Here’s a September 2015 market update for Birdneck Point in Virginia Beach.
Birdneck Point Real Estate Market Update
As of today, there are 15 homes for sale in Birdneck Point. This does not include the condo community on Oriole Drive near the intersection with Laskin Road. These fifteen current listings range in price from brick ranches valued at $400,000 all the way to $2,300,000 waterfront estates. (Shameless plug: I have a lovely waterfront listing of my own at 798 Oriole Drive.) I should put out that these fifteen listings have all been on the market for a while, and many of them have adopted drastic price changes. That $400,000 brick home entered the market at $500,000 in April. That $2,300,000 waterfront estate was $2,600,000 back in June.
Let’s consider distressed properties: short sales, bank owned, fixer uppers, etc. Of the fifteen homes currently for sale in Birdneck Point, two of them are short sales, one of them is subject to court approval from bankruptcy, and a fourth is an intensive fixer upper. That’s 27% of the current inventory in Birdneck Point. Two of these four distressed properties are waterfront. Combine that with the significant price cuts mentioned above, and you see a great opportunity in Birdneck Point for a deal if you want a waterfront home near the Cavalier Golf and Yacht Club.
Two homes sold here in August 2015, and only one home is currently pending. That’s a nice change over July, when there were no sales. It’s also worth pointing out that the pending sale is different from last month’s report – indicating that inventory moved more quickly in August than the rest of the year.
Now for the nitty gritty details about our two sales: one was an adorable updated cottage-style home that sold for $775,000. It was only on the market for 31 days! The other was a contemporary waterfront home with a long history – the owners have been trying to sell it, off and on, since 2008. In 2008, the asking price was $2,500,000. It sold on August 21st, after 7 years, for $1,250,000.
Once again, these two sales highlight the issue of market time in Birdneck Point: it can go quickly, or it can take a while! To repeat last month’s report, selling a home in Birdneck Point averages 280 days, or 9 months. So if you’re looking to sell a home in Birdneck Point, please consider timing. The market there is unique and not at all like other neighborhoods in Virginia Beach. It may take some patience before the perfect buyer appears with the right offer.
Are you thinking about selling your home and you’re not sure what your home is worth? Thinking about buying a home for the first time but not sure about your earning power? Contact me today for a complimentary marketing analysis of your home’s value, or to learn about the buying process. There is no obligation, and you might be pleasantly surprised!
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient