So far, with the exception of one reply, all of the replies suggested that the current owners think only of themselves. Personally I would spend the money to convert. Then I have a property that belongs to me in perpetuity and when it comes time for me to leave this world I can leave it to a family member and let them decide if they choose to keep it or sell it. By that time the situation at The Cliffs might be resolved and the property will have some value. Afterall, does a new buyer want to buy a fee simple property and own it forever or lease hold and, as in this case, only have it for another 34 years? Duh! Remember too that property values will escalate in the future and the value of property in Princeville along with it. This financial situation that we are experiencing will not last forever.
gbraslow:
This entire isssue involves a relatively small amount of money, so whatever the OP decides will not be life changing. However the OP did initiate this issue, so I will respond once again.
Clearly, I
was suggesting that the OP think of herself. How could I presume otherwise? I don't know if she wants to leave it to someone, and if she wanted to leave it to someone, would that someone want to own it?
Additionally, you go on about the value of the property, and the financial situation improving etc. My response has no bearing on what may occur in the future (I'm not clairvoyant) nor do I have an opinion on the Cliffs- (I assume the OP likes it there or she would not be posting her question.) My answer is based on the OP's options which are either to pay $100 to change her leasehold expiring in 34 years to a deeded ownership or not. One add'l bit of information was provided by another responder who stated that the deeded Cliffs are selling for $1 on Ebay.
My opinion remains the same- but as I said it's not alot on money- maybe I should suggest the OP think of her heirs and invest that $100 today for them and in 34 years they'll have over $500 at 5% componded interest.
