Developer Introduces Two Purchase Programs For Luxury Units
- Jan 19, 2012
Englewood, N.J.—Rent-to-own programs have become popular among developers, and Pinnacle Companies, a New York-based luxury developer, is taking this idea to the next level by introducing two new purchase programs for The M at Englewood South in Englewood, N.J.
The two purchase programs include the “Occupancy + Contract” program and the “Lease Now, Buy Later” program. The “Occupancy + Contract” program allows a buyer to move into the condo and sign an occupancy agreement as well as a contract to purchase within a year. Pinnacle reserves 50 percent of the rent in escrow in the buyer’s name towards the down payment. To participate in this program, the buyer would have to leave a deposit ranging from $5,000 to $10,000.
The “Lease Now, Buy Later” program lets pre-approved potential homebuyers move into the condo right away and sign a year lease. Pinnacle guarantees a price for the home, not to be exceeded when the lease is up. After the lease ends, if the renter chooses to buy, Pinnacle would apply 25 percent of the total lease payments towards the down payment.
Both of these purchase programs allow buyers to place a portion of their monthly rent into an escrow account to 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,” Mary Boorman, senior vice president, The Pinnacle Companies, said in a press statement. “We anticipate these two programs will prove to be quite popular and provide potential homebuyers with the extra help and guidance they require.”
The M, located in Bergen County, features one- and two-bedroom condominiums. Amenities include hardwood flooring, granite countertops, stainless steel appliances and in-unit washers and dryers. The building amenities include a pool, lounge and building parking. New residents also receive free one-year membership to a local gym.