If the turnout for a recent grand opening celebration at The M at Englewood South is any kind of indicator, the market for condominiums in North Jersey is |heating up fast. The Pinnacle Companies, a developer |of luxury homes throughout the New York Metro Area, recently announced that the grand opening of the new community of elegant condominiums in the heart of Bergen County attracted a crowd of prospective buyers.
"We were extremely pleased that hundreds of prospective buyers came out to view the completed building and responded so favorably at the grand opening of The M," said Mary Boorman, senior vice president of The Pinnacle Companies. "The community appeals |to diverse visitors ranging from singles and families to empty nesters. With people coming from Bergen and surrounding counties as well as from New York City and other states, it's obvious that this community is fulfilling a niche for the buying public."
The M, which presents sophisticated urban living |on Route 4 - close to the George Washington Bridge and within 12 miles of Midtown Manhattan - offers 125 one-, two- and two-bedroom plus den residences priced from $274,990.
The M's architectural style is sleek and urban, |featuring modern kitchens with maple cabinetry, under-counter lighting, granite countertops, GE Profile stainless steel appliances, and many of the two-bedroom models have center islands. Laundry areas are spacious and include GE side-by-side washers and dryers. The spacious layouts feature nine-foot ceilings (10 feet |on the first floor) and entire walls of windows, and many of the homes have either views of the golf course or the central courtyards.
Additional features include elegant en-suite master bathrooms with granite countertops and double-sink vanities, oak hardwood flooring in the living area, ceramic tile flooring in the entry hall and kitchen, and plush carpeting in the bedrooms. A powder room is included |in almost all of the homes. One garage space is included in the price and shuttle service to New Jersey Transit bus stop is also provided.
Additionally, Pinnacle has two innovative lease-|to-purchase options that allow renters to place a portion |of their monthly payment into as escrow account to eventually be applied toward the sales price.
The "License to Occupy" option requires pre-approved, potential homeowners to sign a contract for six months to a year as well as an occupancy agreement for the same time period. Pinnacle saves approximately 50 percent of their rent in an escrow account toward the down payment. A small down payment ranging from $5,000 to $10,000 is required to start the program. The potential homeowner must close within a year of signing.
With the "Lease Now, Buy Later" option, pre-approved, potential homebuyers sign |a condominium lease and, at the end of a one-year term, are offered a home at a price guaranteed at the time the lease is signed. Pinnacle then gives them approximately 25 percent |of their lease payments back toward the down payment.
"Visitors at the grand opening expressed interest in both our for-sale and our lease-to-own programs," Boorman added. "It was clear to us that the recent favorable economic news has signaled a bottoming out of the market. We believe that many people are looking to buy before interest rates and eventually prices go up. Those interested in The M at Englewood South need to act soon to take advantage |of the current economic climate."
Amenities at The M at Englewood South include an outdoor pool and a residents' lounge that is well-suited for large parties and entertaining. Buyers will also receive a year's membership at The Gym Englewood, 20 Nordhoff Place, the upscale fitness center. Maintenance also includes satellite TV and Internet service, and the community will |be offering attractive audio/video packages |as upgrades.
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