Property Q&A in Palm Springs>Question Details

lbbluecarous…, Home Buyer in Palm Springs, CA

I am interested in this property.

Asked by, Palm Springs, CA Sun Jan 1, 2012

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0 votes Thank Flag Link Fri Jan 6, 2012
I have sold a bottom unit condo in Seven Lakes and the homeowner is very happy with the community. Your purchase price will be higher than the price listed because of the lease buyout mentioned below, once that occurs there will not be a lease amount due, as you will own the land. HOA's are higher than many communities, but that also includes a certain amount set aside for meals from the clubhouse. You are tucked away behind the trendy Parker Resort and close to stores and hiking trails. The views are some of the best in the entire valley. If you want to set an appointment to view the property or any others in the area, just give me a call.
0 votes Thank Flag Link Mon Jan 2, 2012
When I read the listing it said that the land needed to be bought at $81,000. at time of purchase. That would mean that you would have the HOAs, insurance, and taxes due 2 times a year based on about 1.25% of the sales price and of course, your utilities.

This is a bank owned property and they will have to accept your offer. Most banks don't finance below $50,000. Cash would be the best offer to make, at the price you are comfortable with. I would be happy to assist you with what I think would be a good offer that the bank would accept.

I live a couple of blocks from this community. If you golf and want to live it a well kept, guard gated, mid-century development in the south end of Palm Springs, this is it.

If you have any other questions you can reach me at 760.668.2237 cell or
0 votes Thank Flag Link Mon Jan 2, 2012
7 Lakes is a beautiful area, and this unit does have large HOA dues at $960 per month, leased land at $445.44 per month, and now a land buyout at $81,000, so your actual purchase price will be higher and the monthly fees will start at $1405.44 in additiona to your mortage, insurance, etc. if you do finance it.

It's a little hard to grasp at first, but this is a lovely, well-kept, complex and the units are generally priced lower, due to the high monthly fees. Many people wish to stay away from leased land, however, in the Palm Springs area, a good deal of it is, or used to be on leased Indian land, and it's just a matter of understanding the circumstances of each development or property so that you can make an informed decision on purchasing there.
0 votes Thank Flag Link Mon Jan 2, 2012
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