1121 Pembroke Jones Dr: $9M, 7,806 Sq Ft ICW Estate Tests $1,152/Sq Ft Ceiling

Property Summary

1121 Pembroke Jones Dr in Wilmington's gated Landfall community is listed at $8,995,000 — among the highest-priced active residential listings currently tracked in the 28405 submarket. At $1,152/sq ft across nearly 7,806 sq ft of living space on 1.17 acres with Intracoastal Waterway frontage, this 2003-built estate directly tests whether Wilmington's legacy waterfront estates can command pricing that bridges the gap between newer ICW comps selling at $521–$709/sq ft and ultra-premium enclaves like Figure Eight Island at ~$2,164/sq ft.

The listing hit the market around January 16, 2026, with just 3 cumulative days on market reported. The asking price sits nearly $4.75M above the most recent high-end comp in the immediate area, making this a price-discovery listing with limited transactional precedent.

Fast Facts

• Address: 1121 Pembroke Jones Dr, Wilmington, NC 28405
• List Price: $8,995,000
• Bedrooms / Bathrooms: 6 bed / 6 full bath, 2 half bath
• Living Area: 7,780–7,806 sq ft (minor variance across sources)
• Lot Size: 1.17 acres
• Year Built: 2003
• Price per Sq Ft: ~$1,152
• HOA: $586/month ($7,031/year)
• Tax Assessed Value: $4,760,800 (2025 taxes: $28,017)
• Days on Market: ~3 (as of listing date)
• MLS #: 100549710
• Zoning: R-20

What Stands Out

• Asking price is 89% above tax assessed value. The $8,995,000 ask versus the $4,760,800 county assessment creates a $4.23M gap — a spread that will force buyers to justify premium through waterfront access, improvements, and Landfall positioning rather than assessed-value benchmarks.
• Waterfront infrastructure is substantial. The property includes a boat slip, dock, boat lift, and deeded water access with reported water depth of 4+ feet, plus ICW/sound/pond frontage — features that are capital-intensive to replicate.
• Building age is a cost factor. At 23 years old with a shake roof, crawl space foundation, and elevator, major systems are approaching or past replacement cycles. Shake roofs in coastal environments typically carry 15–25 year lifespans and are increasingly difficult to insure.
• Zillow's Zestimate range is wide. The algorithm places the Zestimate at $5,019,100 with a reported range up to $8,217,200, reflecting thin comp data at this price tier rather than a reliable valuation band.
• Landfall HOA provides gated security, community management, and trail access — standard for the enclave but worth noting the $7,031 annual cost stacks on top of insurance and taxes.
• Sale history provides context. The property previously listed at $5,000,000 (removed 2018) and sold for $3,050,000 on August 31, 2020 — meaning the current ask represents a 195% increase over its last sale price.

Pricing Lens

At $1,152/sq ft, this listing occupies an unusual middle zone in the Wilmington luxury waterfront market. It prices well above recent Landfall-area closings but below the per-square-foot premiums seen on Figure Eight Island. The comp gap is significant.

The $1,152/sq ft ask is 62% above the highest recent closed comp at $709/sq ft (1101 Harborway Pl). No public record shows a Landfall-area sale closing above $4.25M in the 2025 comp set provided, meaning this listing requires a buyer willing to establish a new price ceiling for the Pembroke Jones enclave.

Neighborhood & Market Context

Landfall remains one of Wilmington's most established gated communities, anchored by the Country Club of Landfall with access to 45 holes of championship golf across two courses — the Pete Dye Course (18 holes, designed 1987) and the Jack Nicklaus Signature Course (27 holes, opened 1990 with nine additional holes added in 2000). The Pembroke Jones section within Landfall carries historical cachet tied to the original Pembroke Jones estate, one of the Cape Fear region's most prominent Gilded Age properties.

The 28405 zip code benefits from proximity to Wrightsville Beach, Mayfaire Town Center commercial corridor, and Novant Health facilities. Infrastructure investment along Military Cutoff Road and the Hampstead Bypass continues to improve regional connectivity, supporting long-term property values in established enclaves.

However, the ultra-luxury buyer pool in Wilmington remains thin. Transactions above $5M in New Hanover County are infrequent — specific annual volume data is not publicly available, but the Cape Fear luxury market (New Hanover, Brunswick, and Pender Counties combined) surpassed $1 billion in total luxury home sales in 2024, with the highest recorded single-family sale in New Hanover County reaching $13.9 million on Figure Eight Island in July 2024. Extended marketing periods at this price tier are the norm, not the exception.

Risks & Watch-Outs

• Flood zone status is not explicitly stated in listing data. Given ICW/pond/sound frontage and 4+ ft water depth, FEMA flood zone designation is highly likely. Verify via New Hanover County GIS using parcel R05119-009-007-000.
• Coastal insurance costs are escalating. A shake roof on a waterfront property of this age and value will face underwriting scrutiny. Wind and flood premiums for high-value replacement cost coverage could be substantial — confirm with a coastal insurance specialist.
• Shake roof condition and remaining lifespan should be independently assessed. Replacement cost for a shake roof on 7,800+ sq ft should be estimated by a licensed contractor.
• Crawl space foundation on waterfront requires inspection for moisture intrusion, wood rot, and structural integrity after 23 years of coastal exposure.
• Elevator maintenance and code compliance — confirm last inspection date, service contract status, and any required modernization.
• HOA governance and special assessment history — Landfall's infrastructure (gates, roads, amenities) requires ongoing capital; confirm reserve fund adequacy.

Before You Buy

• Request FEMA flood zone determination and current flood insurance premium estimate for the property
• Obtain independent roof inspection with remaining-life estimate for shake material
• Verify crawl space condition, moisture barriers, and structural member integrity
• Confirm elevator inspection history, code compliance, and annual maintenance costs
• Request full HOA financial statements, reserve study, and special assessment history from Landfall
• Pull New Hanover County permit history for all renovations and additions since 2003
• Obtain comparable closed sales data for Landfall waterfront properties above $5M (last 3 years, county-wide)
• Confirm all water access rights — dock permits, Army Corps of Engineers compliance, riparian boundaries
• Request detailed homeowner's insurance quotes from at least two coastal-specialist carriers
• Verify 2025 property tax amount and assess likelihood of reassessment upon sale at $8.995M (potential significant tax basis increase based on New Hanover County rates)