The Galbes in Huntington Beach is a great place to find lower priced condos near the beach. One of the reasons for these low price points is that they are located on lease land. The lease is scheduled to become due on December 31, 2059 according to current real estate listings in the Gables. What does this exactly mean. Here is a quick run down of the land lease situation.
First, owners of the gables don't own the land that is underneath their home and pay a yearly fee to use the land. This is called a land lease with is essentially a contract to use the land for a certain period of time. The fee is paid on top of the current $316.00 a month homeowners association. One of the current listings has the and lease fee paid annually at $8400.00 which breaks down to $700 a month. So $700.00 + $316.00 = $1,016.00 a month fee on top of any mortgage payment that you may have. This is something to consider irregardless of the due date for the land lease.
The land lease becomes due in 2059 and has a couple potential implications. Getting a loan may be difficult as we approach the 30 year period of when the lease will end. Lenders typically don't like to lend on a property when they known the lease will come to an end before the mortgage can be paid off in full. We see this at the Lido Peninsula community in Newport Beach where the lease is soon to expire. Another consideration is that as we approach the due date if may be tougher to sell a home in this community if lenders won't lend on it. This may restrict sales to only cash buyers.
For the most part we see these land leases renewed for another set period of time but there is always the chance that the owner of the land may not renew. In that case you still own the property but would not have the right to have it reside on that parcel of land. We have seen this in other mobile home parks in South Orange County where the lease was not renewed due to a new construction condo development was going to be built. We encourage you to ask a lot of questions when considering buying a home on lease land. If you have any questions please contact us at 949-482-1313 today.
Huntington Beach 4476 Alderport Drive 53
RARELY ON THE MARKET-3 BEDROOM 2 BATH END UNIT (ONLY 11 3BR END UNITS) NO ONE ABOVE OR BELOW-PLUS A TWO CAR GARAGE! Your opportunity to own so close to the beach and Huntington Harbour!!! This wonderful condo is located in the gated community of The Gables in Huntington Beach An end unit facing the greenbelt. The spacious open floor plan includes a warm and inviting living room with vaulted ceilings and a cozy fireplace. Remodeled kitchen with recessed lighting and charming eating area with ...$410,000
Huntington Beach 4464 Alderport Drive 60
DON’T MISS OUT ON THIS FULLY REMODELED CONDOMINIUM HOME located in the reputable gated community – The Gables of Huntington Beach. This home is less than a 2 mile bike ride from the sands of Bolsa Chica State Beach and boasts beautiful unimpeded views of our California mountain range from the over sized second story balcony. This is a very unique opportunity to own a home that offers so much at a very affordable price. Come by and see this comfortable floor plan and many upgrades includin...$330,000
Huntington Beach 16066 Warmington Lane 68
An amazing opportunity to own a beautiful beach close, recently renovated turnkey 2 bedroom, 2 bathroom condo in the gated community of The Gables in Huntington Beach for under $350,000! Tastefully appointed and upgraded with new flooring and renovated bathrooms. The second bathroom is a permitted remodel with available options. The spacious open floor plan includes a warm and inviting living room with vaulted ceilings and a cozy fireplace. The freshly painted kitchen hosts spacious cabinets ...$325,000
Huntington Beach 16107 Warmington Lane 4
REDUCED $20,000! Rare opportunity to own so close the beach and Huntington Harbour!!! This wonderful condo is located within the gated community of The Gables in Huntington Beach. The spacious open floor plan includes a warm and inviting living room with vaulted ceilings and a cozy fireplace. The charming eating area and bright windows give view to the large private patio, great for entertaining. Leading just down the stairs is the pathway to the large green belt along side the community p...$299,000