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3 Bedroom 3 Bath Townhouse for just $120,000? What's up?

3 Bedroom 3 Bath Townhouse for just $120,000? What's up?

I've been following the litigation battle between the home owners and the land owners regarding the proposed $1968 increase in monthly land lease prices on the 2500 - 2600 block of Tustin Ave. in Santa Ana. It's an interesting case that has been dragging on for at least 2 years. Anyone familiar with this case? I believe it's almost impossible to get a loan for these properties. It might be a good opportunity for all cash offers to get a nice townhouse at about one fourth of what these homes sold at the peak of the market. Once a decision is made by the courts, I expect these prices to go back up. What will happen if the home owners have to pay $2000 a month for a land lease in addition to the $300+ HOA dues.

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Real Estate info at: www.homerealtymanual.com

Posted by Aaron Kelly - North Orange County Realtor on 05/28/2008 02:00 PM

Comments (1)

tustin, santa ana, townhouse

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1 Comments on 3 Bedroom 3 Bath Townhouse for just $120,000? What's up?

JUN

2008

Holy smokes! I had not heard of that! I feel bad for those home owners. I try to stear away from leased land. Too much at someone else's mercy!

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