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.

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 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

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

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

What happens to the shareholders then?

You own shares of a defunct company value = zero.

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?

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.

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.

Higher interest rate for a co-op as well

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

Tougher to get financing for co-op buildings

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?

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

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