The M at Englewood South – a Buyer’s Perspective
If the sales pace at The M at Englewood South is any kind of indicator, it is evident that many people feel the market for real estate has bottomed out and see this time as opportunity time — opportunity to take advantage of great prices and value, opportunity to close with a very low interest rate mortgage and THE time to take advantage of the opportunity while it lasts.
At the beginning of March, The M at Englewood South held its grand opening, which attracted over 200 prospective homebuyers in one weekend. In just over a month since, the sales office has since signed more than 10 contracts.
Rob Rizzo is one of the prospective buyers who felt that timing is right. According to Rizzo, The M not only has great homes and value, but unique buying programs that have enabled him to move forward right now as opposed to waiting 6 to 12 months to act. He is currently in contract on a one-bedroom home with a den, which he is buying through The M’s “lease to own” program; he will move into his home in mid-August of this year, and will close on the home in September of 2013. Over the first year of occupancy, Rizzo will pay monthly rent, but The Pinnacle Companies will put 50 percent of that rent into an escrow account to be used as a contribution to the down payment at the time of closing.
Rizzo is a single father, who is divorced with a three-year old daughter. For him, there are three factors considered most important when purchasing his home: family — a home that would accommodate his daughter in a location convenient to Ridgewood, where his daughter lives most of the time with her Mother; work — a simple commute to his office in Englewood Cliffs; and access to Manhattan, a place Rob visits two to three times a week.
“I am looking toward the future and feel that now is really the time to buy,” he explains. “I think the location of The M in Englewood has great promise for the future. I’ve watched the development of the area over the last few years and think that the planned shops and commercial areas will add greatly to the community. The ‘lease to own’ program at The M is perfect for me, as I am able to set the price now while values are great and close in a year. This suits me better financially, especially as I have every reason to believe mortgage rates will hold through 2014.”
Rizzo began his search for a home on the real estate websites a couple of months ago. Most of the searches in his price range yielded older two-bedroom properties that required new kitchens and bathrooms, adding to his overall cost. Additionally, at the end of the day, he would be in an older community with outdated amenities.
He had seen the billboard advertising The M with the slogan: BUYING IS BETTER – WE’LL SHOW YOU HOW. He liked what he saw from the photos of the homes on The M website (liveattheM.com), but what really caught his attention was a news article on the website that described how the “lease to own” program worked. He visited the sales office about one week before the grand opening, and met with the sales manager, Stephanie Posnak.
“Stephanie was great; she toured me through the available homes in my price range and spent a lot of time going through the lease to own program which completely suited my needs,” he said. “The program gives me the ability to have a new home to move into now with the finishes I want. In the interim, I save the money needed to close a year from now, because Pinnacle is taking 50 percent of the rent and putting it into an escrow account in my name.”
Rizzo decided to purchase a one bedroom home with a den and will be moving in this summer.
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.com or 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.