How Popular Are Long Term Leases?
The April issue of Metropolitan Home had a feature on “The Smith Penthouse”. While definitely an interesting project, check out SkB Architect’s site for photos, what caught my eye is that its leased:
He gave up his house in the suburbs and signed a long-term lease on the [2200 square foot] penthouse of a downtown office building that had recently been converted to residential use and certified as LEED silver.
I’m curious to find out more about these long term leases. Does anyone know more? How common is it? What does it cost? Wouldn’t you worry about dropping a lot of money on a renovation but not actually owning the place?
And for the curious here’s a photo lifted from SkB: