When searching for homes in Canyon Country, you’ve undoubtedly come across the Canyon View Estate community located just west of Camp Plenty Rd. It’s a guard gated community, with hundreds of manufactured homes, that look like, well, normal homes at a glance. These homes don’t look like a single wide or double wide mobile home. They look and feel like a normal home, with their front yards, two car garages, and backyards too. No car ports here! At first, you find many positives with respect to Canyon View Estates.
And then the Land Lease hits you.
Where the differences with standard mobile homes ends, the biggest perceived drawback begins – the Land Lease. You own the home, not the land it sits on – much like a standard mobile home where you pay space rent. Every month you pay a Land Lease in addition to your mortgage, when living at Canyon View Estates. Currently, it appears that most Land Lease fees are ranging from the $600 and $800 range per month, and sometimes just above $1,000 a month too. As we understand it, the Land Lease can go up every year, and adjusts with the consumer price index, per a phone conversation with the management. Buyers are always warned to investigate the Land Lease when doing their due diligence while in escrow of before. We would advise you to do the same!
With the significant drop in home values in Canyon Country, and other Santa Clarita areas as well, Canyon View Estates has slowly, but surely, started to look like a viable option to own a home. Much of the interest comes from people who need larger sq ft, and had been shopping for one or two bedroom condos that lack the size they need. The home values in Canyon View Estates have essentially dropped like a rock over recent years. In 2006, much of the community was selling in the $200,000 price range. But, unlike other neighborhoods with similar percentage price losses, Canyon View Estates has the Land Lease, which diminishes interest in the community. Many different home lenders have stopped making loans on Canyon View Estates homes too – however there are still few lenders making loans on the community, as of “today.” Contact us for who those lenders are.
From $200,000’s to well under $100,000!
Many listings in the Canyon View Estate are bank owned homes. Today, one particular bank listed a 2 bedroom home with “2,080” sq ft, for just $37,900! With 10% down (only $3,790!) that puts your mortgage right around a few hundred bucks a month! Add to that a Land Lease that could go up towards $1,000+ a month – NOT BAD! Many pay that in rent for a 1 bedroom apartment in Canyon Country.
You can see why, its “starting” to pencil out, in some instances. Who knows, perhaps in several years, they will go back up well above $100,000, or well into the $200,000 price range where there were not too long ago.
Click to search Canyon View Estates Homes For Sale – click on Canyon View Estate in the tract table to display all current listings.
Let The SCV Agents Team help you with your Santa Clarita Home search, call us at 661-964-1760. Always shop for homes, and visit us at www.TheScvAgents.com.
Posted via email from The SCV Agents Team
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