Englewood, N.J.—The new community of upscale condominiums called The M at Englewood South is generating high levels of interest from buyers. Located 12 miles from midtown Manhattan, the Englewood, N.J., development, which opened in August, offers 125 one- and two-bedroom-plus-den homes starting at $274,900. It was developed by Montclair, N.J.-based luxury home developer The Pinnacle Companies.
“It’s in a great place to live,” Mary Boorman, The Pinnacle Companies senior vice-president, tells MHN. “But the primary selling point is the value. It’s a great starting price, and a terrific value for the area for new construction.”
The homes themselves “are beautifully designed, very spacious, and feature lots of windows,” Boorman says. “We give an awful lot with the standard package.”
Standard features include hardwood flooring and thoughtfully designed kitchens with maple cabinetry, granite countertops, under-counter lighting and GE Profile stainless steel appliances. Many two-bedroom models feature center islands.
Bathrooms also boast granite countertops, as well as double-sink vanities and ceramic flooring. Spacious laundry areas feature GE side-by-side washers and dryers. The building is configured into four quadrangles, which wrap around courtyard gardens, with many of the units offering golf course views. Also included is a garage space; additional garage spaces are available for sale.
Buyers like the convenience of the location, which is in Bergen County along Rt. 4, but sheltered from the main highway, Boorman says. “From that location, the best way to New York City is by bus,” she adds. “A shuttle bus will soon be running from the development to the nearest bus stop with service to Manhattan.”
The location also appeals to outdoors- and fitness-minded folks. The streets of Englewood and nearby Ridgewood and Teaneck encourage walking, and the community is close to a number of parks and recreation sites. Among the recreational gems are the 150-acre Flatrock Brook Nature Center, Overpeck County Park and Golf Course and the Tenafly Nature Centers.
Officials of The Pinnacle Companies were somewhat surprised to find The M at Englewood South generating substantial interest from empty nesters.
“There are a lot of people in the neighborhood who are older and fed up with their homes,” Boorman says. “They want to stay in the area and be close to their doctors and their children. And not everyone wants to live in a designated active-adults community. Many want to live in an all-ages community.”
Younger buyers are also drawn to The M at Englewood South, some taking advantage of the community‘s recently-unveiled lease-to-purchase program, which allows them to rent homes and place portions of their monthly rent payments into escrow accounts to be applied later toward the sales price.
A number of would-be buyers from their 20s into their 40s have good jobs but lack money for a down payment, Boorman says. “You have to have 20 percent down these days, unless it’s an FHA loan,” she notes. “While living at The M at Englewood South as renters, they’re saving for their down payments.”
Boorman is convinced many people are recognizing now is the time to purchase. “A lot of people have been sitting on the fence, they’re realizing things aren’t going to get a lot better, and they’re a bit worried interest rates may start creeping up,” she says. “And who wants to rent forever?”