atlantic
hoping and for a non-eventful hurricane season.”

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