I was in a room upstairs in which there is a window that overlooks Sunset Cove. Directly across the water, I saw a pinkish-orange ball of light in the night sky. It was stationary/hovering and its light was reflected in the water. At first I thought it was a planet, but it seemed too low in the sky for that. I was a little nervous, as I had never quite seen anything like this in the night sky before. Through my binoculars I noticed that its color was changing from orange to red and back again. After a while I noticed that it had receded and its light trail in the water had faded, as if it was moving away from me in the exact opposite direction. I observed this ball of light for about an hour on and off as I moved through the house. Eventually it was gone, but it appeared to have faded into the distance rather than suddenly speeding away. I made a few phone calls to family members regarding the experience before I filed this report.