The Laguna Ocean View condo complex offers buyers a unique opportunity to buy condos that are within walking distance to the beach and can offer beautiful ocean views. In the last couple of years 5 condos have sold in this complex ranging from $630,000 for a two bedroom, one bath condo to $1,390,000 for a three bedroom, two and a half bath condo. Upon reviewing the listings in this community it came across our attention that this community is under a land lease that was reported that the "Land Lease runs until March 31, 2058." Another listing goes on to say that the "Land lease amount of $22 is included in monthly HOA fee of $450.00." We continued to confirm this amount and several listings from different real estate brokerages have noted in their private remarks that the land lease amount is $22.00 a month and "is included in the association dues of $450 a month."
So how does a land lease effect the value of the property. First, properties that have a land lease are typically priced lower due in order to attract more buyers. We see that a lot in areas like Huntington Beach that have may land lease communities that have very attractive price points due to the land lease. Real Estate prices in Laguna Ocean Vistas currently $919,000 and go up to $1,100,000. Both of these listings average between 1000 to 1,500 square feet and a quick look at similar listings are currently priced between $1,075,000 to near $1,395,000 so it does appear there is a slight discount for these condos. It's important to note that all of the more expensive condos actively on the market are located in North Laguna which tends to be more expensive than condos located in the South Laguna area. For further information on the Laguna Vista condo complex please contact us at 949-355-1622.