Good eyes! I would say the same thing, Whats up? Looks too good to be true. The land lease iof $1K per month is expensive in this area, that is why this house looks so good. This information should be more prominently referenced as this question comes up often.
If you want a really nice semi custom take a look in Fountain Hills. Great prices right now on homes with views and extra features. There are some good buys in Scottsdale too.
To look for similar homes, see my website for a free MLS search with no registration: http://www.arizonahomesland.com/freearizonamlssearch.html
If I can answer any more questions or show you some homes or land, feel free to give me a call. I would be pleased to help you.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate
This home is a great price for a reason...like the other Realtors have explained this community has a land lease that is $988 a month and an additional HOA Fee of $191 a month, as stated in the listing. It is listed at $159,900 and in a gated community with a wonderful location. Taxes in 2007 were $1964 and it is NOT a short sale or foreclosure. SPDS AND CLUE would always be requested even though the home is vacant. The issues that are not known, or cannot be seen (as far as roof issues etc.) you want to get a HOME INSPECTION. Home inspections are an optional expense paid by the buyer but always always recommended. If you need additional information on buying a home in AZ or other listings, you can contact me at 602-793-9300.
DESERT RIDGE OFFICE
Great price and alot people don't realize the issue with the expensive land lease as noted already. I have created a link for properties in the metro area in your price range and size. If you need further assistance, please let me know.
Stephanie Weiss, REALTORÂ®
602.503.4008 vm/efax 480.889.3700 off
Why not consider the Scottsdale Ranch area? A little further north and a little higher initial investment, but a lovely area and a great place enjoy all that Scottsdale has to offer.
Briarwood Three is on LAND LEASE for $988.00 per month (+) 191 HOA
This looks like a absolute bargain 2242 square foot home in the heart of Scottsdale for $159,900.
Once you dig a little deeper, you come across the land lease problem.
P.S. This home has been on the market for 773 days!
Hope this helps.
Terry S. Smith
DPR Realty LLC
I have included a link to take you to the MLS live listing so you can have a little more to review which you will find below this post.
The catch here (which is why I wanted to go look) is that the home is on a "land lease" for $998.00 per month! Ouch!
Some deals really are too good to be true.
Be careful to research this type of information before you move forward on anything.
All The Best,
Stew Keene - Home Smart Realty
GRI, ABR, MRE, CSSN, ePro, AHWD
Scottsdale and Phoenix Area Specialist