ENGLEWOOD, NJ – At first glance, the new home construction market in New Jersey spells good news for first-time homebuyers looking to purchase a condominium or townhome in the year ahead. Experts predict nearly 30,000 new homes will be under construction in 2015 with Bergen and Hudson Counties expected to experience the most development activity.
A look inside the numbers, however, tells a different story for the growing number of Millennials and young couples and families entering the housing game. With the majority of homes under construction in areas such as Bergen County rental apartments, homebuyers will encounter a small pool of for-sale homes to choose from with inventory mainly consisting of decades-old single-family homes in middle class towns such as Paramus and Hackensack to large million-dollar mansions in upscale enclaves like Upper Saddle River and Alpine.
In fact, an online search for new construction homes in Bergen County will find a limited amount of residences currently available for sale. That number shrinks even further when narrowed to multi-family buildings. Both Realtor.com and Trulia.com, two of the most popular internet home search tools, have less than 40 new construction townhomes and condominiums for sale in listings.
“A stabilizing economy, strengthening employment and historically low mortgage rates is motivating more first-time homebuyers into the market,” says Jaqueline Urgo, Vice President of The Marketing Directors, a sales and marketing agent active in Bergen and Hudson Counties. “They’re frustrated by the lack of inventory.
“They’re finding most available homes are higher-priced single-family residences or starter homes that require additional funds above the purchase price for renovations and repairs. These young households are excited to learn more about the affordable purchasing opportunities we’re offering at our condominium communities in Bergen County.”
The Borough of Englewood, NJ, minutes from the George Washington Bridge, is a microcosm of this landscape. The thriving community boasts middle class working neighborhoods in its Manor Section, where older colonial and Tudor style homes are priced from the low-$300,000, and prominent addresses in East Hill, which is dotted with exclusive estate-style residences including Eddie Murphy’s former 32-room “Bubble Hill” home.
Filling the gap for young professionals looking to reside in the vibrant Borough are multifamily offerings such as The M at Englewood South, a collection of 125 condominium’s bordering Englewood’s downtown center. With home prices starting just $300,500, The M has recorded a majority of its sales from single-professionals and young couples eager to achieve the “American Dream” of homeownership.
New condominium homes stand out in a tight housing market with pricing reflective of demand. What’s more, residences include modern features and appointments, not only providing an upscale living environment, but also equating to additional money saved by not having to perform any common repairs and less maintenance.
Condominium communities such as The M at Englewood South have also been created to consider the financial considerations of the first-time homebuyer and alleviate many of the concerns that may arise during the purchasing process, Ms. Urgo points. Occupancy dates shortly after signing a contract are an added attraction.
“It starts with competitive pricing which allows singles, couples and families to own a home at a monthly price similar to what they’re paying in rent and not strain their budget,” she says, “and financial incentive programs offered only at new construction communities provide lower downpayment options which is a significant benefit for a generation where many are saddled with student debt. The fact the home is brand new also provides a sense of security and peace of mind knowing appliances and more are still under warranty.”
The M at Englewood South features sponsor-backed financing programs designed to open to door to ownership for the first-time buyer. Flatrock 3, LLC, the community’s sponsor, has created a special 90% financing package that minimizes the down-payment to less than 20%. Homes are also available with Immediate Occupancy.
“It’s a value purchase for our homebuyers,” says Nick Hollenbeck, Sales Manager for The Marketing Directors, which is the exclusive sales and marketing agent at The M. “In addition to our attractive price structure and financing programs, we’re also offering with limited-time incentives that provide up to $10,000 off the purchase of a one-bedroom home and up to $20,000 off when buying a two-bedroom condominium.”
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 are also oak hardwood floors throughout the living areas and ceramic tile floors in the entry halls and kitchens
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. The M boasts an outdoor pool and a resident’s clubroom with catering kitchen for large parties and entertaining. Residents also receive a one year membership to The Gym, a 40,000 SF state-of-the-art fitness center located at 20 Nordhoff Place.
Located at 104 Riverview Avenue, The M 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, please call 866.650.3842 or visit http://www.LiveAtTheM.com.