Cannery Village Mobile Park Land Lease

Posted by Sam Smith on Tuesday, September 11th, 2018 at 4:34pm.

One of the premier locations for buying in a mobile home Park in Newport Beach is the Cannery Village Mobile Home Park.  The guard gated community has a lot to offer with affordable real estate prices for detached homes near the Newport Bay.  One thing to consider when buying in the Cannery Village is that many of the land lease are set to expire in the year 2032.  Each property tends to have a different land lease expiration dates and amounts so it's important to check with your local real estate agent on the exact price and terms on any given property.  Upon looking at the listings here, one available home for sale at 700 Lido Park Drive #34 has a monthly fee of $2,428.00 per month.  Other homes that have been on the market have had fee's of 2026.20, etc.

Land leases have certain pros and cons associated with it.  The pros included a lower price point for homes that would normally be much more expensive.  If you are willing to gamble on the lease being renewed it can be a great opportunity to live in a prime location.  The cons include living in a place that you may not be able to continue living in if they decide to not renew the lease.  Another con with this community is that there is no financing available since the lease expires in less than 30 years.  This means that only cash offers will work.  Buying in the Cannery Village often includes being approved by the Cannery Village and assignment of leases must be fully indemnified for the current owner from future liability.  To learn more about the homes located here please contact our Newport Beach Real Estate agents at 949-444-1901.

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