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From left: New construction No. 6 Island Drive sold in June for $2.15 million. No. 17 Bahama Drive, also new construction in Wrightsville Beach, sold before it was completed for $2.7 million in July. Five oceanfront high-rise condos sold at Station One, and 11 oceanfront high-rise condo/hotel units at Shell Island Resort. Four oceanfront units sold at Dune Ridge, and four ocean-front units sold at Wrightsville Dunes. One unit each sold at Sunset Lagoon, Cordgrass Bay and Beach Haven. Four additional Wrightsville Beach condo/hotel units with 700sf or less sold at Summer Sands, Summer Place and Surf Suites. One condo/hotel unit category is 701 Causeway Drive, sound front at Harbor Inn. Two waterfront condo/office Pier House units sold as well as one of the two neighboring waterfront 3,547sf Wrightsville Yacht Club townhomes on Marina Street at the ICWW. A notable sale was the 6-bedroom Tarheelia Inn, a 1910 two-story operating residential inn at 500 N. Lumina Ave. The approximately 2,900sf house with porches lining three sides on a 50- by 100-foot lot sold Sept. 9 for $837,000. PHOTO COURTESY OF LOGAN HOMES PHOTO COURTESY OF LOGAN HOMES NEW CONSTRUCTION Lots ranged in price from a high of $1.2 million for the ocean front 50- by 100-foot lot at 19 E. Fayetteville that sold Dec. 30 to a low of $450,000 for 17 Myrtle Court on South Harbor Island. A single-family house, 204 Waynick, across from Banks Channel, was purchased July 1 for $1.425 million as a teardown. “A curious phenomenon occurring across the island is the prolif-eration of exquisite and elaborate custom homes,” says Randall J. Williams. “These houses are not typically being built as speculative ventures, but are custom design-build projects for clients who are raising the bar from an architectural and construction standpoint. I consider it evidence that many very wealthy individuals are entirely comfortable placing millions of their dollars into tangible assets, in this case, beach houses. Each one of these homes adds to the tax base, creates jobs, and influences real estate values in a positive direction.” The Town of Wrightsville Beach issued 13 building permits for new single-family dwellings and duplexes in 2015, but in 2016 there were just eight permits issued for new single-family dwellings and one issued for a duplex. Construction cost for these nine new single-family dwellings was $7.6 million. “There’s a pretty tight inventory. When I look at what’s avail-able, single-family Wrightsville Beach oceanfront homes, you can count them on one hand,” Vance Young says. “The same is true for Figure Eight and Landfall. When you really start to look for specific houses, it is a pretty tight inventory. What I think you’re going to see is at least the same demand from the buy side, and that may even go up a notch, going into ’17. With the inventory fairly tight it should push prices locally.” Footnotes: Pat Bradford has been a licensed NC Real Estate Broker since the early 1980s, and was actively engaged in real estate brokerage in the greater Wilmington area from 1993 to 2001. All numbers reported and used for analysis are from the Cape Fear Realtors as of Dec. 31, 2016. Additional 2016 sales may have posted or even been corrected after the Jan. 10, 2017, date drawn. Cape Fear Realtors is the new name for the Wilmington Regional Association of Realtors and encompasses New Hanover, Duplin, Pender, Sampson and Scotland counties. 78 WBM february 2017 PHOTOS COURTESY OF THIRTY4 NORTH PROPERTIES GROUP


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