ROYAL OAK, MI – SkyLofts MarketSquare in Royal Oak now offers a lease option that will enable loft buyers to apply half their monthly payments as equity towards the purchase of their residence for up to two years.
Buyers benefit in many ways from a lease option, according to Development Manager Nico Schultz. “They can move-in immediately, lock in the purchase price and benefit from lower initial costs, compared to the down payment and closing costs on an outright purchase. The rent credit – 50 percent in this case – more than offsets the tax benefits of interest and property tax deductions that ownership confers.”
“The lease option lets people enjoy their luxury loft while building up equity which amounts to the down payment on their mortgage,” Schultz said. “It also works very well for people who have to move and are waiting to sell their former home.”
Schultz said lease options are often advantageous for people in the middle of a divorce. Royal Oak attorney Jim Rasor, principal of the Rasor Law Firm in Royal Oak, agreed.
“Often, divorcing couples either sell their house and split the proceeds, or one remains in the house and buys out the other’s interest,” Rasor said. “A lease option can be a device for building equity while waiting for a marital home sell. It allows them to live separately and gives them time to arrange financing or get the right sale price.”
SkyLofts MarketSquare is also offering interest rate buy-downs to qualifying buyers or will pay buyers’ condominium association assessments for six months.
“Royal Oak is a very competitive loft market,” Schultz said. “Construction of the SkyLofts MarketSquare development is complete, with lofts available for immediate occupancy. We have competitive amenities and what we think is the best loft location in the market. We also have an attractive array of financial tools to offer.”
The development has 88 residences, priced from the $260s, offering indoor parking, an on-site fitness center, storage lockers, luxurious finishes such as granite counters and bamboo floors, and a balcony or terrace with every residence.
Founded in 1993, Morningside Group is a boutique real estate development firm that specializes in creating premier residential and mixed-use developments on in-fill sites in suburban downtowns. Long recognized as a leader in the design and construction of highly acclaimed buildings, Morningside Group has built an enviable track record of successful public-private partnerships.
Morningside’s incomparable work ensures that each new development will join a growing portfolio of prized buildings which includes, in Michigan, SkyLofts Royal Oak in Royal Oak and Liberty Lofts in Ann Arbor and, in Illinois, Prairie Town Center in Oak Lawn, Arbor Court in Oak Lawn, Crescent Court and Museum Square in downtown Elmhurst, Morningside Square in downtown Downers Grove, Glen Astor in downtown Glen Ellyn, and buildings in Evanston and Skokie.
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