Real Estate

Housing demand still high, pricing tricky

BY CECE NUNN

When it comes to describing the state of the real estate market in the Wilmington area, Realtor Jeff Lesley sees a couple of issues.

“I think we’ve got the media, which is saying the world’s coming to an end, and I think we’ve got real estate agents that definitely think it’s going to end,” he said in a conversation at the end of August.

But that’s not the case, Lesley said, as the world still contains consumers who need to buy and sell regardless of timing. But pricing is key.

Lesley, one of the top-producing agents in the region and one of the partners in new Wilmington-based agency Century 21 Vanguard, shared his take on some recent experiences.

“From my point of view, I’ve had my most productive month of my career in August of this year as far as contracts and listing-taking goes,” he said, “and September will be my largest closing month I’ve ever had.”

Correctly priced property, however, isn’t plentiful, Lesley said.

“When a property comes on that’s priced right, I’m getting bidding wars almost left and right again because the good inventory is selling very quickly,” he said. “The stuff where your neighbor got $100,000 over the appraised value back in March and now you think you can get the same thing – those have been sitting on the market three, four or five months.”

Some agents struggle with pricing choice.

“We are seeing stuff come on the market and then a price reduction because I think agents aren’t sure really what the sweet spot is right now,” said Ea Ruth, president of Cape Fear Realtors, in an interview in August. “There are still buyers out there looking, but what’s that sweet spot?”

For single-family homes in New Hanover, Brunswick and Pender counties, the median price rose from $337,000 in August 2021 to nearly $350,000 last month.

Lesley said he expects move inventory to come on the market as some owners unload vacation rentals and more inventory can have an impact on prices. Realtors and sellers should take note of the number of homes for sale in a particular area before dropping or raising a price, he said.

On the buyer side, mortgage rates will always be at the forefront.

A National Association of Realtors blog post in early September stated, “Mortgage rates continue to escalate, moving closer to 6%. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.89%, surpassing their recent high in mid-June. As a result, the monthly mortgage payment is about 60% higher compared to last year. While borrowing costs have increased faster than people’s wages, buyers currently need to spend 10% more of their budget for their mortgage payment if they want to buy the median-priced home.”

When it comes to homes priced at $1 million or more in the Cape Fear region, one Wilmington-based realty firm sees trends potentially swinging the pendulum.

Although more homes in the luxury category sold in August this year than in August 2021, the total volume was down by almost $1 million – $96,018,443 this year compared to $97,011,399, according to a report compiled by Just For Buyers Realty from the N.C. Regional MLS. The report used the total of sales in New Hanover, Brunswick and Pender counties.

“This is just the latest sign that the leverage is moving back to the buyer,” stated Scott Saxton, of Just For Buyers, in the report released in early September. “A few months ago, we started to notice an increase in inventory of luxury homes – meaning buyers had more options. Then in July, we noticed a decrease in the number of luxury homes going under contract, and now we are seeing an overall dip in prices. What all that tells me is that this is once again becoming a more balanced market.”

The report also showed that more luxury buyers are choosing Pender County.

“For the first time, luxury sales in Pender County hit double digits with 10 homes selling at prices of $1 million or more – its best month ever,” the report stated.

Saxton said, “Three of those sales were in Hampstead neighborhoods, away from the water. That’s a sign that luxury buyers have fallen in love with this entire region and that is going to continue, not just in Pender County, but pretty soon you will see more and more luxury buyers looking at Onslow County too.”

August became the 27th month in a row, according to the report, when luxury home sales in New Hanover, Brunswick and Pender counties saw year-to-year increases. A total of 60 homes with a price tag of $1 million or more sold in the tri-county area last month, compared to only 54 in August 2021.

The most expensive transaction was for a concept home that has yet to be built on Wrightsville Beach, the report stated. The property at 15 Augusta St. closed Aug. 1 for $5.9 million.

The most expensive purchase of an existing home in August was in Wilmington’s Shandy Point neighborhood. The four-bedroom, four-bathroom, custom home is on a peninsula at 136 Skystasail Drive and measures more than 4,100 square feet, according to the report. The property was listed by Vance Young of Wilmington-based Intracoastal Realty Corp. and closed for $3,875,000.

As for prices in the market in general, Lesley said he thinks the industry will see prices level off over the next few years, possibly even dropping by as much as 10%, but nothing like what happened as a result of the Great Recession more than a decade ago.

“In this bubble we had earlier this year [homes going under contract for unusually high prices from January to March], it was only cash buyers buying or people putting 20% down and paying an extra hundred grand. They’re already sitting on 30 or 40% of equity, so if the market does pull down 10%, they’re not going to foreclose because obviously they still got 20-30% of equity left.

“We’re not going to see that major crash from a financial foreclosure point of view.”

STOCK PHOTO Price points: Bidding wars continue for homes in the Wilmington area that are priced correctly, according to Realtors.

HOW NOVANT HEALTH IS BRINGING MORE CARE TO SOUTHEASTERN NORTH CAROLINA

One of the most pressing priorities facing our region is how we meet the needs of our rapidly growing population. It was a driving factor behind the sale of New Hanover Regional Medical Center to Novant Health in 2021, as neither NHRMC nor New Hanover County had the resources to grow services quickly.

At the time of the sale, Novant Health committed to investing $2.5 billion to fund our growth. While we, like the rest of the health care industry, have been challenged by a nationwide shortage of clinical staff, we are making progress on that commitment: providing new ways of accessing care, new locations for care, and significantly expanded services and advancements.

NEW, 24/7 VIRTUAL VISITS

Nothing showed us the convenience of virtual health care more than the COVID-19 pandemic, when so many in the community needed a medical visit without leaving home. But the truth is, visiting your doctor over your phone or computer screen can be a huge help at many other times. That’s why we have expanded video visits to nights and weekends.

Now, patients can conveniently access and video chat with an expert Novant Health provider 24/7 for diagnosis and treatment of common medical conditions. By logging into their MyChart account, patient can have a scheduled or on-demand visit.

This 24/7 video care provides another option and alternative to an emergency room visit after hours for routine, nonemergent needs – all from the comfort of a patient’s home.

EXPANDING ACCESS TO ADVANCED CARDIAC, NEUROLOGY AND ORTHOPEDIC CARE

Novant Health broke ground earlier this year on a new medical office building being constructed on the campus of Novant Health Brunswick Medical Center. The new building will expand access to heart and vascular care, including cardiac rehabilitation; family medicine, orthopedics and sports medicine; surgical care and infusion services. Patients also will receive urology and OB-GYN services at the new location.

We’re also expanding our inpatient neurology services with a dedicated 108bed facility on our 17th Street campus. Opening this fall, it will house our comprehensive stroke center as well as advanced services for aneurysms and other neurological needs.

The planned 66-bed Novant Health Scotts Hill Medical Center, a new community hospital with an orthopedic focus, is well underway, too.

INVESTING IN WILMINGTON’S HEALTH AND WELL-BEING

Michael Jordan’s recent $10 million donation to open two medical clinics in Wilmington through a partnership with Novant Health has sparked a lot of excitement. Patients at the clinics will receive comprehensive primary care, including behavioral health and social support services, ensuring that those who are uninsured and underinsured have access to true “whole-person” care.

At Novant Health, we’re excited about the ways we’re investing in the long-term health and well-being of the entire Wilmington community. We are committed to ensuring the region has the next-level medical facilities and health care services it needs – now, and for generations to come.

SHELBOURN STEVENS Senior VP and President of Novant Health New Hanover Regional Medical Center and Coastal Market

Shelbourn Stevens also oversees Novant Health Brunswick Medical Center and Novant Health Pender Medical Center.

During his 30-year tenure with Novant Health, he has worked in a wide variety of departments and held numerous leadership roles, including president and chief operating officer of Brunswick Medical Center for many years. Stevens played an integral part in the transition from the original Brunswick Community Hospital to its new, state-of-the-art facility in 2011. Stevens is accountable for the region along with having other systemwide responsibilities across Novant Health.

SOShelbourn@novanthealth.org NovantHealth.org

February 16th, 2023 • 11:00AM • Wilmington Convention Center

> Call for Entries for

Commercial Real Estate Awards!

Submit your project/deal for consideration. Membership not required – open to ALL. Deadline October 31st, 2022 • www.capefearcrew.org

Dealmaker Award

Recognizes a person or team who demonstrated excellence, resourcefulness, collaboration and industry best practices while working on a successful transaction.

Career Advancement for Women Award

Recognizes a company or individual who consistently exemplifies Cape Fear CREW’s commitment to elevating the status of women by supporting the advancement of the careers of women and who has shown leadership in encouraging and promoting women within a leadership team.

Best Development Award

Recognizes a team who worked together on a development, major renovation or redevelopment project in the Cape Fear Region that demonstrates excellence in functionality, aesthetics, environmental sensitivity and sustainability and relationship to its surroundings.

Economic & Community Enhancement Award

Honors projects that promote economic development and/or enhance communities by improving quality of life and fostering the overall social and economic interest of those communities.

Best Design Award

Recognizes exceptional design and the intentional and impactful design decisions that were part of a project in the Cape Fear Region.

* Projects/Deals need to have achieved Certificate of Occupancy or substantial completion between January 1, 2021 and October 31, 2022 to be eligible for submission and must be located in New Hanover, Brunswick, Pender, Onslow, Duplin, Sampson, Columbus or Bladen counties.

Partner with Cape Fear CREW!

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For more information about partnerships or the event, please visit www.CapeFearCREW.org

Send information about company hires, promotions or awards to editor@wilmingtonbiz.com Public utility authority board taps Adams to lead

At its regular meeting Aug. 10, the CFPUA Board elected JENNIFER ADAMS as its chairwoman, according to a news release. Adams, who previously served as board treasurer, has served on Cape Fear Public Utility Au-

Adams thority’s board since she was appointed by New Hanover County in 2016.

Adams is environmental leader for the Optical Fiber and Cable Division of Corning Inc. She is also a licensed professional engineer in North Carolina and has worked in the environmental field for more than two decades.

Also on Aug. 10, the board elected Wesley Corder as its vice chairman, Jessica Cannon as secretary and William Norris as treasurer.

CFCC Board of Trustees adds Wilson, Funderburk

Cape Fear Community College has announced recent appointments to the CFCC Board of Trustees. RAY FUNDERBURK III and LANNY WILSON were appointed for four-year terms – Funderburk by the New Hanover County Board of Education and Wilson by the New Hanover County Board of Commissioners, a news release stated. Funderburk has lived in New Hanover County since 1970. He has a bachelor’s degree in English from Hampden-Sydney College and master’s degree in English literature and rhetoric from the University of Maine.

He taught high school English for 16 years at Pender High School.

Wilson was born in Pender County and raised in Wilmington. He earned a bachelor’s degree from East Carolina University and a law degree from Wake Forest University School of Law.

He has served as vice chairman and chairman of the N.C. Real Estate Commission, commissioner and vice chairman of the N.C. Turnpike Authority and on the N.C. Board of Transportation. In 2012, the NCDOT renamed a bridge in honor of Wilson.

Funderburk Wilson

Beltre appointed to COO role at Innovo Research

Innovo Research recently appointed CERDI BELTRE chief operating officer at the company. Beltre, a leader at several clinical research technology, services and healthcare organizations,

Beltre joins the company after serving as senior vice president, provider solutions, at Principia Health Sciences, according to a news release.

As COO, Beltre has a range of duties, including leadership and dayto-day direction for the operations at all corporate, affiliated and site-managed locations; and oversight and direction for the short- and longterm planning of the organization, among others.

Beltre said, “With Innovo Research’s access to such a diverse patient population across the United States and the quality of the data-driven provider network, Innovo Research is going to be a major player in the clinical research realm. And I’m excited to be a part of it.

Homebuilders bring home national awards

The Wilmington-Cape Fear Home Builders Association (WCFHBA) recently won two national membership awards from the National Association of Home Builders (NAHB).

They include the NAHB Grand Award for the highest numerical increase of affiliate members and the highly coveted 2021 NAHB Membership Cup award, according to a news release. The Grand Awards are given each year to the top association from each group size in several membership categories, including highest numerical increase, percentage growth, retention rate and increase in affiliate members, the release stated.

The 2021 Membership Cup is only awarded to the HBA in the U.S. that achieved the highest ranking for 2021 in Group 2 for its efforts in both membership growth and retention. The local association competed with seven others of the same size across the country.