Thursday, August 24, 2017 / by Michael Weissman
Looks like a "Great Deal"!!! --- BUT BEWARE OF HIDDEN COSTS
It looks like a gem, but it's located in a building constructed on leased land and the owner must pay a $1,100 monthly land lease fee in addition to the $640 monthly association fee. The additional payment and future uncertainty regarding the renewal of the land lease keeps the value or this property and the real estate taxes low.
At the right price and for the right buyer this would be a gem, but for most buyers it only appears to be "great deal." Land leases are common in cooperatives (coop), but condominiums (condos), particularly many that were built in the 1950's and 60's were also constructed on leased land. A coop is a form of ownership which has fallen out of favor by real e ...