Land lease verses owning the land. (renter, buyer, tenants)

[elizamary]

Originally Posted by MPBsr

As previously stated, we found a knockdown in Potsnet, but walked away from it. Land lease 3 years ago was $13,000 and now it's up to $17,000.
.

This is what I heard from other people. We didn't even bother checking it out.

[ShariR]

A lot of newer communities are including lawn maintenence with their HOA fees (home owners association). Nothing is ever going to stay the same price forever, but if you're worried about being able to take care of your yard/property in your golden years its a worthwhile expense. With land lease properties, you run the risk of being to forced to move if property is sold (a national news example of this happened in FL recently!) Builders such as Pulte homes and Oakwood Village at lewes offer lawn maintenence programs for about $100 per month.

[rosiej]

Would really like to hear from people living in Pot Nets - especially Lakeside. We really liked the feel of the community.

[Charley]

Here is a series of messages from another forum, written by people living in Pots Nets. It doesn't exactly sound like Shangri-la to me. It appears to be from 2004. I do not know how or if things have changed.

Cafe Locale Discussion Forums: A thought on Pot Nets...

Charley

[rosiej]

Thank you Charley for the quick response on Pot Nets. However, as you noted, the "thoughts" are from 2004. Anyone have more recent news? Thank you.

[maryCh]

I finally had a chance to read this thread from beginning to end/current. Since we just moved here to central DE from NC, I have to add my (more than) 2 cents worth.

I have read online, and spoken to a few folks shopping at Spence's Bazaar about Pot Nets. My boys and I met a lovely couple just last Friday at the bazaar (elder, close to 80) who owned a property at P.N. for a few years. They mentioned they sold out a couple of years ago, at a big loss, to get out from under the upcoming situation. Since we just met over foodies, I did not want to intrude further for anymore details than that.

Something I have not seen mentioned on this thread is the access to the Modern Maturity Center out of Dover... for those considering central DE. While the consideration is not for me as yet (not QUITE 55+), my folks are seriously considering a move to DE for next summer. As the folks are 74 & 71, and still in reasonably good health, purchasing (for them) is a very different consideration.

I haven't had time yet to check out the Modern Maturity Center, but this lovely couple we "broke bread with" seem to love it as much as elizamary loves her situation at Southern Meadows. For those that don't want to consider purchasing a home, I would recommend exploring this avenue.

As far as what state will be the next "Florida" after DE runs its course, my money will be on either TN, Arkansas, Missouri area, or even Iowa. My new Amish friend and I had several conversations about that topic over furniture catalogs... I have quickly learned they have a good feel for this sort of thing. Western NC (having been a Carolinian for 15 yrs) is still luring 'em in, but as was mentioned back on page 2 or 3, there are plenty of areas in the south where the Civil War is still being fought on many a front porch! It was not easy being born in Grant's boyhood hometown, raised in Va Beach, married to a die-hard NY'er, and living in central NC for so long. For me and mine, DE feels just right!

Gotta run, time for dinner (or supper, whichever works for you folks)!

Mary

[elizamary]

Originally Posted by rosiej

Thank you Charley for the quick response on Pot Nets. However, as you noted, the "thoughts" are from 2004. Anyone have more recent news? Thank you.

Hi rosiej..........I have not heard anything good about Potsnets but have not visited myself.
Last summer we talked to a couple while visiting Bon Ayre, they said to stay away from Potsnet.
There were people trying to sell to get out because of the lot rent.


If you are looking for a 55+ community near the beach, I would recommend visiting Sussex West. It is a very nice community and is west of Rt 1.

Also, I would recommmend visiting potsnets yourself and asking important questions.

[MPBsr]

Just as a reminder, we looked at potnet 3 years ago. Found what we thought was a great looking home facing the river. Price at that time was @$150,000, plus the land lease was $13,000. The house is still up for sale (3 years later) and now down to $74,000 with the land lease of $15,600.

I actually feel sorry for the owners as I'm sure back in 1971 when it was built the whole area was great and now it's become nothing more than sucking money out of the home owners because of the land lease.

BTW...The home that we thought was great (from outside pics) was a modified single wide. Nothing more than a knockdown, but the land lease was out of the question.

[elizamary]

Originally Posted by MPBsr

Just as a reminder, we looked at potnet 3 years ago. Found what we thought was a great looking home facing the river. Price at that time was @$150,000, plus the land lease was $13,000. The house is still up for sale (3 years later) and now down to $74,000 with the land lease of $15,600.

I actually feel sorry for the owners as I'm sure back in 1971 when it was built the whole area was great and now it's become nothing more than sucking money out of the home owners because of the land lease.

BTW...The home that we thought was great (from outside pics) was a modified single wide. Nothing more than a knockdown, but the land lease was out of the question.

MPBsr........I knew I heard this before but wasnt' sure who posted it.

Guess it is safe to say the land lease in Pot Nets is outrageous.

This is what I had heard and try to pass along to anyone interested in PotNets.
I have not heard one good thing about pot nets. Nothing at all except warnings to stay away.
We were told last year, people are trying desparately to leave cuz the lot rent is ridiculous.

[Summering]

Here is a two letters that will show you what can happen.........be careful
Sussex Countian

UNDER LETTERS TO THE EDITOR..........LOOK AT LETTER TWO AND LETTER THREE.......