Appears to be moving into foreclosure
01/21/2010 Listing removed * -- -- -- --
11/11/2009 Price change * $374,900 -6.3% $153 Long & Fos
10/03/2009 Price change * $399,900 -6.8% $163 Long & Fos
08/27/2009 Price change * $429,000 -18.3% $175 Long & Fos
07/18/2009 Price change * $525,000 -2.8% $214 Long & Fos
06/05/2009 Price change * $539,995 -1.8% $221 Listhub
05/01/2009 Listed for sale * $549,900 -8.2% $225 Listhub
08/15/2008 Price change * $598,888 -4.2% $245 Homes.com
08/06/2008 Listed for sale * $624,900 -3.8% $255 Homes.com
05/15/2008 Listed for sale * $649,900 28.7% $266 Agent
IT HAS ALWAYS BEEN ONE OF THE "BEACHY LOCATIONS " IN VIRGINIA BEACH. IT IS A CLOSELY KNIT NEIGHBORHOOD OF YOUNG FAMILYS AND COUPLES, WHO ENJOY THE OUT OF DOORS LIFESTYLE. BIKING, SWIMMING, RUNNING, ECT. IT IS CLOSE TO THE NAVAL AMPHIB BASE, CLOSE TO I-64, AND TO NORFOLK INTERNATIONAL AIRPORT. THERE IS A VARITY OF RESTURANTS, MARINAS, BEACHES THAT ARE WITHIN WALKING OR BIKING DISTANCE. SMALL YARDS, AND LOTS OF LIVE OAKS MAKE IT A WONDERFUL PLACE TO LIVE.
MARY ADDISON, REALTOR, THE REAL ESTATE SHOPPE VB.
HOPE THIS HELPS EXPLAIN...
4460 Lee Ave (23455) Example:
$399 As of this post and still for sale.
Prediction: I still see more Virginia Beach price reductions over the winter 2009 months. I will update the post in another 20 months.
Holly - This is the time, even if a seller believes their property is worth $500 per square ft, it is the buyer who will determine the price in this (or any) market. With the guidance of your agent and the appraiser's opinion, you can get a house at fair market value. If the seller is out of control, buy the next house instead! Luckily, there are plenty to choose from. Chicks Beach is like shopping in a Boutique store, where your jeans will cost $250 and at the gap they are only $75. It is like this for all things for sale!!
As a listing agent, I have encountered many scenarios where the sellers have gotten an appraisal from two years ago when the market climate was different. Based on that outdated appraisal price, they are looking initially to sell for more than what their homes are worth now. Educating some sellers takes more time than others on the importance of reaching a correct price that will get it sold. Because of that, it usually sits on the market awhile until they realize it is not getting any activity and then they start to slowly lower the price. Another approach that seems to work when dealing with overpriced properties is to question whether the asking price will become the appraisal price. No matter what the seller WANTS to net they won't be getting it unless it appraises. By the way, living at the beach is great and well worth it! I am a north end beach resident, and the location allows me lots of great ways to spend time with my family and friends. Plus, there's so much you can do without spending a dime!
Hope this helps!
Properties in Chickâ€™s Beach are typically selling between $300,000 - $700,000, and new construction is going under contract in as little as 30 days. In 2007, about 100 properties closed, or about 3 Â½ properties each day. This year, 3 properties have sold and 5 are pending. Several of those were priced around $370,000 and went under contract in just 6 days. A property for just over 1 million went under contract in 96 days.
Where else can you buy a brand new 2,400 square foot home that's literally 100 - 200 feet from the Chesapeake Bay/Atlantic Ocean for just $580,000?
Again, location, location, location!
Frank Biganski, Realtor ABR
It all has to due with supply and demand. That, and the fact that it's so close to the beach. If you do not need to live so close to water, then you can get a property for half the price about 15 miles inland.
If you're not working with a Realtor, and you want to see what similar properties have sold for in that area, contact me thru my website and I'll be happy to email you comps, days on market, list price verses sales price, etc.
Location, location, location!
Frank Biganski, Realtor ABR