Englewood, N.J., Condo Project Completed

The Pinnacle Cos. has completed work on The M at Englewood South, a condominium project in Bergen County.

Englewood, N.J.—The Pinnacle Cos. has completed work on The M at Englewood South, a condominium project in Bergen County. The M offers 125 one-, two- and two-bedroom plus den residences priced from $274,990. The property is on New Jersey Route 4 within about 12 miles of Midtown Manhattan.

The completion of the project is another indication of the thawing of the condo market for northern New Jersey and the metro New York markets, helped along by low interest rates and a job market that’s shaken off some of its torpor. Earlier this year, to help facilitate sales at the property, Pinnacle began two 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 lease-to-purchase option is to assist customers who want to buy today but cannot meet stringent mortgage requirements,” Mary Boorman, senior vice president at Pinnacle, tells MHN. “Customers suited to this program are usually well qualified in terms of credit standing, employment and earnings, but banks are requiring 20 percent down payments, which can be from $60,000 to $80,000 for our one- and two-bedroom homes,” and that’s often a stretch even for those with flawless credit.
“We can also use this option for customers who have credit problems that can be resolved in a short period of time,” Boorman adds. “We work with our preferred lender to qualify and set the terms for each buyer.”

The “License to Occupy” option requires pre-approved, potential homeowners to sign a contract for six months to a year, as well as an occupancy agreement for the same time period. Pinnacle puts about 50 percent of their rent in an escrow account toward the down payment. A down payment ranging from $5,000 to $10,000 is also 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 condo 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 about 25 percent of their lease payments back toward the down payment.

The property’s amenities include layouts that feature nine-foot ceilings (10 feet on the first floor) and entire walls of windows, and many of the units have views of the nearby golf course. The property also includes an outdoor pool and a residents’ lounge. Buyers at the M will also receive a year’s membership at the Gym Englewood, an area fitness center.