Notable sale: Actress Linda Lavin's home (above) sold for $859,000 in May.
Surrounded by an assortment of palmetto, crepe myrtle and magnolia trees, the Dudley Mansion on Front Street is a historic staple in downtown Wilmington – a symbol of high cotton times during an era of regal opulence and renowned Southern architectural splendor.
But now the mansion, and many like it, may soon signal yet another sign of economic change for the downtown real estate market that has area Realtors bullish on the area’s housing market.
“As a whole, the luxury market is picking up, and that includes the downtown area,” said Jessica Edwards, a Realtor with Wilmington-based Coldwell Banker Sea Coast Advantage. “It all reflects the level of activity we’re seeing in the market for properties that cost more than $1 million.”
Edwards should know.
After listing the Dudley Mansion – a 188-year-old residence that’s withstood its fair share of battles from both the Civil War to a 2010 decision to return the property to J.P. Morgan Chase Bank – in late June for $1.2 million, the property went under contract within two weeks.
That’s swift for even a market like Wilmington, and it may be getting better.
“There were a wide range of interested prospective buyers at the national level,” Edwards said without naming the prospective buyer of the South Front Street mansion. “It’s been good.”
Much of the 28401 zip code, which encompass the downtown historic district and many neighborhoods between Front and 19th streets, are seeing interest and residential sales increase over the past several months.
Last month, area Realtors sold 200 residences in the area – just shy of the 202 homes sold in June 2012, according to the Wilmington Regional Association of Realtors’ multiple listing service (MLS).
Home prices are also rebounding.
The average price for a residence within the downtown zip code area was $112,783 last month – up from $107,189 in June 2012 but much lower than price points during the housing boom when the average price for a residence fetched close to $200,000, according to the association’s data.
There are currently 47 homes within the historic district on the market – ranging from $68,000 to $2.7 million, according to the MLS.
Betsy Leonard, a Realtor with Wilmington-based Intracoastal Realty, said momentum for a residence in the downtown area has definitely increased as empty nesters and investors look for their next home or property.
“There is a good selection for people that are either looking for starter homes or their second or final multimillion residence,” Leonard said. “It’s all down there, and as inventory is starting shrink out in the county,
people are starting to give downtown a second look.”
Leonard is no stranger to the downtown realty market.
She listed actress Linda Lavin’s house on Front Street in September for $879,000; fellow Realtor Carla Weichman sold it for $859,000 in May. Now, Leonard has another historic downtown residence on the market: the Captain Harper house at 311 S. Front St., a renovated three-story, five-bedroom home first constructed in 1903 that owners are hoping to unload for $1.9 million.
“We hope with today’s market we can sell it in four to six months,” Leonard said.
Jimmy Hopkins, a Realtor with Intracoastal Realty, said downtown’s amenities and continued investment were encouraging signs for potential buyers.
Like with a number of luxury property sales across the region, Hopkins said some buyers are paying with cash.
“Most of the people looking are coming form the North or are international buyers,” Hopkins said. “They love the vibrancy of downtown. The shops, the restaurants are unique, and that’s always a big bonus.”
It’s that type of continued development that Hopkins is hoping will help sell one of the most expensive historic residential listings in downtown.
At 305 S. Third St., an extensively renovated multistory, seven-bedroom home that was first built in 1876 is currently on the market for $2.7 million.
“With Linda Lavin’s former residence selling and the Dudley under contract, there is definitely momentum in the downtown market,” Hopkins said. “I told the owners that this could be a year-long process, but with the way things are moving you never know. It’s a good sign.”
The luxury historic home market is not the only sector seeing momentum.
John Hinnant, president and CEO of Wilmington Downtown Inc., said the area’s rental market continues to heat up, though the condo housing market is still struggling because of bank lending and return on investment.
City and state officials recently broke ground on the City Block Apartments project, a $12.5 million, five-story, 112-unit apartment development that’s under construction at 814 N. Third St. And farther down South Front Street, the former Nesbitt Court housing project has been converted into a luxury apartment community that is nearing 100 percent occupancy, Hinnant said.
“It’s a logical place for our growth,” Hinnant said of downtown Wilmington. “People realize downtown Wilmington is 12 miles from the beach and is centrally located, and so they can work all over the area and still live downtown.”
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