Can you convert Leasehold to Fee Simple on Redfin

Question

I bought a leasehold condo but I also purchased fee which I believe converts it to a Fee Simple transaction. However, Redfin shows only the price of the leasehold as the value of my home. Is it possible to have Redfin and Zillow shoe the fee simple value from now on or is it stuck as is?

Kessy Similien · Answer

No im not listing it for sale yet. You are right, I guess it doesn't matter. It does through off my assets in Personal Capital but I can manually add the title value as a separate item. I guess I was just curious how those systems track what's a leasehold vs a fee simple and if it was easy to update.

Chris Seveney · Answer

@Kessy Similien

Why care - are you listing it for sale and it’s not correct? Every site has my house at 1/2 what it’s worth because we knocked down our old home and built new. Don’t worry about those sites

Sergey A. Petrov · Answer

you can't just buy land in a leasehold condo. all condos share the land they are on, you'd have to buy everybody's land not just yours ("my land" doesn't exist in a condo, land is a common element owned by everyone in common).

Kessy Similien · Answer

Yea so I purchased the fee / title, meaning I own the land. This should be reflected in the total price of the condo. How do I make that happen?

Sergey A. Petrov · Answer

Redfin has nothing to do with leasehold vs fee simple. Leasehold basically means the condo you bought is built on rented land which you don’t own (and pay rent for through your monthly association assessments)