23 Comber Rd, Figure Eight Island: $4.395M After $600K Cut at ~$955/Sq Ft

Property Summary

23 Comber Road on Figure Eight Island is now listed at $4,395,000 after a $600,000 price reduction from its original $4,995,000 ask — a 12% cut that reframes the value proposition for this gated oceanfront-community property. At ~$955/sq ft, the revised pricing lands well below the original ~$1,086/sq ft figure and positions 4,600 sq ft of living space as one of the larger footprints available in the sub-$5M band on the island. The reduction, combined with the property's 2018 purchase at $2.3M (~$500/sq ft), signals either softening demand at this price tier or an initial overshoot on listing strategy.

Fast Facts

• Address: 23 Comber Road, Wilmington, NC 28411
• List Price: $4,395,000 (reduced from $4,995,000)
• Bedrooms / Bathrooms: 4–5 bed / 5 bath
• Square Footage: 4,600 sq ft
• Lot Size: ~0.51–0.52 acres (22,416 sq ft)
• Year Built: 2000
• Price per Sq Ft: ~$955
• HOA: $5,185/year (~$432/month)
• MLS #: 100492123
• Last Sale: $2,300,000 in 2018 (~$500/sq ft)
• DOM: Not confirmed in public listing details; active as of February 2026

What Stands Out

• $600K price reduction represents a 12% markdown from original ask — a meaningful concession in a market segment where negotiation margins are typically tighter on a percentage basis.
• Prior sale at $2.3M in 2018 implies the seller is still targeting a ~91% gross gain over roughly 7–8 years of ownership, even at the reduced price.
• 4,600 sq ft is a larger-than-typical footprint for Figure Eight Island listings in this price band, potentially widening appeal to buyers seeking livable square footage rather than trophy positioning alone.
• Reverse floor plan with elevator — a design common in second-row coastal homes to maximize ocean views from upper living areas.
• 3-car garage is an uncommon feature on barrier island properties where lot constraints often limit garage capacity.
• Flood risk is rated high — climate models project an 80%+ probability that flooding reaches the building structure within the next 30 years.

Pricing Lens

The ~$955/sq ft current ask is nearly double the ~$500/sq ft the property traded at in 2018. That delta reflects both broad luxury coastal appreciation and renovation or improvement spend — though the extent of any post-2018 upgrades is not confirmed in public listing details.

Figure Eight Island's ultra-limited inventory makes direct comp analysis narrow. The island spans approximately 1,300 acres, but the total number of homesites is not confirmed in public records. Specific recent sold comparables near 23 Comber Road were referenced in listing data but lack detailed pricing breakdowns in available public sources. The table below frames the property's own pricing history as the most reliable benchmark available:

The buyer's market signal at this tier is worth noting: upper-tier coastal listings under $5M in the Wilmington metro are seeing longer absorption timelines, and this reduction fits that pattern.

Neighborhood & Market Context

Figure Eight Island is a private, gated barrier island accessible via a single swing bridge from the mainland at Porters Neck Road. The bridge crosses the Intracoastal Waterway and provides the sole land access, with 24-hour security for residents and invited guests. The community has no commercial development — no hotels, restaurants, or retail — reinforcing its positioning as an exclusivity-driven residential enclave. HOA-managed amenities include gated security, tennis courts, trash collection, and community beach access.

The island is approximately 5 minutes from Porters Neck shopping, 15 minutes from Mayfaire Town Center, and 20 minutes from downtown Wilmington. The broader 28411 zip code benefits from ongoing commercial development along the US-17 / Market Street corridor and improving infrastructure links to downtown Wilmington. However, Figure Eight Island's value drivers are largely independent of these trends — pricing here is governed by scarcity of island homesites, oceanfront proximity, and buyer wealth migration patterns into southeastern NC coastal markets.

Risks & Watch-Outs

• Flood risk is the dominant concern. An 80%+ chance of building-level flooding over 30 years translates directly into elevated insurance costs that should be modeled into any acquisition analysis. Flood insurance premiums under FEMA's Risk Rating 2.0 methodology could be substantial.
• $5,185 annual HOA is modest relative to the purchase price but adds to carrying costs alongside insurance and property taxes. Note that some Figure Eight Island sources cite HOA dues ranging from $6,700–$8,900 annually depending on the property; buyers should confirm the current assessment for this specific lot.
• Age of structure (built 2000) means the home is 25 years old. Roof condition (shake roof noted), HVAC systems, elevator mechanicals, and wood siding integrity are all items approaching or past typical replacement cycles.
• Short-term rental status — Verification indicates Figure Eight Island permits short-term rentals under its HOA covenants, though property-specific rules may apply. Buyers planning rental income should obtain and review the current CC&Rs, bylaws, and short-term rental rules directly from the Figure Eight Island Homeowners' Association (910-686-0635) to confirm any limits or conditions for this specific property.
• The 91% price appreciation claim from the 2018 purchase assumes no significant capital improvements were made. If the seller invested in renovations, the effective return narrows.

Before You Buy

• Obtain a current FEMA flood zone determination and request quotes under Risk Rating 2.0 for flood insurance premiums
• Confirm wind and hail insurance availability and pricing — barrier island properties often require surplus-lines carriers
• Request a detailed list of any improvements or renovations completed since the 2018 purchase at $2.3M
• Verify roof age and condition — shake roofs in coastal environments typically require replacement every 15–20 years
• Review elevator inspection records and maintenance history
• Confirm current Figure Eight Island HOA covenants regarding rental rules, building modification rules, and pet policies — contact the HOA directly at 910-686-0635
• Pull New Hanover County tax assessment records to compare assessed value against the $4.395M ask
• Request recent comparable sales data from a local agent with Figure Eight Island transaction history — public comp data is limited for this micro-market