the red eyes at the end

In Fright Night 2, I think in the first scene, Charlie says that Ed was killed.

Trophy Case Mr_French_Predator
http://tinypic.com/view.php?pic=etcjue&s=5

I think they had originally planned for evil Ed to return in the sequel but later changed it after Stephen Geoffreys turned down the role.

It's been a long time since I've read the novelization (which I didn't think was especially good, as I recall), but I believe the book inferred that the two glowing "eyes" at the end, were in fact, tail lights (brake lights?) - or a reflection of tail lights - from a trailer or truck backing in next door with the new owners' possessions (I'm pretty sure we saw the For Sale sign back up at the end of the movie). I've never particularly bought that, but I think that's what the book suggested. Of course, that would have absolutely no bearing on Evil Ed's voice being heard in that scene, unless it was just in Charlie's mind.

hated that part...no way should Ed have survived anyway.

I think the ending just implies that vampires or the forces of evil
are still out there.