If you are looking in Chick's Beach, I have the very best deal at 2265 Pleaseure House Road. It is brand new at 2400+/- sq f with 2 car garage and an enormous yard that leads to water for only $429,000. That is one of the lowest per sq ft price in the area. The kitchen has cherry cabinets and and granite countertops. If interested email me at besold@tomandrobin.com

Tue Apr 22 2008, 20:30

Holly,

The answer to your question is the value of the land. There are two waterfront lots for sale one at near a million and the other is 1.7 million. this is just for land .Now if there happened to be a tear down home of 1000 sq ft on these lots, then you could say the homes were selling for 1000 to 1700 sg ft . location is driving the price, you cannot just look at a sq ft price and make any kind of determination other than something besides the home is setting the price.

Fri Feb 8 2008, 06:10

Holly,

The price-per-square foot is *list price* and not sold price. You need to be looking at the sold values, not list. I see beach front property “selling” at $448 a square foot at $1.5 million property -- not bad for ocean front property.

I responded to your similar question under a separate thread, but the answer remains the same. The price of real estate has to do with location, location, location. And you’re looking at properties that are on the water too. I mean, look at the name of the addresses you’re referring to… “Ocean View Avenue.” You really don’t expect to pay $100 - $200 a square foot for ocean front property, do you?

You need to take your concerns to a local real estate professional in this area, as several agents have previously suggested. A Realtor can address your concerns more specifically, and help you make a more informed decision.

But the bottom line is this – live on the beach for $425 - $575 per square foot, or live a few hundred feet inland for $175 - $350 per square foot. In 2007, over a dozen properties priced from the mid $200’s to over $800k had no trouble selling in as little as 15 - 50 days. A property at 4617 Ocean View Ave sold in 23 days for its asking price of $575,000. Again, not bad for ocean front living!

Ocean front values are not going down like interest rates are. However, it is possible to have present an offer on a 1.7 million dollar home for $500,000 - $750,000 under list – if you have an agent working on your behalf.

If you’re considering relocating from Alexandria, or simply wish to purchase a second home, I’d make that decision before the summer home buying season begins.

Frank Biganski, Realtor ABR
(757) 303-0517

Fri Feb 8 2008, 05:32

Hello, Holly,
I was intrigued by the variety of assumptions and issues in your question, so I pulled all the data for homes that have sold in Chick's Beach in the past few months, as well as the five properties you reference as being on the market now. There's quite a bit of "mixing apples and oranges" in the original question, as four of the five "active listings" are directly on the bay with bold water views. The average list price of the four active listings on the water = $463 sq ft.
In contrast, the average list price of the last three bayfront properties that sold in the fass was $443 sq ft, and average sale prices was $401. Thus the "sale price" was about 10% shy of the "list price".
The property at 4450 Gulls Quay you mention can be found in the tax records, but not in the MLS, suggesting it was a custom construction home. It is not equitable to compare a home built and sold outside of the MLS system to listed properties for several reasons: often the recorded sale price is not actually the total of all the expenditures that comprised the total purchase price, or possibly the new owner was the contractor (thus saving 20% or so on costs). So, the fact that the price per square ft was only $334 may be misleading and innacurate.
As for the sale on 12/13/07 "1 or 2 blocks from the bay" at $175 a sq ft, I cannot find that in the MLS. I did find something similar on Lauderdale that sold a month earlier for about that sq ft, but that sale price seems to be an anomoly compared to other sales in the fall of homes 1-3 blocks from the bay.
As a long time resident of the beach communities in Virginia Beach, it has always amazed me how much money proximity to bold water views adds to the value of real estate. At the "North End" of VB, every house number closer or farther from the oceanfront can be worth $20,000 or more. The difference of a block can be worth over a million dollars!
Finally, the market value for homes where you can walk to the beach or the bay (within two blocks) has never gone down in my life time, which is more years than I'll admit here. There are always people who can buy unique and desirable real estate regardless of the price. It amazes me how a nice old oceanfront cottage can sell in a week for millions of dollars, and it's usually a cash purchase.
My advice to you if you are considering a purchase in Chick's Beach is to research and find a good, experienced buyer's agent who can help you sort your apples from your oranges. And don't let the "list price" get in your way too much. The "market" decides how much a home will sell for.
Good luck!

Thu Feb 7 2008, 20:41

Hi Holly. I reside very close to Chick's Beach, in Thoroughgood, which is only several miles away. You are very correct in your observation of Chick's exploding in value. Many of the listings that you are seeing are ones that with any luck a builder will purchase, usually with cash or a construction type loan, with the intention of pushing the home down and building a new, much larger home on the lot. Of course some of these offerings may very well be a case of over-pricing, and some believe it or not may actually appraise for what the owners are asking. I've had several friends that have sold their homes to other friends which even happens where I live because of the popularity of the area. Are you familiar with the area? It really is a great place if you like the bay versus the ocean. Over the past 10 years it has really changed. I do represent three builders as well. If you have any questions, or would like more information about the Chick's Beach or any other of Virginia Beach's waterfront areas, don't hesitate to call me at (757) 472-4954, or write at FKornegay@roseandwomble.com. Take care

Thu Feb 7 2008, 19:10