Qualified Buyers Able to Take Advantage of 3.5 Percent Down Payment

 Since opening, The Residences at Dixon Mills has successfully outperformed the local marketplace as the fastest-selling condominium in Jersey City. Now, with the announcement that the community has available Federal Housing Administration (FHA) financing, which requires only a 3.5 percent down payment, first-time homebuyers are finding that Dixon Mills also represents the best option to own a one-of-a-kind luxury home at an enhanced value.

 “The latest addition of FHA financing to the existing incentives we have available has already paid dividends and is attracting many new buyers to The Residences at Dixon Mills,” said Greg Berger, principal of Elmsford N.Y.-based Robert Martin Company, developer for The Residences at Dixon Mills. “We signed eight contracts in the first three weeks of March alone and the availability of FHA financing  has stimulated that achievement.”

 Berger added: “Having FHA financing, along with the limited-time $8,000 first-time buyer tax credit and one year of free maintenance being offered at the community has afforded Dixon Mills a notable advantage for savvy buyers.”

 FHA financing allows buyers that qualify to put a mere 3.5 percent down on their new home, as opposed to the 10 to 30 percent buyers would have to put down with conventional loans. FHA mortgage terms also allow the buyer to incorporate closing costs into the mortgage, instead of having the burden of paying these costs upfront.

 “If FHA financing wasn’t available, I wouldn’t have been able to purchase a home right now,” stated David J. Burks, a recent buyer of a one-bedroom home at The Residences at Dixon Mills. “The real estate market is open right now, however, for most people, finances are tough. Knowing that prices will rise makes now the perfect time to buy, and FHA allows those that are looking to be active in the market, but don’t have the necessary down payment, to get into it. I’m excited I had the opportunity to purchase a fantastic condominium in a luxury community.”

 Burks, who will be making a move to the Jersey City community from the Upper East Side in Manhattan in April, added, “A big selling point for me with Dixon Mills were the facilities – they are just fantastic. My fiancé and I were able to drop our expensive gym memberships because we have access to the community’s indoor basketball courts, sauna, gym and the various classes it offers, allowing us to save on our monthly bills.”

 “In addition to great financing options, our community offers an array of amenities, such as state-of-the-art fitness and community facilities and easy access to public transportation, whether you choose to walk or ride the Dixon shuttle bus” said Kristin Hurd, director of sales at The Residences at Dixon Mills. “Furthermore, we offer numerous residence layout options, authentic historic architectural details, and the option of private outdoor patios with spectacular views, attracting buyers looking for a one-of-a-kind luxurious home to our community.”

 One of the most unique characteristics of The Residences at Dixon Mills is its wide variety of floor plan designs. With more than 350 unique floor plans to choose from, buyers with an array of lifestyle needs have been able to find the ideal home to fit their personal living requirements.

Dixon Mills features studios as well as one-, two- and three-bedroom condominium residences from the low $200,000s. Duplexes, triplexes and penthouses are also available.

 Dixon Mills offers luxurious homes that feature remarkable finishes and features such as oversized windows and ceilings, bathrooms featuring deep soaking tubs, Carrara tile floors, beautiful marble and wood vanities, stylish gourmet kitchens outfitted with stainless steel appliances, granite countertops, coordinated backsplashes, porcelain tile floors and warm maple or rich cherry wood cabinetry.

 The community also offers residents access to The Club at Dixon Mills. Newly opened in the fall of 2009, The Club features a state-of-the-art fitness center, spacious locker rooms, a yoga/movement room, community lounge, WiFi area, media room and indoor multi-purpose recreational court. The Club’s Lifestyle Lounge includes a fireplace, kitchen, screening room with a large projection television, comfortable seating, and a plug ‘n’ play WiFi laptop bar.

The Residences at Dixon Mills is located just three blocks from the nearby Grove Street PATH station, offering direct access to Wall Street or Midtown, as well as the neighborhood’s many retailers, restaurants and cultural and entertainment venues. As part of the community’s amenities package, Dixon Mills offers residents a shuttle bus that takes them from their door to the PATH station.

The Residences at Dixon Mills Sales Office is open from 10 a.m. to 6 p.m. Monday, Wednesday and Friday through Sunday, and from noon to 8 p.m. Tuesday and Thursday. To visit the Sales Office, take Interstate 78 East to the Jersey City/Columbus Drive exit and stay straight to go onto Center Street. Make a right onto Christopher Columbus Drive. Turn right onto Brunswick Street and then left on Wayne Street. The Sales Office will be on your right.

 For more information about The Residences at Dixon Mills, please call the Sales Office at 201-309-1004 or visit www.dixonmillsjc.com. Tours of the Sales Office and designer model condominium homes are available by appointment only.            

 

 

About Robert Martin Company

Founded in 1957, Robert Martin Co. has a long, distinguished history in real estate.  The company and its partners have developed and acquired over 20 million square feet of property and its holdings presently include over two million square feet of office space and hundreds of acres of developable land.  Widely regarded as a pioneer in office park development and mixed-use urban renewal projects, the real estate and investment firm has expanded from its home base in the New York metropolitan region into California and Florida, where it has recently partnered to buy over 600 hundred acres of land, approximately 2,500 apartments and a large mixed-use project in Miami, Florida.  For more information on Robert Martin Co. visit www.robertmartincompany.com

 

###

The post REAL ESTATE-Jersey City’s The Residences at Dixon Mills Excited to Announce FHA Financing Now Available first appeared on River View Observer.

Jersey City, N.J. (Mar. 3, 2010) – Trump Plaza Residences has been able to place many buyers into their dream homes at the 55-story Jersey City luxury condominium tower due in large part to the property’s FHA (Federal Housing Administration) loan-compliant status under which the federal government insures private loans to qualifying borrowers.

FHA mortgage terms for New Jersey, differentiating from county to county, allow for loans up to $729,000. The majority of prospective buyers at Trump Plaza Residences are first-time homebuyers seeking homes in the $450,000 to $600,000 price range, therefore qualifying for FHA financing. FHA loans have no income limits, allow for less-than-perfect credit histories and allow buyers to put down as little as 3.5 percent, compared to 10 to 20 percent for a conventional mortgage.
“Being able to tell prospective buyers that the property is FHA-qualified makes all the difference to those who didn’t think a luxury home at Trump Plaza Residences was within their reach,” said Jodi Stasse, director of marketing and sales at Trump Plaza Residences. “However, prospective buyers should be aware that the FHA guidelines are changing and that they should act now to take maximum advantage of the program.”

The FHA guideline changes, which go into effect this spring, could prevent a portion of borrowers from meeting the new, stricter requirements, said Ray Lamberti Jr., Trump Plaza Residences’ on-site Wells Fargo Home Mortgage representative. These changes, combined with the upcoming April 30 expiration of the $8,000 first-time homebuyer federal tax credit, have created a sense of urgency among buyers that has stimulated a surge in sales.

“The best thing first-time homebuyers can do for themselves is come in and talk to us today,” Lamberti said. “If there’s a chance the new guidelines could even slightly prevent a prospective buyer from obtaining a home here, then we need to work with that individual or family as soon as possible.”

Trump Plaza Residences Jersey City has already sold out over half of their 443 homes. The sales team takes pride in the care and attention they show to prospective buyers, offering them comprehensive financial guidance and consultation so they can find homes that will fit their budgets and fulfill their lifestyle needs. In addition, they help prospective buyers understand all components of their financial obligations, from monthly mortgage payments to maintenance fees.

A major appeal of Trump Plaza Residences is the incredible 40,000 square feet of lavish, Trump-managed amenities, including a screening room; a dining room with a catering kitchen; an outdoor landscaped lawn area; a game room; sitting areas and lounges; an aqua grotto; a heated outdoor pool with cabanas; an in-house spa including massage facilities, locker rooms and saunas; a business facility and a fitness center.

As the tallest residential tower in Jersey City, the building also features panoramic views from the George Washington to the Verrazzano Narrows bridges, and a convenient location near the PATH station, the waterfront ferry and the Bergen-Hudson Light Rail that puts all of Manhattan and the Gold Coast at residents’ doorsteps.

The homes at Trump Plaza Residences include one- and two-bedroom homes ranging in size up to 1,450 square feet. Prices for the one-bedrooms start in the mid $400,000s, while the two-bedrooms start in the mid-$600,000s. Three-bedroom homes and penthouses are available but are in limited supply, with pricing available upon request. The city has granted the building 20-year tax abatement, which translates into reduced property taxes for buyers.

“With the new FHA guidelines taking effect in the spring, the federal tax credit expiring in April and the 20-year tax abatement, I can’t imagine a better time to buy than right now,” Stasse said. “Plus, interest rates remain at or near historic lows. The fact that this fortuitous confluence of circumstances is unlikely to come again provides an incredible incentive for first-time homebuyers who are still on the fence to realize their dream of owning a home at Trump Plaza Residences.”

The details of the new FHA guidelines were announced last month, Lamberti said. The changes were initiated as a means of addressing the increased risk in the housing market and strengthening the FHA’s capital reserves, thus improving their financial position and ensuring their long-term ability to guarantee affordable mortgages.

Under the new guidelines, mortgage insurance premiums (MIP) will increase from 1.75 percent to 2.25 percent of the loan amount. In addition, there is a reduction of the allowable amount of seller concessions to the buyer from 6 percent to 3 percent. In the past, sellers could offer up to 6 percent of the home’s closing cost to the buyer as an incentive if the buyer used an FHA mortgage; now, the allowable concession is only 3 percent of the closing cost.

Other advantages of an FHA-insured loan include little or no adjustment to the mortgage interest rate during the life of the loan, a mortgage insurance premium (MIP) that is funded into the loan instead of being paid for out-of-pocket and the fact that the mortgage can be assumed by a qualified buyer, which means that if the seller’s mortgage carries a lower rate than the current market rate, the buyer can take over the seller’s mortgage. This is a great option for the buyer to have if they sell their unit five or six years later and the rates are higher at that time.

Yet another big advantage of a FHA-insured loan in today’s climate of widespread job displacement and workforce reduction is that, unlike with a conventional mortgage, friends or relatives can gift the down payment to the borrower.

For more information on Trump Plaza Residences Jersey City, please contact the on-site sales and marketing team by calling (888) 263-7003, e-mailing info@trumpplazaresidences.com or visiting the Web site at www.trumpplazaresidences.com

About Trump Organization

The Trump Organization is the world’s only global luxury real estate super-brand, and is responsible for many of the world’s most recognized developments. Trump is renowned for its leadership in real estate development, sales and marketing and property management, representing the highest level of excellence and luxury in residential, office and retail properties. The experience of owning a Trump property and living the Trump lifestyle is unparalleled. With each of its properties, Trump continues to consistently raise the bar for super luxury living.

The post REAL ESTATE- FHA Financing Brings Sales Success to Trump Plaza Residences Jersey City first appeared on River View Observer.