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Real Estate - Residential

Auction Set For 'one-of-a-kind' Wrightsville Beach Home, Priced At Nearly $14M

By Cece Nunn, posted Dec 2, 2022
The custom-built, 8,600-square-foot house off Causeway Drive between the Intracoastal Waterway and the Atlantic Ocean has a list price of $13.9 million (Courtesy of Sotheby's Concierge Auctions)
Bidding opens next week for the online auction of a Wrightsville Beach waterfront home listed for nearly $14 million, with a $100,000 bidder deposit required and no reserve.

The custom-built, 8,600-square-foot house off Causeway Drive between the Intracoastal Waterway and the Atlantic Ocean was listed by Wilmington-based Landmark Sotheby's International Realty and is being auctioned off through Sotheby's Concierge Auctions.

"In general, auctions are ideal for one-of-a-kind, incomparable properties," said Thomas Campbell, project manager and auction representative for Sotheby's Concierge Auctions, in an email Thursday. "Every market has a threshold above which homes are more difficult to monetize – especially when it comes to high-end property. Typically, our sellers choose auction as a smart financial decision, looking to control the timing and terms of their sale."

The four-bedroom house, which has four full and two half bathrooms, is built to withstand a Category 5 hurricane, said Chris Parker, founder and principal engineer of the civil construction and engineering firm Parker Group, in a WilmingtonBiz Magazine feature on the house. 

Parker and the late Wilmington architect Michael Kersting designed the house, which was described as "modern with a dash of Hawaiian inspiration" in a Realtor.com article.

Built in 2019, the dwelling incorporates more than 170 tons of structured steel and 167 concrete bridge pilings. Some of its unique features include a ground-level aquatics center which "provides the perfect setting for a dip in the 25-meter negative edge lap pool, heated for year-round comfort, while the rooftop terrace offers a space for relaxation and stunning sunset views," according to the Sotheby's listing.

Bidding on the home begins at 4 p.m. Dec. 9, according to Sotheby's. In 2020, the home was listed on the N.C. Regional Multiple Listing Service for nearly $16.5 million, which was a state record at the time. 

"When it comes to luxury properties, the traditional real estate model alone can have limitations. Auctions are an additional tool for real estate agents and sellers, particularly when the buyer pool is limited and properties simply aren't liquid, even in healthy market conditions," Campbell said. "Auctions mobilize the market, and the bids, and ultimately, sale price, are driven by the immediate market demand."

He added that sellers typically go with auctions "because it creates urgency around a sale, as well as gets the word out to a new pool of potential buyers. This is especially true for high-end and unique homes, which can have a smaller pool of potential buyers to start.

"Auctions also allow buyers to determine what the property is worth in real time, and a finite sale date can fuel new interest and encourage higher bidding from potential buyers who do not want to miss out."

The auction has been featured in numerous publications, including Mansion Global, in which Nick Phillips, owner of Landmark Sotheby's International Realty, called the house "a total work of art that’s been designed to stand the test of time."
 
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