Luxury Condo Ownership at Summit Heights Condominiums Is Now Easier Thanks To Government Incentives for Middle Class Buyers

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$75,000 from state of N.J. helping to draw buyers back to cities, increasing demand for apartments at highly competitive prices in Jersey City’s popular Heights section.

The State of New Jersey, through the New Jersey Housing and Mortgage Finance Agency’s Workforce housing opportunity (http://www.nj.gov/dca/hmfa/consu/buyers/close), is making condo ownership in Jersey City easier in a difficult economy, with a $75,000 incentive for qualified buyers who meet eligibility requirements. Program participant Franklin Development Group (http://www.franklinluxurycondos.com), a development, construction, and real estate management firm based in Montclair, N.J., has reported that due to the success of the incentive program, only three units remain in its luxury Summit Heights Condominium, located in Jersey City Heights on the Palisades in the city’s northern section.

The premium two-bedroom units—appointed with upscale features and amenities typically found in apartments twice their price—are available for immediate occupancy at a price made especially affordable at a time when working people are struggling with financial concerns. Summit Heights’ participation in the program—which aims to bring more working people back to cities like Jersey City with strong transportation hubs and employment centers—reduces the mortgage on its spacious 1100-square-foot apartments to $268,000 with a down payment of only 3.5%. In addition to the $75,000 government incentive, and with only three units still available, Franklin Development Group will pay up to $8000 towards the closing costs as part of this builder closeout.

“We’ve never seen the government give this kind of housing incentive before and we urge home buyers on the market for a luxury condominium to take advantage of this opportunity,” said Paul Debellis, Jr., director of marketing for Franklin Development Group. “Summit Heights offers all the conveniences of city living with some unique features that make these units an even better value in today’s real estate market.” To qualify for the government incentive, applicants must make a minimum of $65,000 a year and have a credit score of at least 600.

Summit Heights is well located in a thriving Jersey City neighborhood overlooking Manhattan; it is within walking distance of major transportation, shopping, and parks, with an easy commute to employment hubs in downtown Jersey City as well as New York City. It is directly across the street from a shopping center, a block from a bus to downtown’s Journal Square and the PATH station, and near the light rail that connects points throughout Jersey City and Bayonne.

Deluxe Appointments, Energy Efficiency
Debellis noted that the Summit Heights units are larger than many other two-bedrooms on the market by several hundred square feet. They boast granite countertops, stainless steel appliances, and dark cherry kitchen cabinets, lots of windows that let in plenty of natural light, and wood floors. For added convenience, security, and value each unit includes a deeded parking space that belongs to the condo owner in the building’s private garage. There is also a private fitness center for tenants with a view of the New York skyline.

In addition, the building has attained the prestigious silver level of LEED (Leadership in Energy and Environmental Design) certification for its energy efficiency and sustainability measures and its commitment to improved environmental quality.

“Jersey City has so much to offer its residents, between the mass transit, shopping, dining, and city lifestyle,” said Debellis. “For people who want to live close to where they work, and be right across the river from Manhattan, there’s never been a better time to take advantage of this unprecedented opportunity to buy in at Summit Heights.”

Summit Heights Condominiums are located at 1201 Summit Avenue in Jersey City, at the corner of Secaucus Road. For sales information or details about the $75,000 New Jersey Housing and Mortgage Finance Agency’s incentive program call (201) 946-5092 or visit http://franklinluxurycondos.com/summitheights.html.

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Nicholas Kraus

Paul Debellis, Sr.