River place in Rosslyn

[Anonymous]

What's the deal with this place? Seems a little cheaper than the rest of Rosslyn.

[Anonymous]

I think the buildings are built on leased land and the lease expires

[Anonymous]

Yes- River Place is on leased land, and there has been an impasse between the cooperative and the landowner dating back to this 1982 Post article...
https://www.washingtonpost.com/archive/realestate/1982/01/23/river-place-co-op-is-selling-borrowed-time/f4d72370-f529-4994-8562-86862b1e73f3/?utm_term=.26a2eaa777fa
...that to this day has yet to be resolved.

I wondered the same thing (isn't this really cheap?) when I was looking to buy a place last year. You can get a spacious 1 bedroom apartment, in a great location, with a balcony and river views for less than most basement studios... but it's a gamble. Would love to hear what any current residents have to say about the land-lease situation, and if there's a resolution in the works?

[Anonymous]

Tougher to get financing for co-op buildings

[Anonymous]

I looked at it in 2001 and the land lease made me nervous then. I bought in SWDC.

[Anonymous]

Higher interest rate for a co-op as well

[Anonymous]

You dont own real estate instead you own only shares of a company that owns the building. The buildings are on leased land and the lease expires in 2050. I expect the property prices will nose dive at 2020 after which point you will no longer be able to get a 30-year mortgage. Its value will only be a rental value.
The land is in a prime location and I expect the owner will take it back and demo those old buildings.

[Anonymous]

My ex rented there in the early 2000s and the owner was practically trying to give the unit away to him. It would make a good first house for someone - but they are old...so old.

[Anonymous]

Anonymous wrote:You dont own real estate instead you own only shares of a company that owns the building. The buildings are on leased land and the lease expires in 2050. I expect the property prices will nose dive at 2020 after which point you will no longer be able to get a 30-year mortgage. Its value will only be a rental value.
The land is in a prime location and I expect the owner will take it back and demo those old buildings.

What happens to the shareholders then?

[Anonymous]

What happens to the shareholders then?

You own shares of a defunct company value = zero.

[Anonymous]

they are co ops which make them harder to get financing for.

[Anonymous]

Any updates to what may happen when the land lease is up?

[Anonymous]

Anonymous wrote:You dont own real estate instead you own only shares of a company that owns the building. The buildings are on leased land and the lease expires in 2050. I expect the property prices will nose dive at 2020 after which point you will no longer be able to get a 30-year mortgage. Its value will only be a rental value.
The land is in a prime location and I expect the owner will take it back and demo those old buildings.

This

[Anonymous]

Anonymous wrote:

Anonymous wrote:You dont own real estate instead you own only shares of a company that owns the building. The buildings are on leased land and the lease expires in 2050. I expect the property prices will nose dive at 2020 after which point you will no longer be able to get a 30-year mortgage. Its value will only be a rental value.
The land is in a prime location and I expect the owner will take it back and demo those old buildings.

What happens to the shareholders then?

Your investment is worth zero.

[Anonymous]

I had a bunch of friends who lived there ~2000 after undergrad. The buildings felt old then and every single one of them had persistent issues with roaches. I'm not sure what has changed since, but I still get a little grossed out when I pass them.