People below your pay grade may think you do not need a house as big as you have. It is all relative.
BTW. Only one house sold in Wrightsville Beach in both 2008 and 2009 for over $3,000,000. Values in Wrightsville Beach have dropped between 30%-50% in the last 4 years. The cost approach does not support the sales price of this latest house. I'm sure it was a cash purchase.
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