Landfall Real Estate Appreciates 11% in 2013? Yes or no?

Posted by Jay Seville on Monday, October 28th, 2013 at 9:40am.

3rd Quarter 2013 shows 11% increase in Landfall

You can find the Landfall real estate listings here. 

 

 

Some of the transcript below....

 

Next you have landfall inventory, its down 10% compared to last year. So considering that 

 

the time to sell a house was the same, inventory is down, those are just really healthy signs of 

 

a stable market and the one variable for market data that you all are dying to know because 

 

most people looking at this video are very focussed on landfalls, they connect all my landfall 

 

videos together on my YouTube channel called landfallhomes, its all one word, and that is home 

 

prices. Well, according to quarter to quarter data home prices are up right here, 10.9%. So we 

 

will call that 11% and that brings into the question really I mean that is a serious bump in home 

 

prices and landfall is just one community. So you have to be really careful about analyzing the 

 

numbers there because there are few sales compared to all of Wilmington nc real estate combined because in 

 

the rest of Wilmington home prices, if you remove that under $100,000 price bracket and look 

 

at the rest of Wilmington home prices, home prices were up 4%. Although in the niche like 

 

150,000 to 600,000 home prices were up 6% and overwhelmingly that’s were at least 80% of 

 

the people are buying homes in that price range. So why is landfall up so much higher? Is that 

 

accurate?

 

So I thought I would pull up a map showing some of these Landfall homes listing and what we want to do is we 

 

want to compare similar size homes on similar size lots with similar features. For example if you 

 

have home backing into the [Inaudible] [0:06:56] golf course versus a patio home, same size, 

 

same square footage but its crammed together with other houses, you have a huge difference 

 

because one is a premium lot and the other isn't. So we need apples to apples and square feet 

 

alone doesn’t necessarily give us that and I have a good example here. This home here on Shoal 

 

Creek it sold for $440,000 right here in July 2012, yet go down here, this home on Spinnaker 

 

Place in August 2013, very similar size lot, 0.18, over here it was 0.20, but it sold for 575 and 

 

you probably thinking, wow that’s a huge increase in price value, the market must be booming. 

 

Well, we may have to see if its apples to apples or not and usually in real estate if something 

 

isn't seeming right, it's not right. There's always a reason. So one rule for looking at comps and 

 

understanding listing prices and negotiating plans, when in doubt whip out the map, okay. So 

 

let's whip out the map for this property and let's see what the difference is. I do have the map, 

 

here we go. 

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