It most likely is.
By the time your mortgage lender takes into account a $350 /mo HOA fee + an approx. $675/mo land lease fee,,, you'll end up qualifying anyway for an avg priced condo, NOT on leased land, where, in my opinion, it will appreciate better in the long run.
Shoot me an email directly, if you'd like to talk about it further, I don't look back on this same Trulia posting for answers after mine or Replies beneath my answer.
Emily S. Knell
Realtor Since--- 1996
Realty ONE Group