Long Island City’s L Haus condos offers Rent-to-Own & other financing options
L Haus condos, Long Island City
It seems the time has come for more creative financing for condo buying in Long Island City. The first development to fall down the rabbit hole (or, rather the second) is the L Haus condos located at the base of the Pulaski Bridge. There are three options:
1) Price Protection will offer buyers the opportunity to receive a rebate should any similar home be sold at a discount to their individual sales price.
2) With a 3-2-1 Rate Buy-Down, which can be offered in conjunction with Price Protection, the Sponsor will work in partnership with Wells Fargo Bank to offer L haus buyers a discounted mortgage rate over a three year period.
3) Lastly, Rent-To-Own offers buyers the opportunity to live in a residence at L haus and apply a portion of their monthly rent to the purchase of the residence. Participants can choose to rent any of the homes available for sale at L haus and apply up to six months of market-rate rent to the purchase price.
L Haus [website]
L Haus announces Buyer Assurance program [EarthTimes]
This is all basically more crap. Rent to own is the only part that seems interesting, but again this is all very vague and skewed propaganda. It probably worked in terms of PR… but doubt they will get many hooked. The real news here is that they are taking renters. That’s big.
Everyone across America is taking renters now.
- No view.
- Built on a busy intersection notorious for its insane rush hour traffic. Not to mention a very dangerous intersection for pedestrians.
- Average interior design.
- Ugly as hell exterior
And the developers still hope to sell units at $600-700 per square foot during these difficult times??? Is there any wonder why no one is buying at the L-haus??
L Haus link in the story is an invalid URL.
what a joke – Long Island City prices will fall another 40-50%.
Ha #6! Sure they will. Keep making the wrong choices with New York real estate, while the rest of us laugh our way to the bank and continue to rent to you, with a substantial increase every year.
You’re right #7- NYC has never experienced an extended downturn and real estate bust in its history before…
Thanks #5, the links are fixed.
don’t love posts about what new developments are offering. why don’t they just publish info on their website instead?
Get used to the buyer’s remorse, #10. It’s only going to get worse before it gets better. LIC will definitely bounce back, just might take 5-10 years…
Given the rate of decline in real estate prices in the rest of the country, LIC is performing relatively well. Some places in America have seen 30% declines in real estate values, with more expected. When those LIC $700 sq ft places start selling for $450 a sq ft, then we’ll be feeling the pain the rest of the country is dealing with…
L Haus is notarious for its complicated rent procedures and dysfunctional management who is not accountable to anyone. Unit owners who want to rent their unit to a tenant is required to pay a rediculous non-refundable “Application Processing Fee” of $650.00 and a more than ten pages of application forms that asked almost anything about a tenant’s financial networth and a non-refundable charge for credit check. The cost on the owner is absolutely unnecessary.
It can take two weeks if everything goes allright for an unit owner to go through the rent application procedures.
Just imagine, people who dare to buy into L Haus will have to suffer loss of rent income just because of the rediculous procedures and cost.
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Another empty promise with no bond to back it up?
Looks like the beginning of a significant round of price deflation in the LIC real estate market. Buyers hold on to your checkbooks as the price of entry is only going down (despite whatever the developer hype-meisters say)…