Riverfront Update August 2008

Even though we are in one of the most challenging markets for those attempting to sell property, the Riverfront neighborhood in Northern Suffolk is experiencing encouraging results.
As of August 4th, there have been 25 homes to close with in the 08' calendar year. Of the 25, 11 were new construction and 14 were resale. The price range of closed sales is between $455,000 and 2 million. 10 homes have closed for $600,000 or less. There are also 11 homes in pending, 8 of which are new construction and 3 resale. If the majority of these in pending close within the next 4 months, the closed sales will be over 30.
39 houses are active in the neighborhood currently, ranging from $469,900 to 3.495 mil.

To compare the Riverfront with other local neighborhoods with upscale housing:

Gatling Point in Isle of Wight County has 12 sold (ranging from $319,000 to $662,000) and 22 active properties.

Founders Pointe also in Isle of Wight has 14 sold (ranging from $454,000 to $700,000), 3 pending and 13 active properties.

Governors Pointe in Suffolk has 3 sold (ranging from $585,000 to $833,000), 2 pending and 11 active properties.

Miars Plantation in Chesapeake has 3 sold, 1 pending, and 10 active properties for sale.

Riverbend in Chesapeake has 4 sold, 2 pending, and 4 active.