158 Beach Rd S: $6.75M Figure Eight Listing Sits 243 Days at $1,534/Sq Ft

Property Summary

158 Beach Road S is an oceanfront single-family home on Figure Eight Island listed at $6,750,000 — placing it in the ultra-luxury tier of the Wilmington market where transaction velocity is thin and pricing discovery is slow. At $1,534 per square foot and 243 days on market as of early 2026, the listing tests whether the island's access-controlled scarcity alone can sustain a nearly $500K premium over Zillow's automated valuation of $6,262,800.

For investors and agents tracking Wilmington's top-end waterfront segment, the extended market time is the headline: it signals either pricing resistance at the $6M+ threshold or a buyer pool that demands more scale or newer product for seven-figure commitments.

Fast Facts

• Address: 158 Beach Road S, Wilmington, NC 28411
• List Price: $6,750,000
• Bedrooms / Bathrooms: 4 bed / 4 full bath + 1 half bath
• Living Area: 4,400 sq ft
• Lot Size: 0.58 acres
• Year Built: 2008
• Price per Sq Ft: ~$1,534
• Days on Market: 243 (originally listed April 2, 2025; relisted October 10, 2025 after a pending period beginning July 21, 2025)
• HOA: $735/month ($8,822/year) — Figure 8 HOA
• Annual Taxes: $17,708 (assessed value $3,389,100)
• Parcel: R05207001010000

What Stands Out

• Extended days on market at 243 far exceeds the broader 28411 submarket average of roughly 60 days, pointing to pricing friction specific to this price tier rather than weak overall demand.
• Assessed value of $3,389,100 sits at roughly 50% of the asking price, a gap that is common for ultra-luxury coastal properties in North Carolina but worth flagging for tax-projection purposes if the county reassesses post-sale.
• Listed fully furnished with a 4-car garage and elevator — features that reduce post-close capital needs but also complicate appraisal comparisons when buyers seek financing.
• Built in 2008 on pilings — the structure is 17 years old, meaning major systems (HVAC, roofing, water heater) are approaching or past typical replacement windows.
• Septic system rather than municipal sewer — standard for Figure Eight Island, but adds a maintenance and replacement cost line item that mainland buyers may underestimate.
• Zestimate range of $5.95M–$6.58M suggests the current ask of $6.75M sits above even the upper bound of Zillow's automated model.

Pricing Lens

At $1,534/sq ft, the listing reflects the extreme scarcity premium of direct oceanfront on a gated barrier island with no commercial development and only one access bridge. However, the 243-day sit indicates this premium is being tested by actual buyer behavior.

The broader 28411 zip code shows an average sale price around $564,381 and homes closing at roughly 95% of list price — metrics that are nearly irrelevant to this property's tier but confirm that mid-market demand in the same zip is healthy. Recent sales data shows that at least five Figure Eight Island oceanfront properties have sold above $5M in 2024–2025, including sales at $6.4M, $9.5M, $12.5M, $12.8M, and $13.9M — indicating an active ultra-luxury market on the island, though at wide price dispersion.

Key takeaway: The comparable sales above $5M show that larger and newer oceanfront homes on Figure Eight have commanded significantly higher per-square-foot prices, but several of those properties also offered more bedrooms, bathrooms, and square footage. The Zestimate gap of roughly $490K below ask and the extended DOM suggest the market has not yet validated the current price. The property previously went pending on July 21, 2025 at $6.75M but returned to market October 10, 2025 — a failed contract that further underscores pricing or inspection friction. Notably, a prior listing (MLS# 100445303) at $6,900,000 was removed on August 23, 2024, indicating the property has been testing the market for well over a year across multiple listing periods.

Neighborhood & Market Context

Figure Eight Island is a private, gated barrier island community accessible via a single bridge from the mainland in unincorporated New Hanover County. There is no commercial zoning, no public beach access, and no short-term rental infrastructure — the island functions as a low-density residential enclave.

The 28411 zip code benefits from proximity to Mayfaire Town Center, regional medical facilities, and the I-40/US-17 corridor, but Figure Eight itself is deliberately isolated from those economic drivers. Buyers here are paying for exclusion, not access.

Broader Wilmington fundamentals remain constructive: population growth, expanding healthcare employment, and continued in-migration from higher-cost Northeast and Mid-Atlantic metros. However, these demand drivers primarily benefit the $300K–$800K segments — the ultra-luxury oceanfront tier runs on a different, much smaller buyer pool.

Risks & Watch-Outs

• Flood zone status is not explicitly stated in listing data, but an oceanfront home on pilings on a barrier island almost certainly falls in a FEMA high-risk flood zone (VE or AE). Annual flood insurance premiums could be significant depending on elevation certificate and NFIP vs. private carrier — prospective buyers should obtain quotes before committing. Flood zone designation can be verified via FEMA's Map Service Center or the NC Floodplain Mapping Information System using parcel R05207001010000.
• Wind and hazard insurance on barrier island properties in southeastern North Carolina has seen significant premium increases in recent years. Verify current carrier availability and annual cost.
• Septic system age — a 2008-installed system is 17 years into a typical 20–30-year lifespan. Inspection and pump-out records should be requested.
• HOA at $8,822/year covers community amenities (clubhouse, tennis courts, maintenance) but does not cover individual property insurance, flood, or wind. Confirm what's included and review the HOA's reserve study.
• Erosion risk is inherent to all oceanfront barrier island lots. Check New Hanover County and NC Division of Coastal Management setback and shoreline change data.
• Failed pending contract — the property went pending July 21, 2025 and was relisted October 10, 2025, which may indicate inspection, financing, or appraisal issues a new buyer should investigate.
• Total annual carrying cost before any mortgage: approximately $26,500+ in taxes and HOA alone — likely significantly higher once flood and wind insurance premiums are confirmed.

Before You Buy

• Pull FEMA flood map panel for parcel R05207001010000 and request any existing elevation certificate
• Obtain wind and flood insurance quotes from at least two carriers before making an offer
• Request closed sale data for Figure Eight Island oceanfront properties above $5M from the past 24 months via MLS or New Hanover County Register of Deeds
• Verify septic system inspection date, pump-out history, and remaining useful life estimate
• Confirm age and condition of roof, HVAC systems, and elevator mechanical components (all original 2008 installs would be at or near replacement age)
• Review Figure Eight HOA reserve study and any pending special assessments
• Check NC Division of Coastal Management shoreline erosion rate data for this parcel's beach segment
• Investigate the reason the July 2025 pending contract fell through before relisting in October 2025
• Confirm full listing history — the property was previously listed at $6,900,000 in 2024 (MLS# 100445303) before being removed August 23, 2024, and relisted at the current $6,750,000