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Ask the Expert: 5 Questions with Henry Cobb

nash405

Updated: Nov 30, 2022

As part of the Four Lakes of Chesapeake team’s efforts to share information about the community’s proposed design, we have enlisted expert consultants to provide their perspective on specific aspects of the project. This is the second of several such interviews, and we’ll be posting these Q&As and related videos through the coming weeks.



Henry Cobb is part of the RE/MAX Ron Sawyer Real Estate Team in Hampton Roads. He has worked as a real estate agent in Virginia for about 10 years. Before that, he worked in economic development for the Commonwealth of Virginia and the City of Virginia Beach. Cobb is not affiliated in any way with Cornerstone Homes or the Four Lakes of Chesapeake project team. He agreed to attend community meetings on Sept. 28 at The Venue at Cahoon Plantation to provide his perspective on the proposed development based on his experience.


Below is a conversation, lightly edited for clarity, regarding the real estate market in Chesapeake and the potential market impacts of the proposed Four Lakes of Chesapeake community.


Question 1: Will the value of houses in Eagle Pointe decline because of Four Lakes of Chesapeake?


HC: No, I don’t see anything that indicates that could happen. In fact, I see the opposite. I see Four Lakes as an asset for Eagle Pointe values to increase. There’s more demand than there is supply for 55-plus communities in Hampton Roads.


There will be demand for the homes proposed at Four Lakes of Chesapeake, and I would expect them to command a premium. While homes are being built at Four Lakes, that activity often drives sales traffic back to available older properties, which tend to have prices that have appreciated but are still generally less than new-construction homes. Prospective buyers in established neighborhoods know they don’t have to live through construction, and they have access to established amenities and activities. The neighborhood is a known-quantity. Eagle Pointe is a quality development. I don’t think Four Lakes is going to have a negative impact. If anything, I think it’ll have a positive impact.


Question 2: If the Four Lakes of Chesapeake community doesn’t happen, what are the development prospects for the closed golf course?


HC: If Four Lakes doesn’t come to fruition, other options could be apartment buildings or condos. It easily could be high density. We’re in a housing shortage, so there are a lot of forces that are spurring that. In some respects, the Four Lakes of Chesapeake plan is a little bit counter to that.


Question 3: What impact did closing the golf course have on property values at Eagle Pointe, and what impact would a reversible golf course have on resale values compared to a conservation easement?


HC: We really didn’t see any impact, positive or negative. The closure of the golf course might have led to more turnover, more homes listed for sale, because of the loss of the amenity, but I have not seen any decline in value based on sales or appraisals since 2017, before the closure was even announced.


For that reason, I also don’t see any reason why the reversible golf course would have a greater impact, positive or negative, compared to the conservation easement.


Question 4: How do the commercial aspects of the Four Lakes plan affect value for the area?

HC: They definitely have a positive impact. There’s nothing like this here or anywhere in Hampton Roads. The farm, the silo bar, the shared recreational space and amenities. There is preferred access for owners in both Eagle Pointe and Four Lakes. It’s a 55-plus neighborhood that is similar to Eagle Pointe, and there are a lot of desirable features and activities for people to enjoy.


I think it’s going to bring overall values in the area up.


Question 5: Can you say whether there is value for Eagle Pointe homeowners in engaging with the Four Lakes of Chesapeake team, compared to working with a builder that does not seek feedback?


HC: Yes, they have input in the design, and they have insight into the design that they normally wouldn’t have. Most developers ordinarily wouldn’t ask. Cornerstone has made changes to its design and has been responsive. And absolutely, there’s value in that. They get to be part of what the community is going to look like.


Cobb can be reached at henry@TheRonSawyerTeam.com, or visit www.TheRonSawyerTeam.com.

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