532 Waynick Blvd, Wrightsville Beach: $3.8M at $2,597/Sq Ft Signals a Land Play

Property Summary

532 Waynick Boulevard, Wrightsville Beach, NC 28480 is listed at $3,800,000 for a 1,463 sq ft cottage built in 1913 — producing a headline price of ~$2,597/sq ft. That figure is roughly 10× the Wilmington metro median (approximately $269/sq ft as of early 2026, per Redfin) and effectively prices the structure at zero; this is a land-and-location acquisition on a sound-front lot with deep-water access, boat dock, and bulkhead in one of coastal North Carolina's most supply-constrained submarkets. At least one aggregator shows the listing in "Contingent" status, suggesting a contract may already be in place.

Fast Facts

• Address: 532 Waynick Boulevard, Wrightsville Beach, NC 28480
• List Price: $3,800,000
• Beds / Baths: 4 bed / 2 bath
• Living Area: 1,463 sq ft
• Lot Size: 9,147.6 sq ft (0.21 acres) — dimensions 44.43' × 119.98' × 43.61' × 114.77'
• Year Built: 1913
• Price / Sq Ft: ~$2,597
• Zoning: R-1
• Annual Taxes: $13,775
• HOA: None
• Flood Risk: 99% chance of flooding over next 30 years (per listing data)
• Zillow Zestimate: $3,623,700 | Tax-Assessed Value: $3,836,200
• Cumulative DOM: ~12 days
• MLS#: 100547876 (Hive MLS / Cape Fear Realtors)
• Financing Noted: Cash or conventional

What Stands Out

• Land value dominates the equation. At $415/sq ft of lot, the pricing aligns with a teardown-or-hold thesis rather than a livable-structure purchase. A 112-year-old cottage at 1,463 sq ft on a barrier-island sound-front lot is functionally a land listing priced as such.
• Sound-front infrastructure is already in place. The lot includes a boat dock, floating dock, pier, and bulkhead — improvements that carry significant permitting and construction costs. State CAMA permit fees alone run $200 for pier/dock structures and $474 for bulkhead construction, with local building permit fees and exception request fees (e.g., $500 for pier/dock exceptions) on top. Total installed costs for these improvements from scratch — including materials, labor, and permitting timelines measured in months to years — can be substantial, though specific all-in cost estimates were not confirmed in available public records.
• Tax-assessed value exceeds list price. New Hanover County's $3,836,200 assessed value sits roughly $36,000 above the ask, an unusual alignment that suggests the county already appraises this primarily as a land parcel.
• No HOA encumbrances. The property is not in a subdivision, removing covenant restrictions that could limit teardown/rebuild scope.
• Contingent status reported. Realtor.com flags the listing as potentially under contract. If accurate, the speed — ~12 DOM — underscores demand pressure for sound-front lots on the island.
• All primary rooms on first level, consistent with the era of construction and relevant for flood-zone renovation calculus.

Pricing Lens

At $2,597/sq ft, conventional comp analysis based on interior space is not meaningful here. The operative metric is price per lot square foot ($415/lot sq ft) and comparable sound-front land transactions on Wrightsville Beach. Publicly available comp data for this micro-market is limited in the current research set.

What this means: Investors and agents should pull New Hanover County GIS records for sound-front lot sales along Waynick Boulevard and adjacent streets over the past 12–24 months to validate the $3.8M ask against actual closed transactions. Without that data, the listing's pricing cannot be independently benchmarked.

Neighborhood & Market Context

Wrightsville Beach is a barrier island spanning approximately 1.4 square miles with a permanent population of approximately 2,400–2,700 (per U.S. Census-derived estimates) and a hard cap on buildable lots — there is no annexation path and virtually no undeveloped land remaining. Waynick Boulevard runs along the island's sound side (Intracoastal Waterway / Banks Channel), where deep-water access drives premium pricing over oceanfront in some buyer segments due to dock utility.

The island's R-1 zoning permits single-family residential use. New construction on teardown lots has been a dominant transaction pattern on the island, with replacement homes routinely exceeding the existing cottage footprint — though specific square footage ranges and total project cost figures for recent teardown/rebuilds were not confirmed in available research and should be verified with local builders and county records.

Infrastructure note: The Town of Wrightsville Beach enforces building-height and setback ordinances, and CAMA (Coastal Area Management Act) permitting adds timeline and cost layers for any waterfront construction.

Risks & Watch-Outs

• Flood insurance costs are material. A 99% 30-year flood probability means NFIP or private flood premiums could be significant, depending on elevation certificate, structure, and coverage limits. Any new construction will need to meet current FEMA base flood elevation (BFE) requirements. Buyers should obtain specific premium quotes rather than relying on estimates.
• Structure age (1913) implies full-replacement risk. Electrical, plumbing, HVAC, foundation, and roofing systems on a 112-year-old coastal cottage should be assumed to require total replacement or removal.
• Bulkhead condition is a significant variable. Bulkhead replacement on sound-front lots carries substantial costs. Age and condition of the existing bulkhead are not detailed in listing data; a professional inspection is essential.
• CAMA permitting timeline. Any dock, pier, or bulkhead modification triggers state-level coastal permitting that can extend project schedules.
• Contingent status uncertainty. The potential contract status is sourced from one aggregator (Realtor.com) and is not confirmed across all listing platforms.

Before You Buy

• Pull New Hanover County GIS/tax records for the parcel and recent sound-front lot sales within a 0.5-mile radius to establish a defensible land comp baseline
• Obtain the elevation certificate and current flood insurance quote (both NFIP and private market)
• Request a bulkhead inspection report — age, material, remaining useful life, and estimated replacement cost
• Confirm CAMA permit status for existing dock, pier, and floating dock structures
• Verify current listing status (active vs. contingent vs. under contract) directly with the listing brokerage
• Review Town of Wrightsville Beach zoning and building ordinances for maximum buildable footprint, height limits, and setback requirements on this specific lot
• If evaluating as a teardown/rebuild, obtain preliminary construction cost estimates from local coastal builders to model total all-in project cost against post-build comparable values