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"My wife and I have been vacationing on the DE/MD shores for years and always had a dream of owning a vacation home in the area. We had looked at many projects over the past couple of years, but could not find "the one". On our first visit to Baywood last year, we immediately fell in love with the community. The landscaping, the neighborly atmosphere, the beautiful as well as challenging golf course, and the secluded layout were what we had been looking for.
Being a life-long conservative banker, the ground lease versus fee simple nature of home ownership was a concern. However, after reviewing the ground lease in detail, we became more and more comfortable with the idea of not owning the "dirt". More importantly, it made the purchase of the home affordable. As land prices continue to escalate in this area, the cost of the land can increase the purchase price by as much as 35-40%. Obviously, the higher the ultimate purchase price, the more equity that is required upon acquisition of the house. We have been owners in the community for about six months and we continue to marvel at how lucky we are to be homeowners in such a lovely community." |
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