PATERSON, N.J., Sept. 9, 2009 – The recent Summer Celebration at The Vistas at Great Falls not only featured refreshments, entertainment and model tours to mark the launch of Phase II of the new condominium and townhome community, it also highlighted an emerging homebuying trend, according to Debbie Bertino, vice president of sales and marketing for P&F Management Company, LLC, the developer. As the economy shows signs of recovery, academics and young professionals, including first-time buyers, are now taking advantage of the wide range of opportunities and government-sponsored incentives available.
 
“I was looking for new construction, and The Vistas offered what I considered to be the most affordable option,” said Paul Aiello, currently a Wallington, N.J., resident who purchased a two-bedroom, two-bath, one-floor unit in Phase I after visiting the community during the event. “My family is deep-rooted in Paterson, and I have been around the city my whole life. The area is being revitalized, and getting in on the ground floor of something new is very exciting.”
 
The Vistas is located within Paterson’s Great Falls district, the birthplace of American industry and newly named a National Historic Park by the National Park Service. In addition to it rich history, the tree-lined neighborhood is one of the most picturesque in Paterson.
 
“This is my first purchase of a home, and I am excited to get the federal tax credit and local incentives,” said Aiello, who teaches biology at Belleville High School and is a professor at Montclair State University. “The Vistas is nicely situated, not far from either place. It is a wonderful location.”
 
Added Bertino, “The Vistas is favored by many urban professionals. The availability of new, affordable construction combined with federal, state and local incentives is very unusual in this market.”
 
First-time buyers like Aiello may benefit from the federal housing tax credit of up to $8,000 for a primary residence closed by December 1, 2009. Residents of Paterson or those relocating to the city, who also work within the municipality, may be eligible for low-interest mortgages and expedited loan processing under New Jersey’s “Live Where You Work” program. The City of Paterson is offering grants of $30,000 to qualified individuals for the purchase of residences valued at $250,000 as well.
 
The Vistas Phase II offers 10 spacious, elegant homes with one- and two-story floor plans featuring two bedrooms and two or two-and-a-half baths and up to 1,269 square feet. In addition to high-end finishes and gourmet kitchens, the homes offer spectacular balcony views of the surrounding city and the Manhattan skyline. Key commuter lines are within walking distance, and lifestyle amenities include an on-site exercise room, clubhouse and outdoor pool. Pricing starts at $250,000.
 
The Vistas at Great Falls is a development of P&F Management’s subsidiary Maplewood Homebuilders. P&F is a multi-faceted real estate investment company specializing in the acquisition, repositioning and redevelopment of underutilized real estate assets and portfolios. For more information, call (888) 822-0040, visit the web site www.vistasatgreatfalls.com, or stop by the Information and Marketing Center at 1 Jasper St. in Paterson.