Pinnacle Companies Unveils Innovative Purchase Programs at The M at Englewood South
ENGLEWOOD, N.J. (Jan. 17, 2012) —The Pinnacle Companies, a respected developer of luxury homes throughout the New York Metro Area, announced today that it has introduced two innovative purchase programs at The M at Englewood South, a new community of elegant condominiums in the heart of prestigious Bergen County. The programs will allow buyers to place a portion of their monthly rent into an escrow account to eventually be applied toward the sales price.
“Pinnacle launched these programs because we want to help all our customers realize the dream of homeownership at The M. We knew that some potential homebuyers, although income qualified, might not have enough savings to meet mortgage companies’ stringent conditions. These programs will help them move into their home immediately, and give them the opportunity to buy their home later when they meet the mortgage companies requirements,”said Mary Boorman, senior vice president of The Pinnacle Companies. “We anticipate these two programs will prove to be quite popular and provide potential homebuyers with the extra help and guidance they require.”
In addition to immediate sales of the condominium homes, Pinnacle has introduced two new programs at The M:
- The “Occupancy+ contract” will allow a homebuyer to move into their home and sign an occupancy agreement as well as a contract to purchase their home within one year. Pinnacle reserves approximately 50 percent of the rent in an escrow account in the homebuyer’s name towards the future down payment. The homebuyer would then close on the home within one year and use the amount in the escrow account toward the down payment. A small upfront deposit ranging from $5,000 to $10,000 is required to start the program.
- The “Lease Now, Buy Later” program lets, pre-approved, potential homebuyers move into their home immediately and sign a lease for one year. Pinnacle guarantees a price for the home which will not be exceeded when the lease is up. At the end of the year, if the homebuyer chooses to purchase, Pinnacle applies approximately 25 percent of the total lease payments towards the down payment.
The M, which presents sophisticated urban living on Route 4 in Englewood, N.J. — close to the George Washington Bridge and within 12 miles of Midtown Manhattan — 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 have nine-foot ceilings (10 feet on the first floor), offer 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 in the 2-bedroom homes, 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, which are already in place, 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’ nearby at 20 Nordhoff Place (http://www.gettothegym.com/englewood/), the area’s most upscale fitness center.
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.
About The Pinnacle Companies
The Pinnacle Companies, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the industry for their ability to anticipate trends in the changing real estate market and create “what’s next” in luxury residential communities. Pinnacle’s innovative approach to development and creative problem-solving abilities are qualities that continually position Pinnacle as an industry leader in the real estate market. In 2006, The Pinnacle Companies was featured on an episode of “Extreme Makeover: Home Edition” for ABC television in the town of Bergenfield.
The award-winning company has built an enviable reputation in the sale and rental of luxury, active-adult and custom housing, as well as the office, retail and mixed-use markets. Since the company’s founding in 1984, Pinnacle has built in excess of 5,000 luxury attached and detached homes as well as several million square feet of retail, hotel and restaurant space. For more information on Pinnacle, www.pinnaclecompanies.net/orcontact the company’s Montclair headquarters at 973-379-1900.
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