Property Q&A in 92705>Question Details

Jason Sykes, Home Buyer in Fountain Valley, CA

Does anyone know what is going on with the lawsuit regarding the land lease.?

Asked by Jason Sykes, Fountain Valley, CA Tue Jan 13, 2009

--The only information I can find is from 2005 and said the land lease may go as high as $2500 per month. Any information would be helpful.
This question is about this property: http://www.trulia.com/property/1073505690-2504-N-Tustin-Ave-…

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Yup, still in litigation. Lease may go up to $2000.00 monthly if the Rohr family (land owners) prevail in court.
We are at the appeals level now. The issue is how will the land value be assessed. That is the argument. The land was up for adjustment of the lease 4 yeas ago and we all assumed that it woud go up from the $42 or $44 we had paid for years. The Rohrs feel that the land is now worth $43,000.000.00 and by their calculations each owner would owe $2k monthly. It's the calculations that we are fighting about. If you didn't own back in 2004 you are not part of the suit we filed as a group and if you buy in here you will have to get your own legal counsel...very, very pricey. When you split it 150 ways, as we have done, the legal fees have been a few thousand per home owner, but if you buy in here now......Heaven help you with the costs! We are looking at paying 4 years back land lease fees at the increased rate if we do not win this case. Get a good real estate attorney to advise you!! This only looks like a great deal. If it were, I'd buy two or three more units and use them as rentals. People are walking away from these places for more than just subprime loans. Do not be fooled by over eager or unscrupulous realtors who have not done their homework!

We hope to issue will be resolved in court some time this year, but many of us may have to just walk away if the decision does not go favorably. Good Luck! Shop elsewhere!

Gale
2 votes Thank Flag Link Sun Jan 18, 2009
The lawsuit has been in progress for a long time. I have a contact there that is involved if you want to call them. I need to contact them first to make sure it is okay for you to call. Email me.
Sally Picciuto
Seven Gables Real Estate
sallyp@sevengables.com
Web Reference: http://sallypicciuto.com
0 votes Thank Flag Link Wed Jan 14, 2009
The lawsuit has been in progress for a long time. I have a contact there that is involved if you want to call them. I need to contact them first to make sure it is okay for you to call. Email me.
Sally Picciuto
Seven Gables Real Estate
sallyp@sevengables.com
Web Reference: http://sallypicciuto.com
0 votes Thank Flag Link Wed Jan 14, 2009
Jason,

If you find out let me know as well. I have attempted to contact the HOA, but they will not provide any info. Looks like a great deal, until you realize that you may be on the hook for a $2500.00 per month lease fee when all is said and done.

Good Luck
Web Reference: http://www.joehoms.com
0 votes Thank Flag Link Tue Jan 13, 2009
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