On the land-lease issue, I don't think these are a good deal for a 55-year-old who is trying to find a place to remain in for the rest of their life (or for as long as they can manage to live independently). It seems like a great deal for someone now 55 who doesn't intend to stay for very long anyway, or for someone now in their late 70s or older who wants to live out their life in that home. Even though I have a few relatives who lived till their 90s, and one who passed 100, none of them reached 111, so my concern would not be outliving the lease but rather that 25 years from now, when I'm around 80 (and perhaps not in a position to go looking for a new home), will my surroundings be good given that at that time younger seniors will not be drawn to a community whose lease will quite possibly be up within their lifetime.
Thanks to everyone who responded--this info is very helpful!
Nancy Dunedin FL
Douglas Arms,Heather Hill, Heather Lake and Patrician Oaks are land leases.
These communities all have units in the $30-60K range.
As Annette stated, find a full time professional realtor you are comfortable with. They will go over all your needs and options, first to see if it is feasible and second, if so, to make sure you don't miss out on an opportunity.
I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
Land leases keeps the price down for those who are looking for low cost housing.
Most of these lease do no mature until approximately 2069 in North Pinellas County. That means a 55 year old buying today will be 111 years old before the land lease expires. That is placing a LOT of hope on Obama Care.
Most of these land leases are in age restricted communities.
Some alllow pets, many don't.
Some allow leasing, some don't.
As you have properly concluded, if the price is 'too good to be true' there may be an issue that makes the valuation appropriate.
It is important to know your needs and choose what makes the most sense to you. You would be well advised to work directly with a real estate professional. As you have experienced, everyone is looking for exactly the same condo for which you are looking. It becomes very easy for an agent to place their buyer directly onto one of these properties. Trolling aggregate websites will not allow you to spot the deals before they are long gone.
There are a number of communities that you will find allow you to celebrate all that Dunedin has to offer. The REAL issue is your definition of "lower price range.' Too often this is an unrealistic objective. The Florida real estate fire sale ended two years ago.
Best of success
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
My price range...well, the lowest priced condos that were coming up when I searched on Dunedin seemed too good to pass up until I learned that some are land lease. For my situation, I'm better off renting unless a very low-priced home turns out to have no major downside.
I know I'm looking for a needle in a haystack, but when I see some of these low prices, I figure it doesn't hurt to look into them just in case I might find something.