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Holly, Home Buyer in Alexandria, VA

Chick's Beach by the Bay - What is going on?

Asked by Holly, Alexandria, VA Thu Feb 7, 2008

There are numerous properties in Chick's Beach that have a sales price per square foot that exceeds $300/SF. For example,

4903 Ocean View Avenue - $404/SF
4840 Bay Bridge Lane - $500/SF
4832 Bay Bridge Lane - $531/SF
4715 Ocean View Avenue - $356/SF
4484 Ocean View Avenue - $348/SF

The most recent sale within 1 to 2 blocks from the bay was on 12/13/07 for $175/SF. The highest sales price in this area was $334/SF for 4450 Gulls Quay on 6/5/07. Since the market has gone down since last year, how are these owners justifying prices that exceed 2007?

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A few updates to this post 2 years later. I live in this neighborhood and every neighbor who is trying to sell is in an extremely tough spot as of this writing. The Gulls Quay example below is an extreme case of how this whole neighborhood is doing. However, if you are not trying to sell, this is one of the nicest places in Virginia Beach.

4903 never sold

4840 sold on 12-18-09 for $411 sq/ft $1,150,000 vs $500 $1,400,000

4832 is still for sale 2 years later for $1,290,000 $370 sq/ft vs $531 $1,850,000

4715 sold on 10-08-09 for $216 sq/ft $417,350 vs $356 $689,216

4484 not sure

4450 Gulls Quay sold for $1,330,000.00 on 6/18/2007. It's current property tax value is $925,700 and the one sitting next to it is for sale for $750,000.

Lots of different stuff going on in the market, all bad for sellers or bubble buyers. One given is that beach front property will always be high cost.
0 votes Thank Flag Link Tue Mar 30, 2010
Holly:

Some of these appear to be already in the foreclosure process.

Funny.

Jeff
0 votes Thank Flag Link Thu Nov 13, 2008
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
0 votes Thank Flag Link Tue Apr 22, 2008
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.
0 votes Thank Flag Link Fri Feb 8, 2008
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
0 votes Thank Flag Link Fri Feb 8, 2008
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
0 votes Thank Flag Link Thu Feb 7, 2008
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