Harbour Vista Land Lease
Posted by Sam Smith Team on Monday, May 2nd, 2016 at 3:59pm.
The Harbour Vista community in Huntington Beach has been offering some of the lowest priced condos for sale in the past years. One bedroom condos are now selling in the $190,000 range and two bedroom units start at $289,000. Sometimes when things are too good to be true there always seems to be a catch. One of the important things to understand when buying in this community is that the homes are located on leased land. There is also a homeowners association dues that are paid on a monthly basis and average around $421.00 a month. What you get for the monthly due is a large community pool area, spa and outdoor barbecue area.
The land lease is a little tricky to understand. There is a website for the Harbor Vista News that gives a breakdown of how all of this works. It basically states that the lease will expire on 08-31-2016 and then the owner has the option to renew for an additional 15 years if given written notice 6 months prior to the lease expiration date. Monthly lease dues typically average $220.00 a month. Since the lease expiration comes in a relatively short time getting a loan in this community can be a little difficult. Some lenders are doing a 15 to 20 year loan while other agents prefer cash offers. It's crucial to understand that even though you can buy a condo for under $200,000 you will have a monthly combined homeowners association and lease land fee the equals $641.00 a month. This is a big number for a lot of people who can afford a $200,000 home.
To learn more about this community please feel free to contact us at 949-482-1313. We will do our best to answer any questions regarding the Harbour Vista neighborhood.
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