Priced Out of Escalating Bergen County Single-Family Market Purchasers Opt for Upscale Condominium Living at New Luxury Community
ENGLEWOOD, NJ – Positive headlines on the continually improving housing market such as the National Association of Realtors (NAR) recent announcement that sales of U.S. existing homes rose to its highest level in six-and-a-half years in August have quickly caught the attention of today’s home sellers.
As a result, listing prices for single-family homes in popular residential areas including Bergen County, N.J. are skyrocketing as a large number of sellers attempt to take advantage of market conditions, limited inventory and strong demand to obtain the highest possible bids on their homes. The transition to a “seller’s market” has quickly priced out first-time homebuyers as older single-family homes rise above their budget.
But the problem for many young couples, families and single-professionals goes beyond the escalating prices, according to industry experts. In addition to expensive purchase prices, many of these homes need capital investment in improvements and renovations.
“It’s no secret the housing market is on the upswing with existing home sales rising once again last month,” says Jacqueline Urgo, President of The Marketing Directors, a Manhattan-based residential sales and marketing firm. “With sales flourishing, it’s only logical that many sellers list their homes at prices significantly more than the market suggests.”
“It’s what’s behind the numbers that has created a growing concern for first-time homebuyers. Not only are these listings often overpriced, the amount of additional money needed for repairs and upgrades make the purchase unrealistic. This condition has forced savvy and intelligent homebuyers to research and opt for alternatives.”
One increasingly popular solution to this dilemma is new construction residences, Ms. Urgo points out.
The benefits of newly-built homes, such as modern appointments and finishes, the opportunity to customize to fit personal tastes and peace of mind knowing the residences is brand new, are widely known by well-informed homebuyers. But it’s the opportunity to purchase these homes and move in at an affordable price with no additional or hidden costs that has made them extremely attractive in today’s market.
“It’s during a strong market when new construction residences quickly dispel the myth of being higher priced than older homes,” says Ms. Urgo. “In fact, when homebuyers do the math, they discover new construction homes are more attractively priced than existing single-family residences, especially when you factor in the extra expenses.”
This is particularly true in condominium homes where purchasers not only enjoy new, well-appointed living spaces at prices within the first-time homebuyer’s budget, but also benefit from world-class on-site lifestyle amenities. At The M at Englewood South, an upscale condominium community in this Bergen County township, many recent homebuyers have done their due diligence on the local single-family market and have been more attracted to the lifestyle value and pricing offered at the collection of 125 one- and two-bedroom homes.
Homes at The M are priced from just $298,000 and range from 755 to 1,500 square feet of space. The expansive layouts feature open living space, sumptuous bedrooms, state-of-the-art kitchens with maple cabinetry, under-counter lighting and granite countertops; large laundry areas with side-by-side General Electric washers and dryers, large walk-in closets and most with powder rooms.
Lavish master bathrooms boast granite countertops and double-sink vanities. There’s also oak hardwood flooring throughout the living area and ceramic tile flooring in the entry hall and kitchen. Most of the homes at the M boast garden views and views of the adjacent Overpeck Golf Course.
“In addition to incredible pricing, a limited time $25,000 incentive makes The M an even more affordable option and provides tremendous savings,” says Ron Orgel a representative of Flatrock 3, LLC, the community’s sponsor.
The desirable lifestyle at The M is bolstered by a number of onsite recreational and social amenities including an outdoor pool and a resident’s clubroom with a plasma television and catering kitchen for large parties and entertaining. Residents also receive a one year membership at The Gym, a 40,000 SF state-of-the-art fitness center located at 20 Nordhoff Place.
Located at 104 Riverview Avenue, The M offers residents a best-of-both-worlds setting that blends key suburban conveniences with sought-after urban appeal. Englewood’s dynamic downtown features an eclectic offering of upscale shops and boutiques and more than forty fine restaurants and eateries. Major brand name shopping can be found at the nearby Riverside Square Mall and Garden State Plaza, while the Bergen Performance Arts Center in Englewood features nearly 150 world class performances yearly, ranging from Rock and Classical music to Comedy and Dance performances.
The community is also a commuter’s dream. The M is minutes from Route 4 with access to the George Washington Bridge and just 12 miles to Manhattan. A parking space is included in the purchase price in The M’s enclosed parking garage. For those wishing to use public transportation, shuttle service is provided from the community to the nearby NJ Transit bus stop which offers convenient service into New York City.
For more information on The M at Englewood South and to view our new fully-furnished model homes, please call 866.650.3842 or visit www.LiveAtTheM.com.
The Marketing Directors is the exclusive sales and marketing agent for The M at Englewood South.