When you look at condos in Palm Springs – and there are some fantastic opportunities right now – you should definitely plan to take some time to study the community association documents.
One of the differences you’ll notice here in the Coachella Valley is that there are two types of condos: fee land and lease land. On the checkerboard map of the valley, odd-numbered sections (section = 1-mile square) are fee land; even-numbered sections are lease land. Condos on fee land include the property they are built on, so when you buy a fee land Palm Springs condo, you also buy a percentage of the total land within the community association. Lease land condos (and homes) are built on land that is deeded to the Agua Caliente Band of Cahuilla Indians. The community association holds a long-term lease on the land (often administered by the Bureau of Indian Affairs). When you buy a lease land Palm Springs condo, you buy the structure and pay an annual lease for the land it’s built on.
Lease and fee land properties appreciate at the same rate and offer the same bells and whistles in terms of amenities. But as a Palm Springs condo buyer, you’ll find that lease land properties cost less and have lower taxes than comparable fee land properties.
If you’re considering the purchase of a condo in Palm Springs, make sure you understand the terms of the sale, including fee or lease status. We would be happy to review the association documents with you and explain more about how this unusual arrangement works.
We have a lot more to share with you about Palm Springs, so take a look at our Desert Communities page.
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