Looking for enlightenment regarding leasehold 411
Last year I bought a 2 bed, 2 bath leasehold property and the lease was up for re-negitioation in November. The lease is up in 2034 and the fee was offered for sale back in 2018 for $1.4M. The trust increased the monthly lease payment by 300% - going from $1,100 to $3,300 a month. I've been asking about purchasing the fee and they have said that they are going to re-appraise the property but warned that prices have gone up considerably since 2018 - so expect a big increase.(!) They have been dragging their feet about doing the reappraisal and have kept me waiting for months while I try to sell the property. The most expensive unit to sell in our condo building was a recently renovated 3 bed, 3 bath penthouse for $2.3M. My unit is on the second floor and not updated. It feels like they have me over a barrel - it seems like there are no restrictions to what they can ask/demand and I'm helpless to say or do anything about it. This new lease payment coupled with my sky high HOA dues makes it nearly impossible to stay above water even if I manage to rent it out consistently. I am having a hard time selling the property because of the high lease payment and the unknown reappraisal price for the lease fee. This is driving me broke. What options/recourse do I have? Anyone have any experience working with Lilioukalani Trust and can share some tips/insights/suggestions?