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.... more