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As a Consumer is this attractive?

Started by Fayek
about 16 years ago
Posts: 269
Member since: Jul 2009
Discussion about
http://therealdeal.com/newyork/articles/greenfield-partners-oro-facing-slow-sales-introduces-rent-to-own-program-at-306-gold-street If you are in the market to buy a condo and are waiting to see if prices have bottomed, would the rent to own option influence your decision?
Response by Fayek
about 16 years ago
Posts: 269
Member since: Jul 2009

or if you are looking to rent, do you see this as an interesting option?

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Response by columbiacounty
about 16 years ago
Posts: 12708
Member since: Jan 2009

how do you expect anyone to answer this intelligently without numbers?

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Response by Fayek
about 16 years ago
Posts: 269
Member since: Jul 2009

I know that the Rent To Own Option has been very successful at Northside piers, and am wondering if it will you as a renter or buyer see this as an incentive to check out Oro.

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Response by marco_m
about 16 years ago
Posts: 2481
Member since: Dec 2008

I like the option, only if the purchase price is not decided at the beginning. I would definitely ro rent to own in a building that I like as long as that after 2 years i can purchase at the current market rate.

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Response by ph41
about 16 years ago
Posts: 3390
Member since: Feb 2008

marco_m - Actually, an option,at "current" market would work for you. If prices went up, you'd be in great shape. If prices went down, you simply wouldn't exercise your option - and would just start to negotiate price at that time.

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Response by marco_m
about 16 years ago
Posts: 2481
Member since: Dec 2008

Im sure if you choose to not exercise they wont negotiate and then negate any of the down payment that you accumlated. if i did rent to own, i would definitely have a lwayer involved to go through the docs. but i definitely like the idea

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Response by ph41
about 16 years ago
Posts: 3390
Member since: Feb 2008

marco - does that mean that your rent goes towards the down payment? Again, how much worse off would you be? You're renting - so nothing goes to down payment as it is. If it goes up, you're in like Flint, if it goes down, are you really any worse off than you would be anyway?

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Response by hfscomm1
about 16 years ago
Posts: 1590
Member since: Oct 2009

another friendly helpful comment:

columbiacounty
how do you expect anyone to answer this intelligently without numbers?

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Response by Honeycrisp
about 16 years ago
Posts: 190
Member since: Dec 2009

The other question is what's the rent premium built in for the optionality of buying at a later date? i.e. how much more are you paying for that rent (versus comparable rents) and how valuable is that to you?

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Response by Fayek
about 16 years ago
Posts: 269
Member since: Jul 2009

Instead of renting a unit and throwing your payments to the landlord, having it accumulate in escrow towards your down payment seems to be a pretty savvy decision, that is if the units price per square foot seems fair to the consumer!

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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007

hi hfscomm1

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Response by hfscomm1
about 16 years ago
Posts: 1590
Member since: Oct 2009

hi alamefart

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Response by alanhart
about 16 years ago
Posts: 12397
Member since: Feb 2007

hi hfscomm1

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Response by w67thstreet
about 16 years ago
Posts: 9003
Member since: Dec 2008

Hi hfs

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