A second grand-scale historic property in the downtown area, the Graystone Inn at 103 S. Third St., sold in June for $1.925 million after
865 days on market.
REAL ESTATE ROUNDUP
“We’ve never seen demand like this. If a home comes on the market in the
morning, I will say, ‘We have to go see it and make an offer today or you’re not
going to get it,’” says Ashley Garner.
A 901 square foot home at 804 S. 6th Street with current fixtures and
finishes sold in two days for $190,000. A well-staged 1,400 square foot home
at 210 Bermuda Drive sold in two days for $244,500, above asking price.
“It was right under an acre of land, you can’t find half-acre lots five minutes
from downtown Wilmington anymore, that’s where the buyer found the value
with such a large lot,” says listing agent Loren Baysden of Network Real Estate.
Developers and out-of-state investors pouring into downtown drove house
prices up. In October, Parastream Development purchased seven acres of the
Soda Pop District for $8 million that included the Coca-Cola bottling build-ing
on Princess Street. Plans are to transform the area into urban flex space
with restaurants and storefronts.
“You are seeing increased investment in these niche districts, the Cargo
District, North Fourth, Brooklyn Arts, the Rail Trail and the buzz around
that and the Soda Pop District,” Baysden says. “The more developers invest,
the more all house prices are driven up. Homes that used to sell for $50,000 to
$60,000 that needed renovations are now selling in the low to mid $100,000s.”
Overall sales volume for the downtown Wilmington area in 2021 reached
$25.7 million; just over $23 million in residential, with approximately
$1 million in land and multi-family sales each. In 2020 the volume was
PHOTOS COURTESY LANDMARK SOTHEBY’S
SMARKET UPPLY and demand are key figures
in skyrocketing prices. In 2019 a
very healthy U.S. economy and
stock market climb began fueling
a continued wave of second home purchases
“There has been a huge demand for second
homes in our region over the past three years
and that is continuing. I believe COVID was a
driving force in 2020 that continued in 2021,”
says Nick Phillips. “From Topsail Island north
down to Brunswick County beaches, our entire
region is a magnet for second home buyers.
From all across the eastern half of the country,
but the Triangle specifically I see being a huge
engine for us right now. The number of folks
we have coming to buy second homes out of the
tech sector in the Triangle is growing by leaps
and bounds every year.”
— By Christine R. Gonzalez