REAL ESTATE ROUNDUP
POTS of GOLD WRIGHTSVILLE BEACH’S South
Lumina Avenue had the top highest sales
in New Hanover County with all three
oceanfront properties bearing the well-known
street address. Two were cash sales.
“The stock market’s been good, people have a lot of cash
and if they want to buy something and they’ve got plenty
of cash, they’re going to buy it and they’ll pay the price
whatever it is,” Tim Milam CEO Coldwell Sea Coast
All were purchased by local residents.
“These are not out-of-town cowboys coming through
to purchase property. These are native Wilmingtonians,
locals,” says Hardee Hunt and Williams partner Ace Cofer.
“It shows confidence in the market that these were not out
of town purchasers. Second, it shows the wealth that exists
Closing in November, 513 S. Lumina, listed at
$6,795,000, was the top sale in the three-county area at
$6,422,686. The 4-to-5-bedroom, 6-bath home sits on
1.5 oceanfront lots. It was listed and sold by Vance Young,
Intracoastal Realty Corp. The house previously sold in
August 2017 for $4.25 million.
“That was typical appreciation over the past 4.5 years,”
Young says. “That’s about 12 percent annually. We certainly
can’t expect that every year, but it has been a solid stretch for
the high-end homes in our market.”
Just four blocks south, 915 S. Lumina, after receiving
multiple competitive offers, closed in May at $6.4 million,
100.2 percent of the list price of $6.25 million. The
4-bedroom, 5-bath home also sits on 1.5 ocean front lots,
with 75 linear feet of ocean frontage.
“It also benefits from the adjacent vacant parcel, owned
by the Army Corps of Engineers. Development of this
parcel is possible, but unlikely. It affords additional
privacy,” Ace Cofer says.
In between the two, the third highest-priced home,
831 S. Lumina, sold in March. It listed at $5.9 million and sold for $6 million. The home was built in 1972 on two oceanfront lots.
Ace Cofer says, “This sale closed 10 days prior to our contract on 915 S. Lumina. It established a $3 million value for
50-foot-wide oceanfront lots on the coveted south end of the island.”
Owned by the Virginia C. Trask family trust, it sold through Reagan Development and Trust.
“Some of these local purchases are a testament to families wanting to establish their legacy for generations to enjoy — on
these $6 million sales, that was what was going on,” Cofer says.
In a real estate market driven by inflation hedging, supply chain disruptions, a health crises and politics, these sales stood
“It’s interesting that the three record-breaking sales on Wrightsville Beach were purchased by local Wilmington people,”
says Vance Young. “They have traveled the world and know what a special spot we have. For them to invest in our area speaks
volumes because they could’ve bought anywhere on the East Coast.”
INTRACOASTAL REALTY CORPORATION