I know we have some real estate gurus here...seeking input.
I’m looking into purchasing a condo in a new development (<15 units) that is still under construction. Today, I learned that the land will be leased to the developer in a 95 year Grounds Lease for a nominal sum. So, essentially, the developer (lessee) would be subletting to the unit owners. The lessor is a third party LLC. My attorney is concerned as it could cause resale problems down the road. My realtor isn’t so concerned. I know I’m probably leaving a lot of important details out, but on its face, does this seem like a situation to avoid?