Many condo buyers would like to purchase their condo using an FHA loan, and some condo communities are no longer approved for FHA loans.  Here's the news from last month....



How might that affect you here in Harrisonburg?  Well, one of the newest and most exciting condo communities in Harrisonburg is Founders Way.  OK, yes, I do represent the developer and thus might be a bit biased -- but that's what we hear from the people who have bought at Founders Way too!  So, if you're interested in buying at Founders Way, can you get an FHA loan?



That's right folks, you can still (quite easily) buy at Founders Way using an FHA loan.  So if you're looking for an exciting new condo community in Harrisonburg, look no further than Founders Way, featuring:

• brand new one-level living at a low price point
• all exterior and grounds maintenance is performed by the condo association
• high speed internet and expansive cable package at a low cost through the condo association
• open floor plan (some with lofts) that provide a very different feel than a two-story townhome

To find out more about Founders Way....

• Visit the Founders Way web site 
• View photos of Founders Way
• View floor plans at Founders Way
• Come visit us on Saturday or Sunday between 1PM and 3PM
• Call me at 540-578-0102 or e-mail me

Buyers at Founders Way will currently receive these great promos from the builder:

• $3,500 seller paid closing cost credit
  
• $3,000 towards upgrades or closing costs
  
• free upgrade to granite countertops in the kitchen
• one year of builder-paid condo association dues
  

Plus, you get all of this while buying a unique, beautiful, brand new condo with an open floor plan and exciting architectural features! 

Buyers at Founders Way are often attracted to:

• brand new one-level living at a low price point
• all exterior and grounds maintenance is performed by the condo association
• high speed internet and expansive cable package at a low cost through the condo association
• open floor plan (some with lofts) that provide a very different feel than a two-story townhome

Find out more about Founders Way:

• Visit the Founders Way web site 
• View photos of Founders Way
• View floor plans at Founders Way
• Come visit us on Saturday or Sunday between 1PM and 3PM
• Call me at 540-578-0102 or e-mail me

Full Disclosure:  I represent the Scripture Communities, the builder/developer of Founders Way.
 

Buying a condo at Founders Way couldn't be any easier! 



As of this week, Founders Way Condos are approved for FHA financing.  These spacious condos have wonderfully open floor plans with 2 or 3 bedrooms, and start at only $149K. 

Buyers at Founders Way are often attracted to:

• brand new one-level living at a low price point
• all exterior and grounds maintenance is performed by the condo association
• high speed internet and expansive cable package at a low cost through the condo association
• open floor plan (some with lofts) that provide a very different feel than a two-story townhome

Current incentives also make it a great time to buy at Founders Way:

• Free upgrade to granite countertops in the kitchen
• The builder will pay your association dues for the first year
  
• The builder will pay up to $3,000 of purchaser's closing costs if the buyer uses Oguz Sengul at Wells Fargo (540-438-8899, oguz.sengul@wellsfargo.com)

But the BIG NEWS is that financing is now a breeze --- either with a conventional loan, or an FHA loan --- with as little as 3.5% down.   Find out more by contacting Oguz Sengul at Wells Fargo at 540-438-8899 or oguz.sengul@wellsfargo.com.

Find out more about Founders Way:

• Visit the Founders Way web site 
• View photos of Founders Way
• View floor plans at Founders Way
• Come visit us on Saturday or Sunday between 1PM and 3PM
• Call me at 540-578-0102 or e-mail me
  

 

Full Disclosure: I represent the developer of Founders Way.

Harrisonburg home buyers haven't had too many condo options to choose from in the recent past if they actually wanted to live in the condo....

• Hunters Ridge, Madison Manor and University Place are all student condominiums, but are primarily sold and purchased as investment properties -- primarily for college students.
  
• Millwood Condominiums on Mosby Road started off as condos for owner occupants, but more and more were purchased by investors, or kept by the developer.  Owner occupant financing is now difficult for these properties because there are not enough owner occupants in the community.
  
• Urban Exchange, home of 194 apartments (studio, 1 BR, 2 BR, 3 BR) in downtown Harrisonburg was to be developed as 96 apartments or rent and 98 condos for sale -- but the market intervened.  Renters were significantly more interested than buyers in committing to Urban Exchange, and the sales process was being pursued at a time when condo financing was quite difficult to obtain.

Now, however, there is a new option in town --- Founders Way Condominiums.  The condos at Founders Way feature 2 or 3 bedrooms, and start at only $142,900 (see all pricing).  These newly built condos feature upscale kitchens, an open floor plan and spacious master suites -- think hardwood laminate floors, granite countertops, contemporary lighting fixtures, nine foot ceilings, decorative archways and colonnades, etc.

Oh, and quite a few of these new condos are selling!  The community will eventually consist of 72 condos -- but for now the first building of 12 has been constructed, and the condos are at various stages of completion.  Of the twelve condos in the first building at Founders Way....

• two condos have sold and closed
  
• five condos are under contract
• one condo is being used as the model
• only four condos remain for sale in the first building
  

Again, I may be slightly biased here, as I represent the developer --- but I think you'd be excited to see this new option for home buyers in Harrisonburg.

Let me know if you'd like a tour of Founders Way --- I'd be happy to meet you on site.  You can reach me at 540-578-0102 or scott@HarrisonburgHousingToday.com.
 

If you haven't stopped by Founders Way yet to see these newly finished condominiums, you might want to considering doing so this coming weekend during the SVBA Parade of Homes.  Founders Way won several awards including Realtors Choice, Best Interior, Best Exterior and Best Overall.

But let's give Founders Way some context.... There are lots of townhouses for sale in Harrisonburg priced around $160k, with 1300-1400 square feet.  The condos at Founders Way are similar ($160k, 1300-1400 SF) but they have some significant differences.

• The 1,301 sf in a Founders Way condo are all on one level, so you don't have stairs eating into the square footage, and you have much larger open spaces.
• The master suite in condos at Founders Way is fantastic --- with two walk-in closets, and a large bathroom!
• You'll also enjoy features such as 9' ceilings, an extremely open floor plan with columns, a covered patio or deck, an actual laundry room, hardwood laminate flooring, and more.

Now to pricing ---

• Second level condos at Founders Way (hint -- no steps -- easy access for those with limited mobility) are priced from $163k to $169k. 
  
• First level condos at Founders Way are priced at only $143k-$149k! 
  
• The loft units (3rd floor) feature a total of 1,703 SF, three bedrooms and three bathrooms, for $193k - $199k.

Below is a brief video taking you through the condos.  (here's the video link)



For more information, visit FoundersWay.com or call me at 540-578-0102 to schedule a time to look at this very new and very exciting product in our market.

This is a story of quickly rising, and quickly falling real estate values.  In Harrisonburg.  Despite a relatively stable overall housing market.



Some parents of JMU students buy an investment property for their son or daughter to use a a residence while at JMU, and many of these parents have historically bought condos and townhomes at Hunters Ridge.

Let's take a look at sales trends for each over the past several years:



As you can see here, prices of Hunters Ridge condos and townhomes had steadily (sometimes rapidly) increased for many years before arriving  in 2009.  Last year, Hunters Ridge sales slowed down to a snails pace --- with only one condo sale in the entire year, and only 3 townhome sales. 

Good news --- townhomes and condos are starting to go under contract again.  Bad news --- it's because the prices have dropped very low!

At the moment there are 5 condos on the market at the $60,000 price point, which is well below any recent sales price.  There are also townhomes on the market for only $70,000. 

Some conclusions:

• If you're looking for a rental property, you might want to consider Hunters Ridge.
• It will take some time (years) for Hunters Ridge prices to increase anywhere near where they had been in recent past.
• Some owners that bought at Hunters Ridge in the last several years will likely have difficulty selling without taking a big loss.
  

Less maintenance than a townhome, all of the amenities of Liberty Square (and more), one-level living, private entrances . . . . enjoy all of this and more in these 1,300 to 1,800 square foot new condos in Harrisonburg starting at $139,900, built by Scripture Communities.


Click here for more construction photos.

Despite snowy weather, construction is moving along quickly at Founders Way.  Below is a rendering of the finished product.



The first building of (12) condos will be complete in May 2010 or June 2010, thus making first time buyers for an $8,000 tax credit.  PLUS....the builder is offering a free granite upgrade for reservations prior to March 31, 2010.  PLUS....the builder is offering $3,000 of closing cost assistance.

Find out more at FoundersWay.com, call (540-578-0102) or e-mail me, or stop by the Liberty Square model on Fridays, Saturdays, Sundays or Mondays between 1:30 p.m. and 4:30 p.m.

Click here for Founders Way updates via Facebook

Click on the photo above to view updated Urban Exchange construction photos, showing the dramatic progress that is taking place just one block from Court Square. 

Also, if you'd like to take a tour of Urban Exchange, please either stop by during our office hours, or also feel free to call or e-mail to make an appointment to meet on site:

Condo Sales
Scott Rogers
540-578-0102
scott@LiveUE.com

Apartment Leasing
540-421-9341
info@LiveUE.com

Are you interested in living in downtown Harrisonburg?

The framing is continuing at a rapid pace at Urban Exchange in downtown Harrisonburg, future home of 196 condos, and 12,000 s.f. of retail space.  View more construction photos on the Urban Exchange web site.

Have you driven by Market Street, Mason Street or Water Street lately?  Here's what you have been missing --- lots of demolition on the Urban Exchange site . . .



Urban Exchange will be comprised of retail space, and four floors of condos and apartments.



To see more photos, visit: http://www.ueharrisonburg.com/photos.