Who says Williamsburg condos aren’t doing too well?  The market may not be stable yet but there’s plenty of encouraging activity going on, breathing new life into a number of condominium projects, including a few that were headed for foreclosure at one point.

How good are Williamsburg condos doing?  Numerous developers are reporting that their condominium projects have recently reached or even exceeded the fifty percent sold or in-contract mark.  What’s the cause behind this sudden surge of buying activity?  It may have a lot to do with perception.

Although there still isn’t any concrete evidence to suggest that the housing market has indeed reached the much speculated bottom, apparently a lot of people believe that it has in fact come to that point.  If not well, many believe we’re definitely close.  On top of that, many homeowners have finally had their reality check and are setting more realistic prices for their properties that actually reflect current market values.

With this increased buying activity, it’s important to take advantage of good deals in Williamsburg condos like Foundation Square and others while they’re still available.  If the market has indeed reached the bottom, prices will soon start to increase so make sure you act fast.

The rich history of Williamsburg, Virginia and its strong focus on higher education have earned the city lots of acclaim and contributing heavily towards the appeal of Williamsburg condos.  Now the city faces the challenge of also becoming well known for its arts.

Although no plans are being made to erect any kind of structure dedicated to arts just yet, the Economic Development Authority and the Williamsburg City Council are working together to see just how feasible a possible arts center (to be called ArtSpace) would be in Williamsburg.  Over $12,000 has been put aside to be used towards a survey that will determine whether increased cultural activities is something residents want and will bring new revenue.   The survey is being conducted by a local real estate developer and local Williamsburg residents.

Should ArtSpace become a reality, it’s tentatively planned to be built near the College of William and Mary which should be popular among students for starters.  If you own Williamsburg condos, does a new arts center sound like a good idea?  Such a development could potentially improve tourism and boost the local economy although some may not appreciate an increased presence of people in other quiet Williamsburg, Virginia.

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"Foundation Square is the perfect solution! As an out-of-state William & Mary grad, I was looking for a second home in Williamsburg where I could retire when the time comes. Foundation Square offers elegant units with fine details, convenient single level living, and secure access, all overlooking beautiful Sullivan Square Park in the heart of dynamic New Town. The secure underground parking is a huge plus, especially since I rarely need my car with dining, shopping, entertainment, and professional services all easily walkable and Colonial Williamsburg only minutes away on the quaint trolley that stops in front of the building. The maintenance-free living makes it easy to come and go between homes, and I'm looking forward to the day when I can settle into my new home full time."

A mortgage is more often than not a required component when purchasing any kind of Virginia real estate, whether it’s a single family, a condo or otherwise.  Unless you’ve got pockets deep enough to pay for a property in full, you’ll need to get approved for a mortgage.  The process for getting pre-approved is really easy and can save you lots of time and give you an advantage.

The easiest step is the application.  If you’re looking to buy a condo in Foundation Square, you have multiple options: the Web (visit our Financing Page for a link to the secure and easy SunTrust Mortgage online mortgage application) , phone, or in person.  When you call Jolynn Musel at SunTrust Mortgage (757-253-9303) you’ll get a response within a day or even within a few hours.  However, your approval is determined by several important factors.

Things get a little tougher when it comes time to evaluate your finances.  Obviously your credit plays a major role in determining your eligibility so the higher the score the better off you are.  Because your credit says a lot about your financial responsibility, make sure not to have any late payments.  This also applies to any current loans you may have although in some cases it may be necessary to pay them off before receiving approval.

If you carry a lot of balances on several credit cards, these may also work against you as it means you have less credit available to you.  Essentially, having steady employment and being as debt free as possible will earn you big points in finally getting the okay to go out and buy Virginia real estate.

Whatever your situation, rest assured that Jolynn Musel, SunTrust Mortgage, will work with you to determine the best loan program available that is tailored to your needs.