One of Elizabeth City’s largest subdivisions is about to get even larger.
City Council signed off Monday on developers’ request to finish the last two phases of Stockbridge at Tanglewood.
Developer SAT-DEV of Chesapeake, Va. plans to build 178 single-family homes in Phases 3 and 4 of the project, completing the 425 single-family home development off Halstead Boulevard Extended.
A spokesman for the engineering firm designing Stockbridge said almost all 118 lots in Phase 1 have been built on and that the 129 lots in Phase 2 are expected to sell out in the near future. City Council previously approved those phases.
“Phase 1 is completed, and if the houses haven’t been totally completed all the lots have been sold,” said Scott Stamm of Land Planning Solutions of Suffolk, Va. “They have started on Phase 2A and are getting ready to start on Phase 2B. The houses are selling fairly fast out there.”
Heather Sawyer, owner of United Country Real Estate of Elizabeth City, has sold many homes in the development. She agreed with Stamm, saying the “market is moving pretty quickly.”
“The new builds are moving and the second they put one up it is pretty much gone,” Sawyer said.
The cost of new homes in the subdivision originally started around $240,000 but are now approaching $300,000.
There are currently 11 new builds in the subdivision and all are under contract with an average price of around $283,000. In 2020, 16 new homes were built and sold with an average sale price of around $255,000. In 2019, 16 new homes were built and sold with an average price of $253,000.
“The new builds are priced higher than the previous ones they had built,” Sawyer said. “I am happy about that because it does help the re-sale value when you go to sell your home. Re-sale values there have definitely increased.”
Sawyer said the real estate market across the region remains strong. Sawyer said she listed a home last week and had six offers within 48 hours.
“Home values have increased significantly in the last 12 months,” she said. “The day you are listing, it feels like you are getting an offer within 72 hours.”
Stockbridge Phase 3 will include 60 residential lots while Phase 4 will be split into two phases with 61 and 57 residential lots, respectively. The developer is installing water and sewer in the subdivision and the utilities have been installed in the first two phases.
The average lot size in the last two phases will be 7,800 square feet. Both are located at the southern end of Mt. Everest Drive South.
“These two phases encompass about approximately 58 acres,” said City Planner Kellen Long.
The entire Stockbridge subdivision was originally approved in 2008 and it encompasses 213 acres, which includes the residential lots and 21 commercial lots.
The two new phases approved by City Council Monday also include four lots of open space, an 11,000-square foot pocket park and a walking trail around one of two dentition ponds. There will be a 1.4-acre park built in Phase 2 and the development already has multi-purpose trail, clubhouse, pool and tot lot for residents.