1121 Pembroke Jones Dr: $8.995M ICW Estate Tests $1,156/Sq Ft in Landfall

Property Summary

1121 Pembroke Jones Drive is listed at $8,995,000 — the kind of price point that exists in a market segment with almost no direct comps in the Wilmington metro. At 7,780 sq ft on 1.17 acres with Intracoastal Waterway frontage inside Landfall's gates, the listing prices at roughly $1,156 per square foot, well above the $631–$757/sq ft range where most recent high-end Landfall sales have closed. The question for anyone tracking this tier isn't whether the property is expensive — it's whether the scarcity of estate-scale ICW inventory in 28405 justifies a price per square foot that's 52–83% above the nearest in-submarket comps.

Fast Facts

• Address: 1121 Pembroke Jones Drive, Wilmington, NC 28405
• List Price: $8,995,000
• Beds / Baths: 6 bed / 6 full bath / 2 half bath
• Living Area: 7,780 sq ft
• Lot Size: 1.17 acres
• Year Built: 2003
• Price per Sq Ft: ~$1,156
• HOA: $586/month ($7,031/year) — Landfall COA (note: independent verification suggests Landfall's base HOA may be approximately $4,000/year or ~$333/month; the $586/month figure is sourced from the Zillow listing and may include sub-association or additional fees specific to this property)
• Tax-Assessed Value: $4,760,800 (2026 taxes: $28,017)
• Days on Market: Listed January 16, 2026; approximately 78–87 cumulative days on market as of early April 2026
• Subdivision: Landfall (gated community)
• Listing Agents: Sebrell Singleton and Sue Coupland, Intracoastal Realty Corp (MLS #100549710)

What Stands Out

• Estate-scale lot scarcity: At 1.17 acres with ICW frontage, this is one of the largest waterfront homesites actively listed in Landfall. Most comparable sales in the subdivision sit on significantly smaller parcels.
• Waterfront infrastructure: The listing specifies a boat slip, dock, and boat lift — assets that carry independent value in the ICW corridor and are not easily replicated on smaller lots.
• Feature density: The property includes an elevator, whole-home generator, wine cellar, pool, second kitchen, and 3-car garage. These are verifiable from multiple listing sources and represent substantial replacement cost.
• Valuation gap vs. algorithms: Zillow's Zestimate sits at $5,019,100 and Redfin's estimate at $8.49M, putting the ask $500K–$3.98M above automated valuations — a meaningful spread, particularly against Zillow's estimate, that suggests the seller is pricing to the scarcity premium rather than algorithmic consensus.
• Tax assessment trails market: The $4,760,800 assessed value represents roughly 53% of the ask, which is common in luxury waterfront but relevant for tax-planning purposes.
• Prior sale context: The property last sold on August 31, 2020 for $3,050,000 ($391/sq ft), representing a nearly 195% increase in asking price over approximately five and a half years.

Pricing Lens

The $1,156/sq ft ask needs context. Among 2025 closed sales in the Landfall/28405/coastal Wilmington corridor, only one transaction approaches this tier:

The Wrightsville Beach sale at $1,045/sq ft is the closest analog — a 6-bed waterfront on a smaller lot. Even against that comp, the Pembroke Jones listing carries a ~10.6% premium on a per-square-foot basis. The remaining Landfall-area closings cluster between $631 and $757/sq ft, which represents the standard high-end band for the submarket. This property is priced distinctly above that band, betting that the combination of lot size, ICW access, and privacy commands a separate valuation tier.

Neighborhood & Market Context

Landfall is Wilmington's most established gated community, anchored by two golf courses and direct proximity to Wrightsville Beach. HOA fees of $586/month (per the listing) cover security, maintenance, trails, and community waterfront access. The 28405 zip code continues to benefit from Wilmington's broader economic drivers — NHRMC/Novant Health, the growing UNCW corridor, and film/tech sector activity — though at this price tier, the buyer pool is largely wealth-migration-driven rather than local-income-dependent.

Ultra-luxury inventory above $5M in the Wilmington metro remains thin. Fewer than a handful of listings compete at this scale in any given quarter, which gives sellers pricing leverage but also extends days on market. Buyers at this tier tend to transact off-market or with extended negotiation windows.

Risks & Watch-Outs

• Flood zone exposure: The listing does not specify FEMA flood zone designation, and the specific designation could not be independently confirmed through public search. Given direct ICW frontage, flood insurance costs could be substantial. Verify via New Hanover County GIS (parcel R05119-009-007-000) or FEMA's Flood Map Service Center.
• Insurance costs broadly: Coastal windstorm and flood premiums on a $9M waterfront estate are a material annual carry cost — potentially five figures — and should be quoted before underwriting.
• Age of systems: Built in 2003, the home is 23 years old as of 2026. Roof, HVAC, dock pilings, seawall condition, and pool mechanicals all warrant inspection. Replacement costs at this scale are significant.
• HOA governance: Landfall COA dues at $7,031/year are reported in the Zillow listing, but special assessments, reserve fund health, and any pending community infrastructure projects are not detailed in public listing data. Note that base Landfall HOA fees may be lower (~$4,000/year per independent sources); the listing-reported figure may include sub-association fees.
• Liquidity risk: Properties above $5M in the Wilmington market historically carry longer marketing periods. Resale timelines should be modeled conservatively.

Before You Buy

• Confirm FEMA flood zone designation and obtain current flood insurance quotes for the structure and contents
• Request full windstorm and hazard insurance estimates from a coastal-specialist carrier
• Verify age and condition of roof, all HVAC systems, dock/seawall, boat lift, elevator, and generator
• Review Landfall COA financials: reserve fund balance, pending special assessments, and any planned infrastructure work
• Pull New Hanover County permit history for renovations or additions since 2003 construction
• Confirm square footage via tax records or appraisal — Zillow notes a variant of 7,806 sq ft versus the listed 7,780 sq ft
• Evaluate septic vs. municipal sewer connection (not specified in listing)
• If considering as a secondary residence, confirm Landfall COA rules on short-term rental and leasing restrictions