North Carolina Beachfront Towns In Record-breaking Seller's Market
by Blanche Evans
Areas such as Wrightsville Beach, Kure Beach and Figure Eight Island, only hours from Raleigh and Greensboro and minutes from Wilmington, North Carolina are experiencing record sales, says a local Realtor. Wrightsville Beach "Wrightsville Beach is a wonderful and unique beach town," says Realtor Marti Rice. "Located just eight miles from downtown Wilmington, it has been 'the beach' for Wilmington since 1899. Unlike many beach towns, Wrightsville has only a few condos and hotels and there are numerous year-round residents. We are a town of two islands: one (Harbor Island) is surrounded by the Intercostal Waterway and its channels; the other is a barrier island bordered by the Atlantic Ocean and several of the Waterway channels. Separated from the mainland by a drawbridge over the Intercostal Waterway, it is close to shopping and many good restaurants and coffee spots." Advises Rice, "Wrightsville Beach is a seller's market with properties selling very close to or above their asking price! 2003 was our strongest sales year, and 2004 is even better. Sales are up, inventory is small, and market time has declined. In the past 12 months, 167 residential properties have sold (In the previous 12 months, 150 homes sold at Wrightsville Beach). The average list price: $592,729; average sale price: $563,001, and average time on the market: 208 days - but 29 sold in less than 14 days! The properties that sold for less than $180,000 were all very small condominiums (studios or 1 bedroom and less than 600 square feet). On an average, these properties sold at 95 percent of their asking prices, and 67 sold between 98 percent and 118 percent of their list price, and 34 sold at 100 percent to 118 percent of list price! Two of our popular ocean-front luxury condos, Duneridge and Wrightsville Dunes, are in very high demand; when one of these condos does come on the market, there are multiple offers with selling prices well above list price. "Since January 1, 2004, 22 homes have sold at Wrightsville Beach," says Rice. Kure Beach "Kure Beach properties are selling at a dizzying rate," says Rice, "In the past 12 months, 121 residential properties have sold with the average sale price: $273,481, average time on market: 83 days - and many of these were new construction! On an average, these properties sold at 98 percent of their asking price; however, 76 of the 121 sold between 98 percent and 118 percent of their list price - 43 sold at 100 percent or above! As of March 4, 2004, there are only 42 residential properties for sale at Kure Beach, with the current price range: $125,900 to $2,300,000, and average list price: $439,561 with average time on market: 91 days. "Two factors have positively affected the market at Kure Beach," suggests Rice, "the weakening of the stock market and the low interest rates have brought many investors to the beach and the aggravations of airline travel have influenced many to purchase vacation homes that are within an easy drive of their permanent homes." Figure Eight Island "Figure Eight Island is a private barrier island just north of Wrightsville Beach," describes Rice. "First developed in the 1960's by local families, it is a refuge of single-family homes with no commercial development; the private drawbridge leading to the island assures controlled access to Figure Eight. The Figure Eight Island Yacht Club provides dining, a pool, and a harbor for resident members. Home prices range from $1,000,000 to $7,500,000. With broad and uncrowded beaches, spectacular ocean and Intercostal Waterway views, and lovely maritime forests, this is truly a paradise!" Rice advises, "Figure Eight continues to be a sought-after neighborhood of primarily second or vacation homes. With only 470 homes and home sites on the entire island, only 50 to 60 homeowners make this their year-round home. Since March 4,2003, 14 homes have sold, ranging in price from $825,000 to $2,000,000. The average list price is $1,418,266, Average sale price: $1,244,583, and average time on market: 219 days. The homes have been selling for approximately 88 percent of their list price; although five sold for 92 percent to 98 percent of their list price. Like our other beach communities, the proximity to major metropolitan areas in North Carolina and Virginia/Maryland has made Figure Eight a popular destination for vacation homes. Being within a three to six hour drive of these cities makes this a wonderful alternative to lengthy airline/airport experiences. And, many of these homes are in weekly rental programs, offering their owners good returns on their investment - certainly better than the stock market!" |
