Bayside Village Land Lease
Posted by Sam Smith on Wednesday, May 15th, 2019 at 10:48am.
Bayside Village arguably has one of the best locations in Newport Beach and features 272 homes next to the back bay waters of the Newport Bay. You know you have a great location when car dealers like Bentley, Rolls Royce and Porsche are just steps away. There is also one of the most exclusive water front gated communities within steps of this community called Linda Isle. Needless to say this is considered a prime area of Newport Beach which makes it skeptical that at some point the one entity who owns the land may sell to a developer due to the high land value. We have put a call into the park office to get further details on how the land lease works. We are still waiting for a call back but after talking with several agents who have listings in this community this is what we have gathered so far.
Many of the Bayside Village land leases are due to expire in 2026 while others are being renewed at 5 year increments according to one of the active listing agents in this community. She told us that the ultimate goal is to get everyone to have around the same expiration date so at that time they can give everyone a new 20 year lease. We have been told my another agent that the board has come to some kind of a verbal agreement regarding this and the attorney's are working out the details but nothing is guaranteed or set in stone. We also asked about about the land lease amount and can that go up on a yearly basis. We got the response from one agent that most of the land leases are market leases that go by 3 to 4% per year. Some of the leases go up tied in with CPI while some goes up by about 1-2% per year. So many of the homes assume a lease based on the house that you buy. We have seen a wide range of land lease prices from $1,900 up to $2,500. For questions regarding any of these matters we recommend calling the Bayside Village park office at 949-673-1331.
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