Home Buying in 07762>Question Details

Graham, Home Buyer in 07762

We are interested in a 3 B/R condo in Fairway Mews to rent with option to buy. What is available ? Thank you

Asked by Graham, 07762 Sat Aug 22, 2009

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Francesca Patrizio’s answer

One add'l point . . . there are currently 21, count them 21, Fairway Mews properties on the market, 4 of which are currently under contract = 17 available properties.

Think supply and demand ala 2010 and wonder if there is currently a costly property assessment looming (of which I have no knowledge, but if you email me direct @ Francesca@PatrizioRe.com and I would be happy to research as Fairway Mews is within my market area.

Love and Peace,
Francesca, ePro, SRES
0 votes Thank Flag Link Wed Aug 26, 2009

In a declining market a "rent with the option to buy" is most certainly NOT advisable as you would be committing to rent the property and a purchase price at the 2009 market value. If the 2010 market value increases, then you are ahead of the game, but if 2010 market value is less . . . well, then u are committed to the 2009 value.

Having said that, the "experts" appear to believe that we are at bottom, but not everyone agrees. In my view, renting with the option to buy at this time is highly spectulative.

Francesca, Realtor, ePro, SRES
0 votes Thank Flag Link Wed Aug 26, 2009

To answer your specific question, while there are five 3 BR units available for sale, the only seller willing to do a lease/purchase option in Fairway Mews is the owner of a 2 bedroom unt. I just made phone calls on your behalf regarding the three bedroom units that are available, and reached three of the five, but those owners are just selling and not able to lease/purchase.

Would the 2 bedroom work for you on a lease ---> purchase? Please give me a call and I can update you after I hear back regarding the other 3BR units.
0 votes Thank Flag Link Sat Aug 22, 2009

I would be more than happy to assist you in finding a unit that best suits your needs. There are currently several 3 bedroom units listed. Please contact me so that I can gather more specific information as to what your price point is, how soon you would like to move, etc..

Best Regards,
Lauren Gill
Realtor Associate
Diane Turton Realtors
Spring Lake, NJ
0 votes Thank Flag Link Sat Aug 22, 2009
Good morning,
There is one unit available (possibly) with option. It is a rental and in the public notes it states that it's available for purchase during the lease period. Sounds like the agent is offering it for lease with option, but I'd have to check.

Other than that, there are 2 additional rentals in there. All 3 are 2 bedroom units and start at $1600/month and go up to $1800. Unfortunately there is only a very small part of the community that is allowed to rent by HOA standards.

If you'd like to receive copies of those listings or additional information about them, feel free to reach out to me through Trulia or my website.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Aug 22, 2009
Hi Graham,

My firm, Cary & Co., Realtors, specializes in Fairway Mews. We recently sold two Diplomat models (the largest 3 BR) in the mid-$400,000 range although one just closed in the past few days for $500,000.00. All depends, of course, on age, amenities, views & location etc. We do have a two bedroom unit currently available that has been reduced from nearly $400,000.00 to $330,000.00. Going forward, you should be clear as to whether you prefer a lease w/option or lease-purchase agreement which are, as you are no doubt aware, entirely different arrangments with inherently variable pricing and timeline obligations. If you would care to contact us with more specific details re your plans, i.e. rental expectations, anticipated time to purchase as well as any other relevant information we would be better equipped to respond to your needs.

Best regards,

Liam O'Connell
Cary & Co., Realtors
0 votes Thank Flag Link Sat Aug 22, 2009
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