You have a 99 year lease from the date it was built, you don't own the land that is why it is called Land Lease or leasehold

Hi Mark! Here is further definition of land lease (excerpt quoted from wisegeek.com/what-is-a-land-lease.htm).

''A land lease is a type of financial arrangement in which the ground under a structure is leased, rather than sold to the builder, meaning that the land and the structure are owned independently. There are several reasons to enter a land lease contract, but it occurs most commonly when a real estate investor wishes to retain a piece of land, but not necessarily put energy into developing it. In this instance, the investor might work with a developer to create a land lease contract, allowing the developer to build a structure and rent or sell it, with the understanding that the land is leased and does not come with the building. This type of arrangement is more common in urban areas, and is often associated with cooperatives or tenant-owned buildings.

Generally, the contract for a land lease runs for at least 50 years. If the land lease is near termination, the land owner is usually willing to renew it, providing that the building has been profitable and well maintained, although the amount of rent will likely increase, as the property value will have increased as well. The terms of a land lease usually require that the property be developed in some way, and that rents for the land are paid monthly or quarterly into the accounts of the landlord.

For people renting space in a structure on leased land, the terms of the lease arrangement are usually not very important. It becomes more of an issue when consumers wish to buy a condominium or apartment on this type of property, because it does have an impact on the quality of the investment. If the lease is about to run out, it may be difficult to find a financial institution willing to lend money, for example. However, if the lease does not expire until well into the future, buying a structure on a land lease can be a sound investment, because the building is usually significantly cheaper than neighboring real estate because of the unique situation."

Another example in Pinellas County is Seminole Gardens in Seminole which has multiple land lease units for sale and requires a land lease fee as well as monthly maintenance. If I can be of any assistance, please feel free to call me direct at (727) 541-3743.

Darla Schroeder, Realtor, GRI, e-PRO
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708
Office Toll Free (800) 866-6032
darla.schroeder@century21.com

A land lease occurs when someone builds on land that is only leased. Land leases are usually for a long period of time. So, when you purchase in a land lease situation, you own the property (your part of the building) or interior of the unit in a condo scenario, and pay rent for use of the land. An example of land lease in Clearwater is at On Top of the World. Although a few buildings are fee simple (straight ownership), most of them are on land lease. Most of those leases were made for 99 years from the time of construction. So buying and selling is pretty normal, except that you pay a fee for the land in addition to other condo or HOA fees. At OTOW, they are included in the condo fees. I hope that helps. Are you looking at property with a land lease?

Please let me know if I can help you further.
Rachel Friesema, IPS, QSC
Prudential Tropical Realty
727-481-4757