If we see one more building turn to rent-to-own in Williamsburg, we'll be on the verge of declaring a trend. (Well, another trend after just going rental in the first place.) Last week, we had Northside Piers. This week, we bring you the Decora, which is technically a "rent toward downpayment" plan. Name ring a bell? It probably has something to do with the unique design. In any case, a reader stopped by the weekend open house and came away saying this:
After an open house this weekend, the Decora, which is officially 165 N. 10 Street, is on the market. Since credit is tight, they've decided to walk you through the down payment saving part and are pushing for 14 month rentals where they will "keep" your money until you accrue a down payment at which point you can buy. Things I don't like about this, you're agreeing on a price today that you'll pay in 14 months (hello inventory) and you can't lock in today's low mortgage rates. Oh and the developers took the best layouts and all the parking spots for friends and family.Ouch.
· 165 N 10 [Developers Group]
· Bell Tolls Hard: Northside Piers Going Rent-to-Own [Curbed]