newark_b, Home Buyer in Huntington Beach, CA

How do I tell if this property is on leased land?

Asked by newark_b, Huntington Beach, CA Tue Nov 27, 2012

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This question was asked from this property: http://www.trulia.com/property/3094506385-16059-Warmington-L…

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Unfortunately, there isn't a source available to the general public to determine this information. A licensed agent who is experienced in the area where the property is located and also a paid member of the local Association of Realtors will have access to special tools that provide information about a specific property in addition to having a relationship with a good Title Company who can also provide the agent with property data. In addition to knowing whether a property is on leased land, it's important to know when the lease will expire because it can affect a buyer's ability to obtain financing. For these reasons, it's always a good idea to work with a licensed agent who can provide a consumer with critical data they need when making a buying decision. This particular property is on leased land and in addition to an HOA Payment, you would add the lease payment every month as well.
0 votes Thank Flag Link Wed Nov 28, 2012
Greetings newark_b,

Yes, this property is on leased land. There are many things to consider when deciding if leased land is appropriate or not for your scenario. The availability, or not, of financing for these properties, both present and future, is a critical factor that will influence the value of the property long after the purchase. I'm both a Realtor and Mortgage Broker, with top licensing both state and federal, I have decades of experience of all types of residential properties, and although my office is in Newport Beach, I live in Huntington Beach and know the area well. I recently sold a condo on leased land near this one. If you're not already committed to working with one agent, please contact me. I'll be happy to supply you with lists of all area properties that meet your criteria, plus I can prequalify you for your financing, if you're not a cash buyer. No pressure. Just results. If you are already committed to working with one agent--this is a question for your agent. Happy house hunting!

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes Thank Flag Link Wed Nov 28, 2012
If you were a Real Estate Agent living and working in the Huntington Beach area, WHICH WE ARE, or any area where a listing is on leased land, you would easily know it's on leased land because of your local knowledge of the area market, all the different developments, and the price points. One key is the list price! Properties on leased land are priced quite a bit lower than regular "fee simple" properties. This unit is in a development called "The Gables" and is located very close to the Huntington Harbour and the beach. If it were not on leased land, the list price would be closer to $400,000 for a unit this size and in this location. Another clue that the property is on leased land is the total monthly fees which include both Leased Land fees plus Association Fees. Fee Simple properties only have Association Fees. This unit's fees are: $$656.00 lease fee plus $367.00 Association fees for a total of $!,023.00 per month. By the way, this unit is sold. Began escrow on 10/31/2012--not yet closed! Let us know what you are looking for and what areas you are interested in and we would be glad to help you find the perfect new home or investment property.
Howard & Geri Breen--714-425-1899 http://www.thebreenteam.com
0 votes Thank Flag Link Wed Nov 28, 2012
Yes it is leased land. I know the complex well. Give me a call when you have a chance as there is some specific information you need to know about this complex. Great location.

My advice in this market with low rates and low prices, is to search somewhere is a range affordable to you without leased land if at all possible. Give me a ring. http://www.barbarawaldowski.com
0 votes Thank Flag Link Tue Nov 27, 2012
Most if the Lease Land properties are first of all have a high monthly due. They are usually contained on the right hand corner of the MLS. If you seem to find that a property is priced lower than you would expect, most times is is on a leased land. There are quite a few in Newport Beach.
Leased Land properties must be weighed out. Is it worth perhaps paying less for the property and a higher monthly charge? Many questions are needed to be asked to base your decision. I am familiar with it all to well. Feel free to contact me at (714) 308-1000 or email: sue2k@msn.com
Best Regards
Sue Abraham
DRE # 01474064
Realty One Group
Thank you so kindly
Web Reference: http://www.sueabraham.com
0 votes Thank Flag Link Tue Nov 27, 2012
This property is on land lease. The info was not in the listing on Trulia but I know the complex so I knew it was on leased land and on our MLS it states that it is on lease land too. If you work with a realtor than they will be able to tell you if the property is on leased land. Many condos in Huntington Beach are on leased land.

If I can be of any other help, please feel free to call me at 714-296-7270 or email me at bstrealtor@aol.com.

Regards,
Barbara Robbins-Olexa, Broker
L B Brokerage
DRE Lic#797560
http://www.barbararobbinsolexa.com
0 votes Thank Flag Link Tue Nov 27, 2012
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