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Real estate and homes for sale in the South Bay

Keith Kyle Realtor - Vista Sotheby's International Realty

Understanding a Land – Lease Property

July 30, 2019 by admin

**The following article was written many years ago but it’s still relevant today. There are not many land lease properties in the South Bay but there are some located primarily in Torrance and San Pedro.

Understanding a Land – Lease Property

By Patrick Barta
Special to RealEstateJournal

A land-lease property is one in which the land beneath the building is owned by someone else. While such an arrangement can make buying a property a little more complicated and can in some cases reduce the unit’s resale value, it’s usually not a big problem, and it certainly isn’t a reason to dismiss the transaction out of hand.

Although land-lease properties are relatively uncommon, they do pop up in some big cities, especially New York. Typically, they occur when a real-estate investor refuses to sell the land that a developer covets for a residential building. If the developer really likes the location, and can’t find a good plot of land somewhere else, sometimes he or she will agree to a land-lease arrangement, paying to lease the land for a specified period — like 50 or 99 years — and then erecting the building. Land-lease arrangements are also known to occur when developers convert a rental property to an owner-occupied cooperative building, but the original owners refuse to sell the land.

There are downsides for people who want to buy units in these buildings.

The properties are sometimes harder to finance and consequently harder to sell, possibly reducing their resale value. There also could be some extra costs involved in owning the units, as well as some negative tax implications. But land-lease properties also have an upside: They’re often discounted relative to other nearby properties, offsetting some or all of the risk and hassle involved in owning them. In some cases, that discount is tiny, but in other cases, it can be as high as 25%, real-estate agents say.

One reason for all the hassle is that someone has to pay for the lease on the land, and often, that cost is split up among the owners of all the units. In many cases, that monthly lease expense is tacked on to the maintenance fees that are being charged to individual unit owners. Another weak point is that some lenders are afraid to extend credit for a land-lease property if the lease is likely to expire within a few years. Although it’s extremely unlikely the landowner would refuse to renew the lease or decide to build something new on the site — indeed, most leases are renegotiated in advance of the expiration — lenders still worry about their collateral, and the owner could jack up the lease fee. That, in turn, would raise the unit owners’ costs and possibly reduce the market value of the units.

Despite all that, if the land-lease arrangement has plenty of time before it expires — say more than 20 years — there’s little reason not to dive in. Once some of the terms are worked out, “it’s like any other purchase, and as long as you go into it with your eyes open,” you should be fine, says Stephen Kotler, an executive vice president at Douglas Elliman, a New York-based real-estate brokerage. At the very least, you could be getting a bigger, nicer unit than you would have been able to afford otherwise.


Filed Under: Condos for sale Tagged With: land lease properties, real estate, understanding land lease

What Makes Hollyglen Such a Great South Bay Neighborhood?

July 21, 2019 by admin

Located west of the 405 Freeway, Hollyglen is a little community with a fantastic and friendly “neighborhood” feel.  It’s the kind of areaEast Manhattan homes where neighbors seem to know each other and walking the dog is a social activity.  For a long time, Hollyglen was somewhat of a secret neighborhood.  Consisting primarily of  homes built in the 1940s and 1950s, many of the single level homes have been extensively remodeled and sit on charming tree lined streets.  The homes were well built and due to the time they were built most have beautiful oak hardwood floors….some that have been covered with carpet for 70 years!  Here are just a few  of the reasons we love this great neighborhood:

  • A real sense of community:  With wide, tree lined streets and no real reason for cars to be driving unless they live in the area, Hollyglen really feels like a neighborhood.  This is a part of the South Bay in which neighbors seem to know each other and there are usually people out walking their dogs and seem happy to live there.
  • Pride of ownership:  It isn’t hard to see that owners love their homes and love their neighborhood.  As there are few “mcmansion” type properties the homes fit the lots making for beautiful front yards and lawns, and great curb appeal.
  • Fantastic highly rated school system:  The area is in the Wiseburn School District.  This charter school district offers two award winning elementary schools, a great middle school and the Wiseburn High School is soon to be completed.  See the homes for sale in the Wiseburn School District boundaries* 
  • Better for  commuters:  The “South Bay” is an area that generally ranges from Hawthorne and El Segundo all the way to San Pedro.  This can add a tremendous amount of time for commuters that are coming from Palos Verdes, Torrance and Redondo.  Homes in Hollyglen can cut off 30 minutes or more of a commute….each way!  In addition commuters from Hollyglen have numerous options from very close freeway access, to Aviation, to taking the coast.  If you work in LA or the West Side….Hollyglen may be an option for you.
  • Home prices:  While prices have risen quickly in the past few years (the Hollyglen secret it out!) it’s still far more affordable than El Segundo or Redondo Beach.  See the current Hollyglen homes for sale.
  • Proximity to the beach.  Hollyglen is just north east of Manhattan Beach and east of El Segundo.  It is less than three miles from the beach!
  • Variety of homes:  While the bulk of Hollyglen consists of single story homes, there are other unique areas.  The gated communities ofThree Sixty 360 South Bay and Fusion South Bay are both located in Hollyglen.Fusion is a low key complex with low HOA dues, a small pool and spa and the homes still feel pretty new as they were generally built from 2005 – 2007.  Layouts range from 1000 foot 2 bedroom 2 bath condos to 1700+ square foot 3 bedroom homes.  Located just east of Manhattan Beach, Fusion South Bay an ideal alternative to those priced out of adjacent Manhattan and Redondo.
    • Three Sixty is a much larger gated community with all of the features of a luxury resort.  Amenities include an incredible pool and entertainment area with a lap pool, fun pool, jacuzzi, cabanas, bbq deck and firepit.  The entertainment area also offers a few impressive common rooms (this is definitely not like the normal “clubhouse”). A state of the art fitness center, wine room, basketball court, parks and 2 dog parks.  Homes in this community range from studio condos in the Flats to single family style free standing 4 bedroom homes….and everything in between.  Built generally around 2013-2015 the homes feel new and feature the finishes you are looking for in newer construction.  It’s an incredible community.  See our Three Sixty South Bay photo gallery

Current homes for sale in Hollyglen and Del Aire

Filed Under: El Segundo, Fusion, Hawthorne homes for sale, Hollyglen, Home Sales, Homebuyers, Neighborhoods, Wiseburn School District Tagged With: fusion, hawthorne, Hollyglen, hollyglen real estate, homes for sale, real estate, three sixty south bay

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