PALM SPRINGS: UNRAVELING THE LAND ISSUES

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As the Palm Spring real estate market heats up, this is a MUST READ!  First, it is key that you understand the difference between lease land and fee land.  The Agua Caliente tribe owns much of the land in the area with their reservation shaped like a checkerboard.  Every other square mile belongs to the tribe’s members and the next to the city. Thousands of people in Palm Springs and two neighboring cities, Cathedral City and Rancho Mirage, own property on the reservation, but not the ground underneath it — they lease that from members of the Agua Caliente, the region's indigenous people.  As those leases near expiration the fate of the land is unknown.  Will these leases be renegotiated?  And if so, at what rate?  What is most important to know is that it becomes increasingly difficult to sell properties as the leases come closer to termination date.  And, in fact, there must be 35 years left on the lease before banks will even underwrite 30 year mortgages….  

Click here to read more. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keith Kaplan

CalBRE #01933707
Sothebys International Realty
9255 Sunset Blvd.
West Hollywood, CA   90069

keith.kaplan@sothebyshomes.com

310-646-7791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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