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this past year than in 2006, a year many fondly recall.
Despite the increases, one of the most dramatic differences
Realtors note between the 2010 real estate scene and that of
2011 was in the lowering of the selling price of houses, lots
and condos. Overall prices were reduced, some meaningfully.
The median sales price at Wrightsville was significantly down,
from $800,000 to $600,000, as well as the average sales price,
which sunk from $862,784 to $718,463.
The forecast for 2011 as the year began was that it was
going to be the year of the deal, and that prediction was on the
money. Influencing everything was one common denominator
— a seller’s willingness, or need to sell.
“It has taken a long time, but serious sellers finally got in
sync with the realities of the market place and adjusted their
asking price accordingly,” Randy Williams says.
“I think the prices got over inflated,” Debbie Mitchell says
of the runaway prices of years past. “I used to think to myself,
this is not Bel Air — $4 million houses, and all that. I just
didn’t think it was sustainable. And of course it’s not sustain-able
when the economy is in the toilet — because who has the
money to spend?”
Corporate owned
Despite foreclosures having increased in North Carolina in
the last 11 years by 138 percent, year 2011 saw a decline in
those numbers, and New Hanover County was no exception.
And although the county clerk’s office logged fewer foreclo-sures,
17 percent less for the year, short sales and bank-owned
dubbed “corporate sales” dominated the real estate scene like
never before. The year ended with 900 short sales and/or
foreclosed properties changing hands through Realtors in New
Hanover County, a staggering 408 percent increase over 2010.
At Wrightsville this increase was 217 percent.
“That it is that big of a jump is surprising but if you think
2101 N. Lumina — Sold in July for $2.5 million
in just 42 days at 94.34 percent of its asking price.
Landfall Figure Eight Island Pleasure Island Porters Neck
2009 2010 2011 2009 2010 2011 2009 2010 2011
$18,231,938 $12,931,910 $17,449,687 $85,405,212 $93,645,312 $101,013,164 $17,556,813 $32,298,002 $21,189,345
10 6 13 288 336 409 35 61 42
$3,400,000 $4,000,000 $2,750,000 $1,550,000 $1,175,750 $1,275,000 $1,575,000 $1,724,250 $ 2,350,000
282 158 425 283 186 222 215 173 148
$1,823,194 $2,155,318 $1,342,284 $296,546 $278,706 $246,976 $501,623 $529,475 $ 504,508
$1,600,000 $2,150,000 $1,237,687 $259,950 $250,000 $216,000 $432,500 $480,000 $ 424,950
$4,400,000 $5,200,000 $6,000,000 $2,599,900 $2,870,900 $2,900,000 $4,250,000 $2,500,000 $ 1,600,000
34 37 46 464 402 504 57 43 75
8 1 1 27 19 37 11 8 12
n/a n/a 2 n/a 36 172 n/a 2 6
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