Monarch: Rent to Buy?
The Monarch is now represented by ERA Reed Realty and owner Carl Reed is quoted as saying prospective buyers can explore "leasing to own" a unit or could set up a layaway plan to build up a down payment.
Condo prices begin at $199,000 and under FHA rules, qualified buyers need only put 3.5 percent down. In addition, first-time home buyers may seek an $8,000 tax credit and those "trading up or down for another home" can get a$6,500 tax credit, both measures approved by Congress and President Barack Obama to stimulate sales. Reed says monthly payments can be as low as $2,000 per month.
Open houses will be held from 10 a.m. to 1 p.m. on Nov. 21 and 1 to 4 p.m. on Nov. 22. The article was not online (at least I couldn't find it) but to reach Reed's agency, call (908) 769-0011.
The city is counting on tax revenue from this project, which is the only one completed out of more than a dozen development or redevelopment schemes floated over the last several years.