I was conducting a little research for a client today on Landfall, an expansive and well-established golf community near Wilmington, NC. The community features 45 holes of golf, including 18 holes by Pete Dye and 27 by Jack Nicklaus. Homes there are expensive, relative to most other golf communities I have visited and surveyed.
Notes about Landfall at the popular real estate site Trulia.com stopped me in my tracks. Here is what Trulia said about Landfall sales:
“The median sales price for homes in Landfall…for Nov 09 to Jan 10 was $287,500 based on 28 sales. Compared to the same period one year ago, the median sales price decreased 63.5%, or $500,000, and the number of sales increased 75%. Average price per square foot for Landfall was $171, a decrease of 35% compared to the same period last year.”
Residents of Landfall would be shocked to learn that their homes had lost so much value so quickly. The fact is, they haven’t. Homes generally sell in the mid- to high-six figures in the community. And Trulia’s own following words contradict their earlier data about Landfall.
“The average listing price for homes for sale in Landfall was $1,060,317 for the week ending Feb 24, which represents an increase of 6.3%, or $62,926, compared to the prior week.” Against a median sales price of less than $300,000, you can bet Landfall owners would not be listing their homes for over $1 million.
Confusing indeed.