In the past few months we've seen developers dangle a number of aggressive incentives in front of hesitant buyers to coax them into taking the plunge with confidence. Those deals are usually offered à la carte, but now one new condo development?Long Island City's nearly-ready L Haus?is offering the whole freakin' combo meal. Starting today, L Haus is launching a "Buyer Assurance Program" with three purchasing options: rent-to-own, mortgage rate buy-down and price-protection. The Pulaski Bridge doesn't know what just hit it.
The price protection offer is the same as seen with several other recent developments. It gives buyers a rebate should a similar unit wind up selling for less. The 3-2-1 mortgage buy-down, which can be combined with price protection, gives buyers a discounted rate on their first three years of payments (on a 30-year fixed mortgage set at 5%, a buyer would pay 2% the first year, 3% the second year and 4% the third year). The rent-to-own option, offered by its lonesome, lets L Hausers rent any unit in the building and apply six months of market-rate rent to the purchase price. With the smorgasbord of incentives offered at another highly-touted Long Island City project, The View, it looks like LIC is definitely looking to deal.
· L Haus [Official Site]
· L Haus coverage [Curbed]