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
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.