FAQ

About the Community

The Neighborhood

Latitude° 61 is a gated community with 61 townhome-style condominiums. It also features a community pool, spa and guest parking. Homeowners can take a short walk (less than 1 mile) into downtown Palm Springs to enjoy coffee shops, restaurants, shopping and a wide variety of recreational activities.

HOA & Land Lease

Total monthly fees are $340. This includes an HOA of $180 per month and a land lease of $160 per month ($1920 paid annually). *See Land Lease FAQ for more details.

What is the tax rate at Latitude° 61?

The tax rate is 1.26% and a total of $735 in annual special assessments.

Does Latitude cooperate with outside brokers?

Yes. There is a 2% broker co-op for agents that introduce clients to Latitude° 61. A registration will be given to agents that register clients prior to the buyers first visit.

About Lease Land

History

In 1876, the United States government established the Agua Caliente Reservation with more than 31,128 acres in a checkerboard format, alternating sections of 640 acres. The alternating non-reservation sections were granted to the Southern Pacific Railroad. This checkerboard formation includes downtown Palm Springs. Roughly half of Palm Springs is considered "lease land," meaning that a significant portion of the city's residential properties are situated on leased land from the Agua Caliente Band of Cahuilla Indians. There are currently more than 20,000 homes on leased land within the city limits.

How much is the lease?

The annual lease is $1920 ($160 a month) paid on January 1st of each year throughout the term.

How often is it adjusted and by how much?

The Base Rent is adjusted on January 1, 2028, and every 3 years thereafter. The Consumer Price Index is used to determine adjustment. The base rate is adjusted between 9% and a maximum of 12% per adjustment period.

Example of adjustment at the maximum allowable rate:

• Year 3 = $2150 annual ($179 monthly)
• Year 6 = $2408 annual ($201 monthly)
• Year 9 = $2697 annual ($225 monthly)
• Year 12 = $3021 annual ($252 monthly)

How long is the lease?

99 years. This includes an initial term of 65 years and an option to extend for an additional 34 years. An amount of 6 times the annual base rent will be due to exercise the extension option.

Can I get a mortgage on leased land?

Yes. All loans are Leasehold Mortgages. However, it is important to use a lender that is familiar with leased land. Please speak with our preferred lender for more details.