Owning the Land Under your House

NEW -> Contingent Buyer Assistance Program
99 year lease is only for homes sold in UCI that are exclusive to their faculty members; these homes are way under market price of similar products in the rest of Irvine, because it is more a benefit offered by UCI
 
Also for those bought a detached condo in EW or OH, the land ownership are essential the same as those true SFR.

Here's an old thread about the detached condo land ownership.

http://www.talkirvine.com/index.php/topic,11277.msg219355.html#msg219355
 
Look back at that thread...people were concerned about the value of Saratoga. 

Last sales in Saratoga show about $500 per square feet...last listings are at mid-$500 per sq. ft.  The last Mendocino sold for $491 sq. feet...latest listing at $505 per sq. feet.
 
It depends on the classification.

That?s why I was asking about the documents for Delano in Eastwood as I?m not sure there is land ownership. Or maybe they divide the lot each 3-pack is on by 3.

And I think there are detached products where you don?t own the land.
 
In all new construction here you own the land whether it is directly through a traditional sfr or indirectly through your share of the condo. I am not aware of any new construction locally where the house/condo owners don?t own the land.

If the land was not own they couldn?t charge these crazy prices.
 
qwerty said:
In all new construction here you own the land whether it is directly through a traditional sfr or indirectly through your share of the condo. I am not aware of any new construction locally where the house/condo owners don?t own the land.

If the land was not own they couldn?t charge these crazy prices.
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I don't think attached condo owners own the "land under the house", they have a common ownership with the other owners for the plot of plan. Also, some condos don't have any individual land ownership, they just own the interior space of the dwelling, exteriors and land is owned by the HOA (which is why some HOAs are very high because they cover insurance, exterior maintenance, etc).

Since I've never bought an attached (or detached) condo in Irvine, I don't know how they classify these newer condos (and land ownership) either on TIC or 5P land.

It's funny, this topic is never really definitely answered, and GooGoo tells me there are about 6 or 7 threads regarding this on TI alone (in which I have actually posted on too).
 
We are saying the same thing. Attached condo owners own the land indirectly through their share of ownership in the attached condo building.

To the extent the HOA owns the land, the attached condo owner owns a share of the land through the HOA.

The point is the attached condo is not sitting on leased  land
 
qwerty said:
We are saying the same thing. Attached condo owners own the land indirectly through their share of ownership in the attached condo building.

To the extent the HOA owns the land, the attached condo owner owns a share of the land through the HOA.

The point is the attached condo is not sitting on leased  land
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Balboa, Newport Beach is a lease land?
 
I think Huntington Beach is leased land.

And some parts near or on UCI which is usually staff housing.

Looking at tax information from homes in Irvine built in the 80s until now, there is tax on land value so there is some type of land ownership, just not ownership of the land directly under the home. That is particular to SFRs and any type of home (attached or not) that has a publicly outlined plot for the home. Good examples of an attached home with a distinct plot line are paired homes or zero lot line homes.
 
eyephone said:
snjnk said:
Seeing this first time.
Any idea about the land in EW and Orchard hills???
Click to expand...

What?s the reason why you are asking? (Are you going to mine for gold? Jk)
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Asked sales about this and they said the home owner owns the land.
@eyephone, I heard it for the first time and was thinking may be I did not invest in correct place.
 
snjnk said:
eyephone said:
snjnk said:
Seeing this first time.
Any idea about the land in EW and Orchard hills???
Click to expand...

What?s the reason why you are asking? (Are you going to mine for gold? Jk)
Click to expand...

Asked sales about this and they said the home owner owns the land.
@eyephone, I heard it for the first time and was thinking may be I did not invest in correct place.
Click to expand...

Just for laughs. I believe you don?t own the mineral rights under the unit when you buy it from the builder or resale.
 
snjnk said:
eyephone said:
snjnk said:
Seeing this first time.
Any idea about the land in EW and Orchard hills???
Click to expand...

What?s the reason why you are asking? (Are you going to mine for gold? Jk)
Click to expand...

Asked sales about this and they said the home owner owns the land.
@eyephone, I heard it for the first time and was thinking may be I did not invest in correct place.
Click to expand...

What does your documents say? Sales says many things that may not be exactly correct.
 
irvinehomeowner said:
snjnk said:
eyephone said:
snjnk said:
Seeing this first time.
Any idea about the land in EW and Orchard hills???
Click to expand...

What?s the reason why you are asking? (Are you going to mine for gold? Jk)
Click to expand...

Asked sales about this and they said the home owner owns the land.
@eyephone, I heard it for the first time and was thinking may be I did not invest in correct place.
Click to expand...

What does your documents say? Sales says many things that may not be exactly correct.
Click to expand...

Right. Always read and reread the legal documents. Sales say whatever its takes to get the deal.
 
Any legit reason why this really matters?
(Of course aside from any catastrophic end of world kind of reasons)
 
eyephone said:
Mety said:
Any legit reason why this really matters?
(Of course aside from any catastrophic end of world kind of reasons)
Click to expand...

Are you going to mine for gold?  ;)
Click to expand...

No. So in case if the gold or oil pop out of your land, you want that? Is that why people are so obsessed with owning the land?
 
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