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.

Benjamin Noriega-Ortiz Of BNOdesign To Transform Public Spaces At Luxury Residential Tower

 JERSEY CITY, N.J. (Jan. 22, 2010) – Trump Plaza Residences Jersey City has retained world-renowned celebrity interior designer Benjamin Noriega-Ortiz of Manhattan-based BNOdesign to transform the exterior entrance and the amenities at the luxury condominium tower. Noriega-Ortiz will enhance the existing common areas at Trump Plaza Residences by adding his signature design mix of modern and classical elements expressed in sensual, glamorous and sophisticated colors, furnishings and design approaches.

 The revitalization will include a grander entrance, creating a sense of arrival for residents and guests, and the enhancement of the already impressive indoor and outdoor amenities spaces, including a new design that maximizes the full potential of the pool, cabanas and lawn areas. The renovations will be completed in two phases, with interior spaces, as well as new models and a new sales center, to be completed in February and the outdoor spaces and landscaping by May of this year.

 The upscale tower, which is the tallest residential tower in Jersey City, has 443 residences, of which more than half have been sold. The building is managed by the Trump Organization.

 “My entire organization is delighted to be working on this exciting project,” said Noriega-Ortiz. “Trump is an internationally recognized brand synonymous with the highest standards of luxury and sophisticated taste. We are proud to be part of bringing a new level of inspired design this already-stunning high rise by enhancing the space, and providing final touches that will make this property the most distinctive on the Gold Coast.”

 Noriega-Ortiz is known for his exquisite remodeling of the Morgans Hotel Group’s Mondrian Scottsdale in Arizona and their flagship hotel, Mondrian Los Angeles.

In addition to the new design, a new all-star team of leading industry professionals is gearing up to launch an exciting new marketing campaign that will kick off with a grand opening and unveiling of the interior spaces early this year. The spokesperson for the marketing campaign will be Ivanka Trump, the daughter of developer Donald Trump, who, in addition to representing the next generation of the famed real estate empire, is a fashion model, jewelry designer and style icon in her own right.

 “We are thrilled to have a designer of Noriega-Ortiz’s caliber at Trump,” said Jodi Stasse, director of marketing and sales at Trump Plaza Residences Jersey City. “He is the ideal choice to meet our goals, which are to use the sleek feel of the building’s interiors as the foundation of a new design that heightens the energy of the building, as well as making it even more welcoming and luxurious. The idea is to give residents the feeling that the entire building — not just their own condominium — is home.”

 The enhancements will set Trump Plaza Residences Jersey City apart by making it more comfortable, sensual and welcoming while retaining the signature Trump prestige and allure. The building also will be officially renamed Trump Plaza Residences and will have its own logo, inspiring a new branding approach for this property in keeping with the distinctive branding that the Trump Organization already has established for their Trump Plaza Casinos and Trump Plaza Hotels, making this building the first residential property to be given this distinction.

 The property is known for its panoramic views, its Manhattan-style, white-gloved concierge service and its more than 40,000 square feet of Trump Organization-managed amenities, which are comparable to those of the world’s grandest hotels and which include a screening room, dining room with full kitchen, billiard and game room, sitting areas and lounges, aqua grotto, heated outdoor pool with cabanas, in-house spa, fitness center and business facility. 

 Residences include one- and two-bedroom homes ranging in size up to 1,450 square feet. Prices for one-bedrooms start in the mid-$400,000s, while those for bedrooms start in the mid-$600,000s. Three-bedroom homes and penthouses are also available, but are in limited supply. Pricing is available upon request. The property has a 20-year tax abatement program. FHA financing is also available, offering reduced interest rates and low down payments. 

 In addition to the panoramic views from the George Washington to the Verrazzano Narrows Bridges, the property features a convenient location near the PATH, waterfront ferry and the Bergen-Hudson Light Rail that puts all of Manhattan and the New Jersey Gold Coast at the residents’ doorstep.

 Noriega-Ortiz’s approach is to bring balance to the design by adding feminine touches to soften the chic, contemporary black and white design scheme. The sales center, which he refers to as the “sales experience,” will repeat the mansion theme so that prospective residents can feel the continuity of brand and emotion. The same will be true of the models, which will also demonstrate Noriega-Ortiz’s design philosophy that rooms should be used for more than one purpose.

 Noriega-Ortiz’s home-as-castle design approach was inspired by Ivanka Trump, whom he refers to as his muse. Her intelligence, beauty, fashion sense and elegance inspired the choice of colors and textures, with the sumptuous fabrics and a jewel-toned color palette of royal blues and purples connoting the regal qualities that are associated with the Trump brand, he said.

“Making this project an extension of the Trump family brand and image was very important to me,” Noriega-Ortiz said. “My vision is to treat this space as if the Trump family were living here. I want the Trump family to feel comfortable when they visit here and I want the residents to feel the same. If this were your mansion, you would have a living room, a sitting room, a library and possibly a tearoom. We want the public spaces of this property to convey the same feelings of home.”

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

  

About the 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 and represents 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 raise the bar of super luxury living.

 

About BNOdesign

 

World-renowned Interior designer Benjamin Noriega-Ortiz of Manhattan-based BNOdesign is recognized as one of the most stylish and influential of today’s interior designers. The aesthetic range of his work travels from traditional to modern. His sensuous, glamorous and ethereal work marries architecture, interior design and decoration, producing dramatic and seductive interiors. Since establishing his firm in 1992, Benjamin has produced projects for such clients as rock star Lenny Kravitz, best-selling Mexican author Laura Esquivel, celebrity portrait photographer Mark Seliger, media mogul Michael Fuchs and entertainment and media genius, Sean “Diddy” Combs. In recent years, he has focused on hotels including the remodeling of The Morgans Hotel Group’s Mondrian Scottsdale, Mondrian Los Angeles and Mondrian SoHo. For more information, please visit the Web site at http://www.bnodesign.com

 

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The post World-Class Designer Selected by Trump Plaza Residences Jersey City Team For Dramatic Enhancement first appeared on River View Observer.