Buying is Back: The M at Englewood Experiences Brisk Sales Pace After Grand Opening
The level of interest from a diverse collection of prospective homebuyers is running extremely high at The M at Englewood South, a new community of stylish condominiums in the heart of desirable Bergen County. The Pinnacle Companies, a respected developer of luxury homes throughout the New York Metro Area, announced today that in just four weeks since the enclave’s grand opening, the sales team at The M has been working non-stop with customers and has several homes under contract.
“People of all age groups, including quite a number of singles, couples and empty nesters, are coming in ready to buy,” said Mary Boorman, senior vice president of The Pinnacle Companies. “It’s possible they were waiting out the storm during the tougher economic times and realize now is the ideal time to purchase the right product at the right price. The M at Englewood South fits that bill for many buyers — one reason why the sales pace has already been so successful in such a short period of time. We have also introduced some innovative ‘lease to own’ programs which have allowed us to open up the buying option to prospective buyers who are income qualified but currently do not have sufficient down payments.”
Pinnacle offers two innovative lease-to-purchase options that allow renters to place a portion of their monthly payment into as escrow account to eventually be applied toward the sales price.
The “License to Occupy” option requires pre-approved, potential homeowners to sign a contract for a year as well as an occupancy agreement for the same time period. Pinnacle saves approximately 50 percent of their rent in an escrow account toward the down payment. A small down payment ranging from $5,000 to $10,000 is required to start the program. The potential homeowner must close within a year of signing.
With the “Lease Now, Buy Later” option, pre-approved, potential homebuyers sign a condominium lease and, at the end of a one-year term, are offered the home at a price guaranteed at the time the lease is signed. Pinnacle then gives them approximately 25 percent of their lease payments back toward the down payment.
“Prospective homebuyers have expressed active interest in both of these lease-to-purchase options,” said Boorman. “They appreciate the flexibility provided by the two plans. We believe it was important to have a variety of options available that encourage the value of home ownership.”
Presenting sophisticated urban living on Route 4 — close to the George Washington Bridge and within 12 miles of Midtown Manhattan — The M offers 125 one-, two- and two-bedroom-plus-den residencespriced from $274,990.
The M’s architectural style is sleek and urban, featuring modern kitchens with maple cabinetry, under-counter lighting, granite countertops, GE Profile stainless steel appliances, and many of the two-bedroom models have center islands. Laundry areas are spacious and include GE side-by-side washers and dryers. The spacious layouts feature nine-foot ceilings (10 feet on the first floor) and entire walls of windows, and many of the homes have either views of the golf course or the central courtyards.
Additional features include elegant en-suite master bathrooms with granite countertops and double sink vanities, oak hardwood flooring in the living area, ceramic tile flooring in the entry hall and kitchen, and plush carpeting in the bedrooms. A powder room is included in almost all of the homes. One garage space is included in the price and shuttle service to New Jersey Transit bus stop is also provided.
Amenities at The M at Englewood South include an outdoor pool and a residents’ lounge perfect for large parties and entertaining. Buyers will also receive a year’s membership at The Gym Englewood, 20 Nordhoff Place, the area’s most upscale fitness center. Maintenance also includes satellite TV and Internet service, and the community will be offering attractive audio/video packages as upgrades.
The pedestrian-friendly main streets of Englewood and nearby Ridgewood and Teaneck are perfect for leisurely strolls and window shopping as they offer both high-end designer and eclectic shopping venues as well as fine dining and café-style eateries. The Bergen Performing Arts Center in downtown Englewood provides shows year-round featuring top-name talent.
For the active lifestyle lover, there are a host of parks and recreation facilities including the 150-acres Flatrock Brook Nature Center, Overpeck County Park and Golf Course and the Tenafly Nature Centers.
The Pinnacle Companies’ commitment to excellence can also be viewed at the acclaimed Mandalay on the Hudson condominiums on the Jersey City waterfront, Longview at Montville, Bears Nest in Park Ridge and Maxwell Place on the Hudson in Hoboken, which is a joint venture with Toll Brothers.
For more information on The M at Englewood South or Pinnacle Communities, visit www.liveattheM.comor call 201-569-6393. The sales office is open Friday through Monday from 11 a.m. to 6 p.m., and on Thursday from noon to 8 p.m.