It will add about $75,000, for the land, to the cost of each unit after that time.
Los Cocos is a very popular and well located developmen and has some very nice units in there.
The Los Coco's development is nearing 50 years old and many of the units are showing their age. An inspection on a recently sold unit revealed extensive termite damage, so beware!
There is NO lease extension being offered. You either buy the land, or the investors will OWN your condo in 20 yrs...
Most comparable developments are on fee-land, on golf courses and many have 24 hr security with lower HOA dues to boot.
Really the owners should be subtracting the $72,000 from the price they want and selling for the residual amount. Any owner who does not buy the land will NEVER sell their unit once all the neighboring units are on fee-land.
Who will buy a condo that only has 20 yrs left on the lease with no possible extension!