Property Q&A in Palm Springs>Question Details

Kristin1223, Home Buyer in

What are the monthly HOAs and is it lease land, if so what are the terms?

Asked by Kristin1223, Sat Sep 29, 2012

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My colleges have answered you correctly. To be honest anything you see for this type of pricing in Palm Springs is most likely on leased land or in a area you may not want to be in.

Leased land is a good option for many and here is why. Comparable properties on Fee land are more expensive thus more of your available investment $ are used and/or your mortgage is higher thus a higher payment. If you buy on leased land in most cases you have an equal (or nearly equal) monthly expense including the lease, but more available assets to do other things with whether it be buy more property or pay green fees or whatever it is you want to do with it.

Be aware that not all leased land is the same. If the lease is "short" i.e. less than 33 years you cannot obtain a 30 year note. Thus when you do sell it it greatly impacts the buyer who are able to afford it and.or want to enter into a short lease. Rule of thumb is make sure the lease is at least 33 years past the time you expect to hold the property or you expect to die and let your heirs deal with it!

Best of luck in your property search!
0 votes Thank Flag Link Sat Sep 29, 2012
Kristin, this property is already in escrow as a short sale. The HOA dues at this complex are $335 per month and the land lease is about $82 per month. The lease has 30 years left, expiring in 2042. So it is past due to be renewed which means that the lease amount will most likely increase. Because this one has only 30 years left, it is unlikely that 30 year financing would be available. Let me know if you need more help? Bob Greer 760-219-4486
0 votes Thank Flag Link Sat Sep 29, 2012
The answer to you questions how much the HOA dues area as follows:

Lease Amnt / Yr. $966.00 (Buyer to verify)
Lease Expires MM/YY 10/42
Assoc Dues #1 $335.00 (Buyer to Verify)

Let me know what your reall estate needs are I can email you a list of homes with photos to review.

Looking forward to working with you.
0 votes Thank Flag Link Sat Sep 29, 2012
This is on lease land. The lease is $966.00 per year and the expiry date is October 2042. There is an offer in place on this property. I can be reached on my cell at (760) 835-6689. I would be pleased to assist you with finding something else. Thanks, Robert
0 votes Thank Flag Link Sat Sep 29, 2012
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