Stockbridge's phase II underway, nearly third of homes sold

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A group of attendees at a Business After Hours event at Stockbridge at Tanglewood tour a model home in phase II of the subdivision in Elizabeth City, Thursday. The Elizabeth City Area Chamber of Commerce held the event to celebrate Stockbridge's second phase, which is underway.

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071318 Stockbridge

By William F. West
Staff Writer

Monday, July 16, 2018

Phase II of the Stock­bridge at Tan­gle­wood sub­di­vi­sion is well un­der­way — a sign both the project’s de­vel­op­ers and lo­cal Real­tors and mort­gage bro­kers say sug­gests a healthier lo­cal hous­ing mar­ket. 

Stockbridge’s first phase, which includes 118 houses, is complete. Phase II calls for construction of 129 houses, 35 of which have been built and are either occupied or under contract to be sold, said Douglas Smith, vice president of construction and sales with Chesapeake, Virginia-based Hearndon Construction, Stockbridge’s developer.

"In terms of how far we are in the development, we're about halfway through," Smith said during a Business After Hours event held by the Elizabeth City Chamber of Commerce at Stockbridge Thursday to celebrate the project’s second phase. Smith was referring to the fact the subdivision was planned as a four-phase project.

A price sheet on Hearndon’s website lists new homes for sale at Stockbridge at between $213,000 and $248,000.

Smith said the housing market will dictate whether two additional phases at Stockbridge proceed.

Overall, Smith believes Stockbridge is progressing well.

"It has been a nice project for us. We like the location in terms of how it enters into the heart of Elizabeth City off of the bypass," he said.

Stockbridge is located off Halstead Boulevard Extended near U.S. Highway 17 Bypass, just to the southeast of both the Tanglewood Pavilions and Shoppes at Tanglewood shopping centers.

Asked about Stockbridge’s buyers, Smith said Hearndon isn’t focused on any particular group. He noted that diversity is key to a successful residential development.

“We have a lot of young families, but we also have a certain amount of retirees," he said.

A number of people who commute to jobs in Virginia are attracted to Stockbridge because they can find homes less expensive than those in Hampton Roads and because of its proximity to U.S. 17 Bypass.  

"It's a fringe market, to a certain extent, of Hampton Roads," Smith said.

Among those touring the Stockbridge model home at last week’s Business After Hours was Bob Krainiak, a mortgage loan officer with TowneBank Mortgage. He said he is impressed so many houses have been sold at Stockbridge.

"And maybe it's telling me that maybe this is what people want, this is what the markets want — something that's not real expensive and is easy to maintain," he said.

He believes Stockbridge sales are boosted by the proximity to the Walmart Supercenter, which is at the Shoppes at Tanglewood.

Doug Gardner, Chamber Board of Directors chairman, also toured the model home, and he, too, was impressed, noting he likes the appliances and flooring.

"It's nice and open. It has more space than I would have guessed, looking at it from the outside," he said.

Gardner said the lots at Stockbridge are a bit compact, which he said makes the houses look a bit smaller from the outside.

"But, it looks quite roomy in here," he said.

Both Smith and Krainiak believe the local housing market is doing well, primarily because the national home-buying market is also on the upswing.

"We've seen an increase in prices in homes. Interest rates are still historically low," Smith said.

Smith said the improving national economy is also helping drive home purchases.

"Basically, you're seeing an increase in employment. Employment is up. Anytime you see employment up, we tend to follow suit and do well," he said.

Krainiak also believes the local housing market is doing well.

"Most of the Realtors I'm talking to are really busy," he said.

The reasons, he said, are the improvement in the economy and the fact more people are taking a serious look at living here. .

For more information about Stockbridge, visit http://hearndon.com/stockbridge-community.php on the web or call 757- 250-7030.