ENGLEWOOD, NJ – It’s no secret that purchasing a home can be very stressful. This is particularly true for first-time buyers who are embarking on the biggest financial milestone of their lives and navigating a new process they’ve never experienced before.
To provide peace of mind and find comfort, many of these young professionals, singles and couples turn to a trusted source for guidance and encouragement — their parents. A report from the National Association of Realtors (NAR) cited about a third of first-time homebuyers received help from a relative or friend, most of which came from mom and dad.
Parental involvement, however, goes far beyond monetary support, according to local Bergen County real estate professionals. First-time homebuyers lean on family for advice on housing options, knowledge of the market, and assurance, especially in markets where demand far exceeds supply and creates challenging choices or squeezes young purchasers out.
“A large percentage of our prospects make their initial visit with a parent,” says Nick Hollenbeck, Sales Manager at The M at Englewood South, an upscale Bergen County condominium community which has attracted first-time homebuyers. “Often, it’s the parents who’ve initially heard about our community and advised their children to stop by our sales office.”
“In certain situations, the parents may be helping by providing money for a down payment or co-owning the home while their child pays them back. Other times, they’re providing assistance by simply sharing past experiences and providing recommendations and understanding. Whether it’s financial or emotional support, we’re seeing family play an important role in aiding our homebuyers as they go through the process.”
The reliance on parental counsel in the New York metropolitan area has grown in importance in recent years as first-time homebuyers, long viewed of the foundation of the housing market, have been faced with a smaller inventory of homes to choose from. Young purchasers have traditionally focused on previously-owned homes, which were typically priced lower. However, the resurgence of existing home sales and heavy concentration by developers in Bergen County building new construction rentals has created a situation where young purchasers are frustratingly being priced out of older homes.
“The growing gap between supply and demand in Bergen County has had a direct impact on the first-time buyer market,” says Jacqueline Urgo, President of The Marketing Directors, exclusive sales and marketing agent at The M. “Homes that were once affordable to former renters and young professionals are now being scooped up at higher prices as competition increases. Obviously, it’s very aggravating to continually be outbid for a residence.”
Allison Baretz is a recent Bergen County homebuyer who faced similar circumstances. As a native New Jerseyan who had been renting in New York City, she set her sights on New Jersey’s Hudson River “Gold Coast” to purchase her first home.
“Location was a primary factor and I liked the fact I could quickly access the City from homes along the waterfront,” recalls Ms. Baretz. “However, all the condos were extremely old and very high priced. They would all need to be gutted and completely renovated before I moved in.”
Then came a call from her parents that offered a fresh new start to her home search. After dropping Allison off from a day of viewing several residences together, her parents saw signs for a new condominium development just off Route 4 on their way home and decided it was worth a visit.
“They passed The M at Englewood South and actually came in and took a tour,” Ms. Baretz recalls. “They called me and said, ‘You’re done.’ I agreed and my home search was over.”
Luxurious condominium designs attractively priced from just $298,000 has drawn many first-time homebuyers to The M. These buyers — who are increasingly focused on receiving the most bang for their hard-earned buck –are discovering special buyer incentives now available at The M, which provide a level of value that is not often found in today’s demanding real estate market: For a limited time, homebuyers can receive $7,500 off one-bedroom homes and $15,000 off two-bedroom condominiums at the lively community.
“Today’s buyer wants to be confident in their purchase and ensured they are receiving of the best value in their new home,” says Ron Orgel, a representative of Flatrock 3, LLC, sponsor of The M at Englewood South. “At The M, we’re able to offer brand new condominiums with expansive floorplans and upscale finishes at competitive prices that are well within the budget of first-time buyers. The special incentives combined with the now available 90% finance package, make purchasing and living at The M a compelling opportunity that has clearly gained traction with purchasers.”
The large number of young homebuyers has created a living environment at The M where residents regularly gather for social events or to enjoy one of the community’s world-class recreational amenities.
Homeowners are enjoying the community’s outdoor pool this summer. Additional on-site recreational amenities that bolster the desirable lifestyle at The M include 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.
“The M is an exciting new residential community that offers style, convenience and so much more,” adds Jacqueline Urgo. “It’s a complete lifestyle package that’s very attractive to today’s buyers.”
The M boasts a collection of inspiring 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 homes.
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.
Homes are available for Immediate Occupancy.
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 five 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 in The M’s enclosed parking garage is included in the purchase price. 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, please call 866.650.3842 or visit http://www.LiveAtTheM.com.