244 Preservation Point Ave: $1.49M New Build Faces Major Data Gaps in 28401

Property Summary

244 Preservation Point Ave, Wilmington, NC 28401 has been cited at $1,493,096 for a reported 5 beds / 6 baths across 3,971 sq ft, pricing the property at roughly $376/sq ft. However, multiple public data sources contradict the stated bedroom count, bath count, and square footage — raising questions about whether this listing reflects a current active offering, an expired spec build, or an unindexed new-construction product. What's verifiable: the home was built in 2023 on a 0.99-acre lot inside a gated Cape Fear River enclave, and the land last traded for $175,000 in August 2021.

Fast Facts

• Address: 244 Preservation Point Ave, Wilmington, NC 28401
• Cited Price: $1,493,096 — not confirmed as an active listing on major portals
• Beds / Baths (cited): 5 bed / 6 bath — Zillow and Redfin show 4 bed / 4.5 bath
• Sq Ft (cited): 3,971 sq ft — Zillow and Redfin show 3,242 sq ft
• Lot Size: 0.99 acres
• Year Built: 2023
• Price / Sq Ft (cited): ~$376/sq ft — Homes.com automated estimate: ~$369/sq ft on 3,242 sq ft
• HOA: Approximately $2,000/year (~$167/month) for single-family homes, per listings of comparable Preservation Point properties
• Flood Zone: Not confirmed in public results
• DOM: Not applicable — no active MLS listing confirmed

What Stands Out

• Data conflict is the headline. The 5 bed / 6 bath / 3,971 sq ft configuration cited in marketing does not match Zillow (4 bed / 4.5 bath), Redfin (3,242 sq ft), or Realtor.com records. This could indicate a recent addition, finished bonus space, or simply an error.
• Nearly 1 acre in a gated community. At 0.99 acres, the lot is outsized for the Preservation Point enclave and roughly double what most gated-community homesites in the Wilmington metro offer.
• Land-to-build cost trajectory. The lot sold for $175,000 in August 2021. A completed home now valued north of $1.46M implies roughly $1.3M in construction and soft costs — consistent with high-spec custom builds in the Cape Fear corridor.
• Amenity-dense community. Preservation Point includes a clubhouse, saltwater pool, fitness center, private island access, marina, dog park, and pickleball courts — an amenity stack that competes with resort-style master-planned communities.
• Active inventory pressure. At least 12 homes with 3+ bedrooms are currently listed in Preservation Point, and the broader 28401 zip shows between roughly 98 and 254 active listings depending on the platform. Buyers have options.

Pricing Lens

At the cited $376/sq ft, this property would sit at the upper end of 28401 new-construction pricing, a zip code historically anchored by historic rehabs and smaller infill builds. The Homes.com automated valuation of ~$1,466,522 (based on 3,242 sq ft at ~$369/sq ft) suggests the market views the property's value as slightly below the cited ask — though AVM accuracy in low-comp luxury neighborhoods is limited.

Note: No closed comparable sales within Preservation Point were available in public results. The comp table above is incomplete and should not be used for appraisal purposes.

Neighborhood & Market Context

Preservation Point occupies a gated position along the Cape Fear River, south of downtown Wilmington. The enclave caters to move-up and second-home buyers seeking waterfront adjacency with modern amenity infrastructure. A vacant 0.97-acre lot at 240 Preservation Point Ave is currently listed FSBO at $230,500, providing a rough land-cost benchmark for active buyers evaluating build-versus-buy math.

The broader 28401 submarket is experiencing measurable inventory expansion. Across platforms, active listings range from roughly 98 to 254, with Realtor.com reporting the high end at 254. Red Door Company data shows 68 active listings in March 2025, up from 44 a year prior, indicating a rising inventory trend. For luxury product priced above $1.4M, the buyer pool narrows significantly, and days on market tend to extend — particularly when competing against established waterfront and historic properties with stronger location premiums.

Risks & Watch-Outs

• Listing validity is unconfirmed. No major portal shows an active listing at $1,493,096. The property may be off-market, expired, or marketed through a channel not indexed by aggregators.
• Spec discrepancy. The gap between the cited 3,971 sq ft / 5 bed / 6 bath and the publicly recorded 3,242 sq ft / 4 bed / 4.5 bath is material — a 729 sq ft difference that shifts price-per-square-foot analysis by roughly $70/sq ft.
• HOA costs to verify. Based on comparable Preservation Point single-family listings, annual HOA dues appear to be approximately $2,000/year (~$167/month). Townhomes in the community carry higher fees of approximately $4,800/year. However, the specific dues for this property should be confirmed directly with the Preservation Point Owners Association.
• Flood zone unconfirmed. Cape Fear River proximity and a 0.99-acre lot make flood designation a critical variable for insurance costs. New Hanover County GIS should be consulted directly.
• Inventory overhang. With 12+ competing listings inside the same gated community, absorption risk is elevated for any seller at this price point.

Before You Buy

• Confirm whether the property is actively listed, under contract, or off-market — check MLS directly or contact listing agent
• Verify actual square footage, bedroom count, and bath count via New Hanover County tax records or a recent appraisal
• Request the HOA declaration, current dues schedule, and reserve fund balance for Preservation Point
• Pull the FEMA flood zone designation from New Hanover County GIS and obtain a current flood insurance quote
• Review the 2023 building permit and certificate of occupancy to confirm completion date and permitted square footage
• Request a builder warranty status — a 2023 build may still carry structural coverage
• Evaluate closed sales within Preservation Point over the past 12 months to establish true comp range — public data was insufficient at time of analysis