The housing slump isn't the only force against Lawnes Point in Isle of Wight, according to the Daily Press.

The development that was supposed to be an upscale, waterfront community but development hasn't taken off, and that is scaring away new potential buyers.

The appeal of getting a great deal on a beautiful piece of waterfront property is not enough to overcome some potential buyers' worries over the fact that very few of the properties have been developed.

"Lawnes Point on the James was supposed to be the upscale, waterfront community of choice.

NFL football giant Dan Marino hit the air waves in 2006, touting the amenities of developer VA Timberline LLC's 155 wooded lots backing up to the James River on Lawnes Creek.

The publicity blitz worked — buyers from across southeastern Virginia and more distant points, including Texas, Florida, Maryland, New York and Pennsylvania, have spent millions buying lots in the remote subdivision over the past four years.

All but 19 lots have sold, with several buyers in mid-2006 — the months leading up to a price-slashing frenzy on land — forking over more than triple the property's assessed value, according to county tax records. Eleven lots in Lawnes Point have sold in 2009, with all but one selling more than 20 percent below its assessed value, and seven properties are currently in foreclosure, said Isle of Wight Commissioner of Revenue Gerald Gwaltney.

Despite the hoopla surrounding Lawnes Point, the neighborhood remains largely undeveloped today. There are just two homes in the development today — a number that is equaled by the number of lawsuits filed against VA Timberline in Isle of Wight Circuit Court — and another two that are under construction.

While Lawnes Point is a victim of slumping real estate market, at least one prospective buyer questions whether early missteps by the developer are affecting the development's growth today."

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