Condo w/ Land Lease

[Josh Shapiro]

I have never run accross this and I have a question. I am currently doing a 55+ condo that has a land lease. Is there anything that needs to be done differently? All sales are within community.

 

[Robert E Keller]

dont check the fee simple box.

In Pinellas Conty, Clearwater, we have a few on Land Lease, use other land lease comps only.

Big item is how long is remaining on the land lease and is there any extensions in the lease, is the lease nearing the end.

These are all questions that need answers.

I would talk with the lender to determine the problem to be solved and the SOW to do it, as I have found very few lenders that even lend on land leased condos.

Is the complex competive with fee simple complex in terms of HOA and monthly fees, as land lease fees sometimes are so high that the overall value is effected.

just my $.02

zookeeper, out for a nightly walk

 

[Mike B]

Josh

Zookeepers advice is good.....A big one for the lender is at what point does the lease end?.....I would suggest you interview the realtors on the listings!!!!!!!!!!

 

[Josh Shapiro]

Z-
This is in Patrician Oaks. You are probably familiar. Yes it is very comparable to the area condos in condo fees and such. The land lkease fees vary from building to building in this complex. The subject has roughly $78 month fee plus the COA fees of $232.00. 55+ community. Im not surethe lender cares to much as it is a default management appraisal. I will check with them in the am though. My sales are all in complex of surrounding complexes. Just not sure if they too are on land lease. Have to check.

 

[Robert E Keller]

Josh, check your private messages, I just sent you one