Is VUE a gated community?
The Vue will have a community gated entry. All interior streets, walkways and parking are for private use of Vue residents and their guests. The only public amenity is the social plaza and seating areas located at outside the perimeter walls on Tahquitz Canyon Way and along South Hermosa Dr.
How many entries are at VUE?
Vue will have one main gated entry on South Hermosa Drive.
What are the amenities?
Besides being a gated community with private street for the exclusive use of its residents and their pets, Vue has ample guest parking spaces, quaint social seating and open spaces for walks or jogs.
Will the gates be automatic?
Each resident will be given specific gate openers for their private use. In addition, an electronic entry system will allow guests to communicate with residents for access automatically.
How large is the community?
The Community totals approximately 9 acres.
What are the monthly Homeowner's Association dues at VUE Palm Springs?
Each of the 46 single-family homes will be part of the Vue Master Community Association. The Build-Out Master budgeted homeowner’s association dues, as submitted to the bureau of real estate (CA DRE), are currently at $175 per month at build-out. The fee will cover management and maintenance of Vue which includes the front entry gate, landscaped entry, landscaped retention basin, along with all common areas.
Does VUE Palm Springs sit on Lease land or Fee simple?
VUE sits on Lease land. PLEASE SEE LEASE FAQs below for further details.
What is Lease Land?
How long of a term will I have?
An amount equal to six times the then current annual base rent will be due as consideration for the right to exercise the extension option.
How much will I pay annually?
How often is it adjusted and by how much?
The Base Rent shall be adjusted on January 1, 2025 and every 3 years thereafter. The Consumer Price Index for All Urban Consumers will be used to determine adjustment. Each subsequent 3-year adjustment period shall utilize a similar method of calculation. In no event shall the Base Rent be increased by less than nine percent (9%) or more than twelve percent (12%) of the Base Rent.
Below is based on a calculation of the max increase of 12% which shows an example of
- Year 3 = $2016 ($216)
- Year 6 = $2258 ($242)
- Year 9 = $2529 ($271)
- Year 12 = $2832 ($303)
Can I get a mortgage on lease land?
The Origins of Palm Springs Land Leases
Keep in mind the above description only touches on a few key elements of the land lease for VUE PS. For further information and to view the lease in its entirety please ask a sales representative.
Before you enter a transaction on lease land, you should read and review all contracts, leases and information about the specific lease as all leases are unique and subject to changes. We 1·ecommend you consult with your accountant, attorney, and tax-advisor prior to making any real estate purchases on Lease OR Fee land.