Large Number of Homebuyers Entering Market To Benefit From Favorable Interest Rates, Buyer Incentives and Financing Opportunities
PALISADES PARK, N.J. – The Bergen County real estate market is poised for a busy spring selling season as favorable interest rates and special financing opportunities spur sales in an encouraging economy that is raising homebuyer confidence.
Real estate professionals throughout the area are already reporting an uptick in buyer traffic with many prospects realizing now is the time to buy and to not only take advantage of the dropping mortgage rates, but also the limited-time incentive packages introduced to stimulate activity over the traditionally slow winter sales months now being rolled back due to increased demand.
New construction developments in particular have seen an increase in activity. Homebuyers understand the added benefits new home purchases offer such as market driven pricing that equates to lasting value and appreciation and an affordability factor over older resale homes which need capital investment in improvements and renovations.
Positive signs of a resurgent spring market for new homes were evident despite one of the most difficult winters in recent memory according to data collected by the US Department of Commerce. Led by a large boost in sales in the Northeast, the Commerce Department recently reported new home sales in January rose to its highest level since July 2008.
Local industry experts cite an influx of determined and intelligent homebuyers who want to enter a market that still favors buyers and receive the savings created by incentives as prime reasons for the promising numbers.
“Our recent traffic has consisted of clients who are aware of the advantages of purchasing now, are qualified and serious about buying,” says Nick Hollenbeck, Sales Representative at The M at Englewood South, a new collection of 125 condominiums in this Bergen County Borough which has recorded nine sales since the start of the New Year.
“Many of these purchasers were renting or staying with family in the area and were waiting for the right opportunity to buy. This pool of prospects is getting even larger as the weather turns and homebuyers concerned about possible rising mortgage rates and home prices rush to enter the market. They also understand that many of the winter incentives will soon be coming to an end as demand increases.”
The M at Englewood South, which has appealed to first-time homebuyers, young couples and single-professionals, is currently offering buyer incentive and special financing options to make homeownership more attainable to its buyers. For a limited time, homebuyers can receive $7,500 off one-bedroom homes and $15,000 off two-bedroom condominiums at the popular community. 90% financing is also available at the community. Homes are priced from just $298,000.
A few minutes south of The M at Trio in Palisades Park, N.J., the luxury condominium building is also experiencing a large number of homebuyers who have delayed their new home purchase due to past concerns about the economy, but are now moving forward with their search. One such buyer was Chan Eun Byun who had been renting a home at The Club at Autumn Ridge with his wife and twin infants.
“We decided it was time to purchase a new and luxurious residence for our growing family,” Mr. Byun recalls. “We read about Trio online and obtained more information from our mortgage broker. Trio was the only new construction building we visited and it’s reasonable pricing, luxury homes and convenient location made it the perfect community to begin enjoying homeownership.”
Mr. Byun is typical of the buyer type at Trio, according to Honey Hwang, Sales Representative for The Marketing Directors, exclusive sales and marketing agent for both Trio and The M at Englewood South.
“Our buyers are savvy, they’ve done their research, are familiar with the area and have quickly targeted homes that fulfill their needs and are within their budget,” says Ms. Hwang. “They’re aware of the improving conditions and are acting quickly to ensure they can purchase the home they want at a competitive price while the market and interest rates are still favorable.”
Located at 800 12th Street in Palisades Park minutes from New Jersey’s famed Hudson River Gold Coast and the George Washington Bridge, Trio also offers limited-time special offers, including a $30,000 buyer incentive program.
Trio and The M at Englewood South stand as two of the few brand new condominiums in the crowded field of residential properties in Bergen County.
Trio features luxurious one-, two- and three-bedroom condominiums priced from just $310,000. Condominiums range in size from 742 square feet to 1,751 square feet and boast designer elements including floor-to-ceiling windows, hardwood floors and modern recessed lighting. Gourmet kitchens include granite countertops, stainless steel GE appliances, custom maple cabinets, and Kohler fixtures. Designer bathrooms boast feature Crema Marfil marble floors, granite countertops, custom maple vanities, and Kohler fixtures. All homes come with an individual washer and dryer. Immediate occupancy is available.
Trio also features an exciting suite of newly-renovated, five-star recreational amenities including concierge service, the lounge with billiards, ping pong and large screen TV with catering kitchen; state-of-the-art fitness center, the yoga studio, game room, virtual golf simulator, outdoor terrace and a business center all located within the buildings. Covered parking is also available.
The M boasts a collection of inspiring one- and two-bedroom single-level floor plans adorned with elegant designer finishes and appointments. The expansive layouts range from 797 to 1,499 square feet of living space and feature open layouts, 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 additional powder rooms in most of the homes.
Lavish master bathrooms feature 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. Homes are available for Immediate Occupancy.
Further bolstering the desirable lifestyle at The M are the number of onsite recreational and social amenities including an outdoor pool and a resident’s clubroom with 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.
For additional information on Trio, please call (888) 479-1842 or visit www.LiveAtTrio.com.
For more information on The M at Englewood South, please call 866.650.3842 or visit www.LiveAtTheM.com.