Marie Hart-s…, Home Seller in Puyallup, WA

has the land lease been resolved on these propertys or do the new owners have to pay a new land lease

Asked by Marie Hart-sudderth, Puyallup, WA Fri Jun 14, 2013

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tj schroeder - GRI, e-Pro’s answer
In Los Cocos, they have been discussing this for a while. It looks like it may be decided by the end of the summer that it will be fee land.

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.
0 votes Thank Flag Link Fri Jun 14, 2013
Many of the owners selling in Los Coco's are living in denial. They either don't want to, or cannot afford the $72,000 land - buyout and are trying to sell at unrealistic prices before the land deal hits.

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!
0 votes Thank Flag Link Wed Jul 3, 2013
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