Irvine homeowners do not own their lands?

T

talkirvine

Member
Just heard that 90% of land in Irvine is owned by the Irvine Company, and therefore SFH owners do not own their lands. Is this true? If so, what is the implication and really impact on the value?

Thanks.
 
This seems to be a common misperception. From what a realtor explained to us, decades ago, TIC offered land lease options in certain neighborhoods. Later, they ended that and gave all homeowners the option to buy out the lease. The only place we saw these rare homes was in the bluffs area in Newport Beach. These listings would have descriptions like - "This home is on Irvine Co. leased land. Current Option to buy out lease is $---. The current annual land rent is $---. Lease expiration date is DMY."
 
You must log in or register to reply here.
Back
Top