Laguna Beach is home to a wide variety of condos that range from ocean front to panoramic ocean views. For the most part, most of these condos are not on lease land which means the land from which the condos are located under are shared in ownership. There are a few exceptions, like the condos located at the Aliso Laguna complex located on Ocean Vista Drive in Laguna Beach. The complex was built in the mid 1960’s with the land being leased to all the current owners of the building. A lease land situation can be risky since when the lease is due the land can be sold. There are two ways in which the land fee is paid.
First, the most traditional method of paying a lease land would be paying a fixed amount every month just like a normal lease. This would not include any homeowners association dues which normally covers the exterior building insurance, community pool and common ground maintenance. Also, any mortgage and tax payments would also be separate as well. This is commonly found in mobile home parks here by the beach that features a monthly homeowners association dues plus the land lease fee. Due to this fact property values tend to be lower since lease land fee’s can be very expensive with a limit number of people who can afford it.
The condos at Aliso Laguna have structured the land lease to include the land fee within the homeowners association dues making it one payments that covers both of these items. The dues currently run $450.00 a month and include the community pool, earthquake insurance and property maintenance. There are a total of 32 condos located here with many offering wonderful ocean views and typically priced in the mid $600,000 range for a two bedroom view unit. There are several neighborhoods in Orange County like Monarch Bay that still features properties located on lease land. This can be tricky to understand so feel free to contact us at 949-355-1622 for additional information.