Lido Peninsula Land Lease In 2023
Posted by Sam Smith on Thursday, March 16th, 2017 at 12:08pm.
One of our most common requested properties are the homes located in the Lido Peninsula community. For those not familiar with Newport Beach you can easily understand the attraction, living in Newport Beach by the water for often times under $400,000. So what's the catch? First, these home are manufactured homes and not a traditional single family residence. The homes are also located on lease land which many don't understand including local real estate agents. The most common question we get is wanting to get more information on the lease land. This is our understanding of how this is set up but we always encourage you to consult with the management company for exact details on the lease.
On December 31, 2023 the lease will come due on the homes located in the Lido Peninsula. The cost to lease the land will vary depending on the property but will typically be around the $2,000 a month range. One of the benefits of living here is not having any monthly association dues with very low property taxes. Also, the location is as good as it can get for this price and is just minutes to the beach. So what happens if the lease is not renewed? The worst case scenario would be that the owners of the land would ask the owners of the manufactured homes to vacate. We saw that happen in Dana Point several years back where the new South Cove community is being built. The Dana Marina mobile home park was a very popular place to live due to it's close location near the Harbor but once the lease came due the owners were asked to leave. Hopefully the lease at Lido Peninsula will be renewed but we don't know the intentions of the owners of the land.
One of the things to keep in mind when buying a home in Lido Peninsula is that traditional financing may be tough to get, especially if you are looking for a 30 day mortgage. Most lenders will not lend of a home with a lease coming due in less than 30 years. That means that you may have to become a cash buyer or get some other kind of alternative financing. This also means that it may be tougher to sell once you buy a place due to the limited number of cash buyers in the marketplace looking to buy a manufactured home on lease land that is set to expire soon. Our goal is to educate buyers so they can make an educated decision on buying a property in Newport Beach. Feel free to reach out to us at 949-444-1901 with any questions and to help us point you in the right direction on where to buy in Newport Beach in any price range.
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