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Old 05-21-2011, 04:13 AM
 
1 posts, read 6,748 times
Reputation: 13
Question Land Lease details for Baywood in Millsboro

I was looking at homes in the beautiful Baywood Greens community and would like detailed information form a current or former owner about the land lease agreement such as length of time, basis for increases etc. The home prices seem reasonable at this time but I am concerned about the rising costs of the land lease over time vs the appreciation in the dwelling/community own over lets say the next 10 years? It would be interesting to know if anyone has sold their home in this community and made a profit during the last 10 years. Would appreciate any usefull information about Baywood if you can assist.
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Old 05-21-2011, 04:23 AM
 
Location: Columbia, MD
49 posts, read 59,189 times
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My advice is to stay away from anything that has a land lease. Do a little research and I think you will agree. To the best of my knowledge, DE, MD and CA are the only states that have these kind of properties (not counting Mobile Homes).
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Old 05-21-2011, 06:24 AM
Status: "Yay! I'm ready for fall!" (set 17 days ago)
 
Location: Ocean View, DE
1,251 posts, read 1,281,778 times
Reputation: 467
Agree with Barbour120....
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Old 05-21-2011, 11:19 PM
 
Location: Long Neck,De
3,884 posts, read 2,404,788 times
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Spend the extra money and own your own land. Ground rent will keep going up and you will be told how you must keep your property.
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Old 05-22-2011, 04:50 AM
 
Location: Sunshine N'Blue Skies
13,313 posts, read 13,356,430 times
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Quote:
Originally Posted by Barbour120 View Post
My advice is to stay away from anything that has a land lease. Do a little research and I think you will agree. To the best of my knowledge, DE, MD and CA are the only states that have these kind of properties (not counting Mobile Homes).
Actually South Carolina has quite a few communities with land lease.
Many have solid wood built homes on the leased land worth 650,000 and more.
Their lot rents seem to not rise so drastically in SC as in DE.
I have seen where in DE the lot rent of four thousand doubled over four years.
Try to stay with the thought of owning your land, so as not to have that worry.
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Old 05-22-2011, 05:54 AM
 
19,922 posts, read 7,170,689 times
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When I first started looking for 55+ communities, I was ready to go "land lease" as well. The numbers worked out for me and the community was beautiful. But as I continued to think about it, I was never truly comfortable with the idea of not owning my own land. So when I made my "final decision", I chose fee simple and will own my home and my land.

As it turns out, over the past several months, two of the land lease 55+ communities I looked at, including the one that I would have chosen, have started the process of converting over to fee simple.

I think the peace of mind is worth those extra dollars and in time, you'll spend that much anyway on ground rent, and maybe more depending on how long you'll own the home. If you have the ability to own your own land, I think that's the way to go.
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Old 07-20-2011, 06:05 PM
 
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Stay away from Baywood Greens, I have been there for over 5 years. The landlease resets every 5 years with a fair market value dollar re-set. Rent has gone from $300 per month to $750/per month over a 7 year period. The fair market value clause which really means that the owner can charge any amount he wishes is the real killer. Another note, the homes are almost impossible to sale because of the landlease. That is why you see prices so low.
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Old 05-01-2012, 08:09 AM
 
1 posts, read 5,863 times
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Default Baywood Greens Land Lease

I would like to hear from anyone who lives in the Baywood Greens community. We visited the community last weekend and came away very impressed. How easy is it to buy a resale and to hold it for 10 years and resell ? I would think that having an attorney review the land lease document would be smart. How bad can it be if you negotiate your terms intelligently up front ?
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Old 05-01-2012, 10:09 AM
 
Location: Sunshine N'Blue Skies
13,313 posts, read 13,356,430 times
Reputation: 11455
Quote:
Originally Posted by gambler11 View Post
Stay away from Baywood Greens, I have been there for over 5 years. The landlease resets every 5 years with a fair market value dollar re-set. Rent has gone from $300 per month to $750/per month over a 7 year period. The fair market value clause which really means that the owner can charge any amount he wishes is the real killer. Another note, the homes are almost impossible to sale because of the landlease. That is why you see prices so low.
I agree and I have heard this before. Fair market value clause really isn't fair at all. The words might feel good. What happens is not a good feeling.
If you don't mind having a high lease in time to live by the ocean thats fine. Home sales also impossible. Careful...
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Old 05-01-2012, 01:06 PM
 
Location: Long Neck,De
3,884 posts, read 2,404,788 times
Reputation: 3546
Quote:
Originally Posted by frankanthonyrichard View Post
I would like to hear from anyone who lives in the Baywood Greens community. We visited the community last weekend and came away very impressed. How easy is it to buy a resale and to hold it for 10 years and resell ? I would think that having an attorney review the land lease document would be smart. How bad can it be if you negotiate your terms intelligently up front ?
You can certainly have an attorney go over all the papers. They are not going to negotiate the land lease. It is what it is. Tunnel has 1000s of parcels leased in the area. They do provide great services. The rates will go up. You will never own the land you house (investment) sits on.
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