Property Q&A in Dewey Beach>Question Details

Carrie, Home Buyer in Westminster, MD

Do you know who is the leaseholder for the beach condos for sale on this street?

Asked by Carrie, Westminster, MD Sun Dec 14, 2008

Also, what happens when and if the leasehold expires? Thanks
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This question is about this property: http://www.trulia.com/property/1052822182-13-Saulsbury-St-7-…

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Ginny Hysock’s answer
First of all - this property is currently off the market. It was sold in July 2008. Secondly, a good deal of beachfront or close to beachfront property in Dewey Beach is actually owned by one or two local families. Can't say who actually owns this ground, but it was sold with a 19 year lease left in place at the rate of $799 per year. It is anyone's guess what can happen after the 19 years. The owner could re-institute a new long-term lease at a new or the same rate; the owner could call the lease ended, at which time any structure remaining on the lot is worthless - unless moved to a new location. You are basically buying the property for the remaining term of the lease to enjoy the proximity to the ocean for that period of time.
0 votes Thank Flag Link Mon Dec 15, 2008
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