THis property has a 50 year "LAND LEASE" Attached to it, with a renewal that starts at over $500/month and goes up 3% a year with no CAP...
SO, you buy a 'house on a lake,' for under $200,000.00 but an additional $350,000 is needed for the 50 year land lease (MORE WITH INCREASES).
NO Offense to the developers, but it's INSANE TO Try and sell these units once you buy it, as the LAND LEASE goes up with resales. NOW, who wants to pay that kind of committment for 50 years, then it's renewed after that for 50 more in the $1,000's a month range, for the LAND LEASE. THIS IS BESIDES The cost of the house. I bought in when the land lease was under $300 and sold when it hit over $500, realizing the committment I HAD SIGNED On the purchase agreement. IT's like unto LEGAL FRAUD really, as they don't TELL YOU THE FULL AMOUNT of the contract, only the sale price of the house, and the 3% annual increase, ETERNAL. THAT SUCKS. I don't care for it, and the homes are nice, but not worth THAT KIND OF MONEY OR COMMITTMENT. THESE Philadephia developers need to be shown the way back home to Pa. Besides, they try to grind you for $20,000 on furniture supposedly at 10% above cost, (YEAH RIGHT), but it's a CASH COW FOR THEM, and he even admitted it to me; that's when I decided to RUN AWAY, and get a lake house without a 50 year 3% annual increase committment on A LAND LEASE...A Terrible deal you should NOT BUY INTO..
THANKS FOR LISTENING, I hope I helped. read more