Home Buying in Newport Beach>Question Details

Pamelaconnorm, Home Buyer in Newport Beach, CA

Does the $270,000 price for 700 Lido Park Dr. include the property, or just the house?

Asked by Pamelaconnorm, Newport Beach, CA Thu Dec 13, 2012

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This question was asked from this property: http://www.trulia.com/property/3000300689-700-Lido-Park-Dr-9…

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Estates International’s answer
Pamelaconnorm,

Looks as though Walter and Shane have educated you well on Lido Park. Fine representatives they are.

Is $270,000+- your budget, or is the Newport area your preferred place of purchase? Pending these elements, we can help consult you into what will best serve your needs, as well as when, and how to make the investment as the market continues to shift.

Gratefully - Jason Liddell
Estates International
Jason@EstatesInternational.co (not .com)
949.891.7331 / 714.943.2084
1 vote Thank Flag Link Fri Dec 14, 2012
Just the property. There is a ground lease of $3200 per month. The lease runs through 2029.
Good luck,
1 vote Thank Flag Link Thu Dec 13, 2012
Just the house. This property is what is called a "leasehold", meaning you do not own the land underneath the home, just the house itself. If you read the description you'll see it says "GROUND LEASE $2000/Month first year, $3200/Mo thereafter.", so in addition to the mortgage payment on the home you will also have the ground/land lease payment. There aren't any property taxes though, but you would still be required to obtain a homeowners insurance policy (if you are using a mortgage to purchase it). Sometimes on leasehold properties you can purchase the land separately (there is an area in Huntington Beach where that is possible) or after a certain amount of payments it would convert the property to "fee simple" (where you would then own the land) but I am not sure about this particular area. An expert Newport Beach real estate agent should know, as properties in this area are on the market from time to time.

Financing a leasehold property is possible, but there are quite a few stipulations.

Shane Milne | Lending in all 50 states | NMLS #81195
1 vote Thank Flag Link Thu Dec 13, 2012
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