Why Many Intracoastal Waterway Homes in Wilmington Don't Sell

Posted by Jay Seville on Wednesday, March 16th, 2016 at 1:54pm.

Trends on ICW Front Homes in Wilmington NC

Most high price ICW front homes in Wilmington do not sell.  They expire or are withdrawn.  Why?

This video goes into depth on market values and the intracoastal waterway niche of real estate in the area. 

 

 

So, why aren’t more of these high-end luxury waterfront homes for sale in Wilmington selling, the intracoastal waterfront real estate in Wilmington, North Carolina?  For every 10 that list, about 8 are being canceled, withdrawn or expiring.  What’s with their market?  Do we have a weak sauce market?  What’s going on?  Who are these buyers and what are their motivations and why are they stingy?  Or does our market just stink, you know?  What’s going on?  And if you’re a buyer, how do you know how much to spend on these very unique properties within frequent comps.  I mean, my gosh, you could overpay by $2 million easily.  And most folks buying these homes, they’re doing it with cash and it’s a final home for them.  So every dollar counts.  I don’t care if you’re a millionaire, every dollar counts.  Unlike financing where a 10% difference in sales price might increase your monthly payment in a very small way.  It’s almost insignificant.  But when you’re paying cash, every dollar really counts, okay?


So, let me show you what’s been going on in the last three years.  Here, this one was listed for 2.9 in Landfall.  Here’s one for 2.25.  Wow, look at that picture there.  That’s also in Landfall.  Then the 09 zip code, here’s one at 09, Masonboro Sound.  That’s the Masonboro area.  So, lots have expired.  And the reason this subject comes up recently is I had – here’s one in Masonboro, 2.95, expired.  I had folks interested in the listing over $5 million.  I’m not going to tell you which listing it is because I don’t want to, you know, get people angry at me for explaining why their listing is extremely overpriced in making that case.  So, I’ll just mention it vaguely.  It’s over $5 million.  So, what’s it really worth?  How do you know what to pay for it?


These intracoastal waterfront homes are just amazing sometimes.  They come in all sorts of different styles too.  But as you can see from about 18 of these or so that expired, all of them, you know, lots of them were listed 2.2, 3.6 million.  3.6 million, that is a high sales price, wouldn’t you agree?  Where are they coming up with these numbers and why aren’t they selling?


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