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THE niche market of Figure Eight Island, where some
houses span two and three lots, has just 497 developed
lots. Inventory is usually low. In any year there are going
to only be a handful of sales. Just 20 properties were
sold in 2019, down 13 percent from the previous year’s total of 23.
“In our market, inventory is down, therefore transactions are
down. Because what people are looking for is not on the mar-ket
or obtainable at the moment,” says Kirra Sutton of Figure
Eight Island Realty. “So, matchmaking is really a big part of it.
Sometimes the clientele you are working with have the ability to
do X, Y and Z. They are going to wait for that special something,
the thing that’s the perfect fit. These buyers are not in the market
to make drastic compromises, typically. It’s really important that
you find the right match. In different territories, you have a far
wider spread of price ranges and a larger supply
of inventory to be able to make that connection.”
There were properties that were turnkey — fully renovated,
sold furnished — that were gone in 30 to 50 days, whereas some
properties were on the market for extended periods of time.
“We had a lot of properties that finally moved, that had been
on the market in excess of 250 days,” Sutton says.
At $4.8 million, the number one sale on Figure Eight Island
was the number three sale in New Hanover County. Built in
2000, 49 Pipers Neck is four residential pavilions connected by
breezeways and decks located soundfront, on a 1.2-acre, sur-rounded
on three sides by water. The house designed by noted
Designed by architect Ligon Flynn, this 20-year-old home on Figure Eight Island sold for $4.8 million, making it the number
three sale in New Hanover County and the top sale at Figure 8 Island.
PHOTOS COURTESY OF LANDMARK SOTHEBY’S INTERNATIONAL REALTY february 2020 74
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