sirajmoosa
03-17-2007, 05:23 AM
1.Why are there so many properties on leased land?
There are several situations here. Business and commercial land is often leased all over the world. In New York City, Tokyo, and other larger, older cities; land owners often lease the land that is underneath those skyscrapers and in some cases even the park land is leased to the city by the land owners.
In Lewes, all of the land east of the Lewes and Rehoboth Canal, what is known as Lewes Beach; is leased land. The land leases there are usually owned by the Town of Lewes and are usually for 99 years and renewable. Some of the properties on Lewes Beach, however, are leased for shorter terms by the town, but as a rule all of these are automatically renewable. When you buy a property on Lewes Beach you pay a fee to get the leased land re-assigned to you. That fee for a Bay Front Property, on the Delaware Bay; can be well over a half million dollars, depending on the size of the lot; and the value of the home and improvements is added to the lease assignment value. In other words, even though it is leased land on Lewes Beach; the price is commensurate with purchasing the land. This land has always been leased land as prescribed by England, during our American Colonial Period and that ownership style remains.
(http://www.siraj-realestate.com)
There are several situations here. Business and commercial land is often leased all over the world. In New York City, Tokyo, and other larger, older cities; land owners often lease the land that is underneath those skyscrapers and in some cases even the park land is leased to the city by the land owners.
In Lewes, all of the land east of the Lewes and Rehoboth Canal, what is known as Lewes Beach; is leased land. The land leases there are usually owned by the Town of Lewes and are usually for 99 years and renewable. Some of the properties on Lewes Beach, however, are leased for shorter terms by the town, but as a rule all of these are automatically renewable. When you buy a property on Lewes Beach you pay a fee to get the leased land re-assigned to you. That fee for a Bay Front Property, on the Delaware Bay; can be well over a half million dollars, depending on the size of the lot; and the value of the home and improvements is added to the lease assignment value. In other words, even though it is leased land on Lewes Beach; the price is commensurate with purchasing the land. This land has always been leased land as prescribed by England, during our American Colonial Period and that ownership style remains.
(http://www.siraj-realestate.com)