New home sales are up at Founders Pointe near Smithfield, Virginia.

A Virginian Pilot newspaper correspondent/reporter, Nora Firestone, recently asked me to answer a few questions about the Housing Market in Hampton Roads...

QUESTION #1:"To what to you attribute the speed of Homearama homes' sales at Founder's Pointe, especially in light of the current economy and housing market?"

ANSWER: It's really not been just one thing that's attributed to our sales success this year. (20 custom home sales since the Spring Homearama event was held) Yes, it's been a tough real estate market, and the consumers are being very cautious, they expect more value and they're pickier right now, and they should be...when people actually take their time and compare and investigate their options, it's always turned out better for us.

1. The LOCATION- We're a little off the beaten path, (just ten minutes off of I-664), but it's why our location is so appealing at the same time. Founders Pointe is located on the water and it is surrounded by creeks, protected woodlands, and tributaries that flow into Batten Bay and the James River. The street where the Homearama is located looks across the bay of Hampton Roads and you can see the Monitor-Merrimac in the distance from our Observation Pier (which is 844' long, by the way) Being "nicely removed from the city" is appealing to a lot of people and the location is surprisingly convenient- only 10 minutes to the Peninsula and 25 min to Downtown Norfolk. A lot of people were exposed to Founders Pointe and this northeastern part of Isle of Wight County for the first time during the May Homearama event. They were somewhat familiar with Smithfield, but not with our location which is less than a mile off Route 17. We're in a growth area, and there's a lot of benefits to living away from the congestion.

2. The resort styled AMENITIES- Founders Pointe also offers an incredible amenity complex- the Residents' Club and pool with a 112' waterslide, volleyball, playground, & three miles of leisure trails. The resort feel of the clubhouse setting on the lake, and the dramatic views from the Observation Pier makes many residents feel like they're on vacation year round. Many social activities and opportunities for recreation within the community is something that today's homebuyers find important. They not only want a quality home at a great value, but they want a quality community with a lot of opportunities to enjoy fun times with their family, neighbors, and friends...sometmes referred to as a great sense of community.

3. The OVERALL COMMUNITY CONCEPT- We're about halfway developed right now, over 150 homes sold. There will be only 319 total custom homes and they get all of this for $80/month. It's rare to find a community of this size with a $2 million Residents' Club/pool with a full-time Activities Director. The trails link the different neighborhood sections with the club/pool, and takes residents down to the waterfront and the Observation Pier. Walking is the number one recreational activity in our communities, and they love the different trails throughout the neighborhood. The neighborhood has a beautiful stone entry monument (helps create a sense of arrival), one way in & one way out, and there's a series of different cul-de-sac streets that come off of Founders Pointe Trail.

4. Distinctive architectural homes styles, 10 quality custom homebuilders, most of whom we've been working with in this market for over 20 years.

5. Timing- I know it sounds cliché, but it IS a great time to invest in a new home. (See my answers below)

QUESTION #2: "What, if anything, does this imply to you regarding buyers, sellers and/or builders in the current real estate market?"

ANSWER: There's a pent up demand out there, as a lot of people have wanted to do something the last several years, and now they feel like the time is right. The prices are attractive, the interest rates at all time lows, and the homes have a lot more to offer, plus they're more energy efficient and will save them money on their utility bills over their current resale home. The builders are offering more amenities and extras in their homes than in recent years, and the informed buyers are taking advantage of the opportunity.

QUESTION #3. "In your personal and professional opinion, what are the keys to speed of sales of newly constructed homes (in Founders Pointe) this year?" (Note the 20 homes sold so far in 2010 range in price from $450,000 to $881,900).

ANSWER: The obvious one is the low interest rates, but I think the consumer also is seeing more quality appointments included by the builder, and more attention to details in the home. The interest rates are the lowest ever, and it makes sense to buy a brand new home now. The homes offer more energy saving features, higher SEER ratings in the HVAC equipment, Energy Star appliances, better insulation values are now required by building codes...windows are more efficient, etc. It all adds up to lower utility bills on a new home. I also believe the prices have been adjusted. The last three to four years, a lot of folks waited to move, but didn't (or couldn't) now, we're seeing well informed buyers come in and they know that it's the time to buy now. There's just a lot of talk in the news about how bad the housing market is, at the same time the rates are at their lowest, with new home supply down, etc...

I still say our biggest edge and/or reason for experiencing some success is the uniqueness of our community/setting, and how folks that end up here, they've really done their homework, they've shopped around long and hard, and we end up doing okay because they're comfortable with the environment here (the overall community, the quality of home, the quality living around this Smithfield/Isle of Wight County area) They're demanding more because they can. Our builders are also making sure they are responsive to the homebuyer's needs and they're doing all of the little things. Plus, it doesn't hurt that the Isle of Wight County tax rate is lowest in Hampton Roads area, too (.52/$100).

You hear alot of negative news in the media- about how the economy hasn't recovered yet. Historically, the economy doesn't come out of a recession until the housing industry does. National new home consultant Tom Richey reports that over 256 different goods and services go into the building/construction of one new home...and how it does affect the whole economy....we're trying to do our part here in Isle of Wight County and Suffolk, Virginia.

For more information about Founders Pointe, visit www.founderspointe.com. To find out more about East West Communities, visit www.eastwestcommunities.com.