ENGLEWOOD, NJ – The recently-released February report of existing home sales by the National Association of Realtors paints a challenging picture for budget-conscience first-time homebuyers. According to the monthly data, low inventory and strong competition have increased home values and reduced the number of affordable purchasing opportunities found throughout much of the region.
In areas such as Bergen and Hudson Counties, where high prices already stretch the budget of young couples and single-professionals, the tightening housing market could delay the dream of ownership for many.
“There’s a large number of young buyers looking to move up from pricey rentals and purchase a home in close proximity to Manhattan,” says Steven Luzzi, Senior Loan Officer at Hoboken-based HomeBridge Financial Services, Inc. “Unfortunately, the resale home market in northern New Jersey and New York City doesn’t present a lot of opportunity.”
Yet, even with the supply of affordable resale homes short, there’s still great deals to be had, Mr. Luzzi points out. New home communities are stepping in to fill the gap with attractive pricing and innovative financing programs that make the ownership dream a reality.
“Buyers are turning to new construction for-sale communities in the immediate suburbs of Manhattan to find a home to call their own,” he continues. “The market-driven price structure at these developments, along with loan programs designed to fit their needs, allow them to purchase and stay within budget.”
To help bring ownership further within reach for its younger clients, HomeBridge Financial, offers financing plans that lower the initial downpayment and make monthly obligations comparable to what they’ve been paying in rent. For example, at The M at Englewood South, an upscale Bergen County condominium with great access into Manhattan, HomeBridge Financial offers a special 3% downpayment program. Paired with prices starting from the mid-$400,000s for a two-bedroom home, the program means young couples and single-professionals can savor the pride of ownership at The M at Englewood South with an initial deposit as low as $13,000.
“This financing package opens the door to owning at The M at Englewood South with a very reasonable downpayment,” Mr. Luzzi says. “And with mortgage rates still relatively low and expected to remain stable for the rest of the year, monthly mortgage obligations will be equal to what many pay in high-rise apartments in Hoboken, Jersey City and New York City.”
Resonating strongly with first-time homebuyers, The M at Englewood South has enjoyed spirited sales activity with more than 75% of its condominiums now sold.
“The busy sales season has arrived and we’re seeing a significant increase in buyer traffic,” says Ellie Kim, Sales Representative for The Marketing Directors, exclusive marketing and sales agent at The M at Englewood South. “Many of these prospects have shopped around at older townhome and single-family residences, only to find the homes are either out of their price range or need substantial renovations and repairs.
“At The M at Englewood South, they can comfortably purchase a modern and spacious condominium thanks to the financing options, affordable pricing and a limited-time incentive that provides up to $20,000 off the price of a two-bedroom home.”
Residences at The M at Englewood South range in size from 755 to 1,499 square feet and 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, and large walk-in closets. There is also oak hardwood flooring throughout the living area and ceramic tile flooring in the entry hall and kitchen.
The community provides all the lifestyle attributes that today’s young homebuyer desires with recreational amenities including a resort-inspired pool and sundeck. Opening Memorial Day weekend, the pool has unquestionably cemented its status as a social center with scores of residents gathering to unwind and socialize during summer months. There’s also a resident’s clubroom with catering kitchen for large parties and entertaining. What’s more, residents receive a one year membership at The Gym, a 40,000 SF state-of-the-art fitness center located at 20 Nordhoff Place.
“Our location just off Route 4 and minutes from the George Washington Bridge also provides easy access to the business and entertainment centers of Manhattan,” Ms. Kim says. “A shuttle service is provided from the community to the nearby NJ Transit bus stop which offers convenient public transportation service into New York City. For those that prefer using their personal vehicle, a parking space is included in the purchase price in The M’s enclosed parking garage.”
For more information on The M at Englewood South and to view our new fully-furnished model homes, visit www.LiveAtTheM.com or call 201-982-7306.
About The Marketing Directors:
The Marketing Directors is a development advisory and master property marketing and sales force that works exclusively on behalf of owners and builders of new homes. Headquartered in New York, with offices and sales teams active around North America, The Marketing Directors is known for its success in selling and leasing homes at prices that help its clients achieve their goals for each development. In its 30+ year history, The Marketing Directors has helped its clients successfully sell-out more than 1,000 new developments across the country – more than any other marketing firm. It is headed by founder Adrienne Albert and Jacqueline Urgo.
More information can be found on the company website: www.themarketingdirectorsinc.com