October 2018

Found 1 blog entry for October 2018.

Oct 10

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Beacon Bay is one of the premier bay front communities in Newport Beach with many homes located near a sandy beach that's located in this upscale neighborhood.  One thing that many don't realize is that homes in this community are under lease land.  Beacon Bay is an area that is included in the city of Newport Beach Tidelands which requires the new owner of the property to sign a 50 year lease of the land with the city. The annual lease price is based off the final sales price of the home and calculated at 2.5% of the purchase price.  This is paid on a monthly basis with annual CPI adjustments as well.  One of the stipulations is that you cannot purchase the land under which the property sits on.  We have copies of this lease agreement which is currently