At Lakeside Crossing, the Lease Matters as Much as the House

"I can see having a special for the first two years, but this is forever."

Rabbi David Weissman of Temple Shalom in Conway said that more than a decade ago, while organizing Lakeside Crossing residents over a monthly charge most buyers never look at on a listing. The protest itself is history. The way the community's costs are structured is still in place. As MyHorryNews reported, at Lakeside Crossing you buy the home and lease the ground under it, and that lease drives what you pay each month and what a later buyer will pay you.

What Happened When Two Leases Sat Side by Side

Back then, according to MyHorryNews, longtime residents were paying roughly $400 to $600 a month. The developer at the time, Sobel Co., was offering new buyers $199 a month to restart sales after the Great Recession. The older leases rose 3 to 5 percent a year, and some residents reported increases of as much as $375 a month since they had moved in.

The money explains why the residents were upset. A 3 percent increase on a $600 payment adds $18 a month. The same increase on $199 adds about $6. Raising both by the same percentage widened the dollar gap every year. Residents described exactly that problem.

Resale prices showed the effect. Residents said homes that had once sold for as much as $200,000 were going for $125,000. They also said that with cheaper monthly leases available on new homes, they had little chance of selling their own. A buyer comparing two similar homes was comparing two monthly payments. The home with the more expensive lease had to sell for less to compete.

Sobel's side was also part of the coverage. The company said it paid for many community services out of its own pocket and that the discounted leases had pushed resales from six one year to 28 the next. It also said the existing leases were pledged as collateral on its mortgage, so it could not lower them. The new leases did include lump-sum increases in certain years, meant to narrow the gap over time.

None of those rent figures apply today, and none of them are a quote for any home on the market now. The point is how the system works. In a land-lease community, two homes with the same floor plan can be worth very different amounts because of the lease each one carries.

How Rent Is Set Under Sun Communities Today

Sun Communities now operates Lakeside Crossing. In its annual report for fiscal 2025, Sun says its typical U.S. manufactured home site leases run year-to-year or month-to-month and that market-rate adjustments generally happen once a year. Leases tied to the consumer price index are mostly at its Florida and California properties. A South Carolina buyer should not assume the lease has an index formula like the one Lakeside residents described a decade ago. The lease document will say how increases work.

For a sense of direction, Sun's February 24, 2026 earnings release projected an average rental-rate increase of 5.0 percent across its North American manufactured housing portfolio for 2026. That is a portfolio-wide estimate, not a promise for any particular Lakeside lot. It does show the company expects rents to rise each year.

Sun's own leasing guidance points to the same thing. Staff are told to know when the property announces market rent increases and, where it applies, to tell applicants:

"The current market rent is subject to change at the beginning of ______."

Get the date that fills that blank. If you close in November and the new rate takes effect in January, your first-year budget should use the January number.

Who Signs the Lease on a Resale

The 10-K also shows how common resales are. Over the five calendar years ending December 31, 2025, an average of 5.3 percent of homes in Sun's manufactured housing communities were sold to a new owner "who then assumes rental obligations as a community resident." That sentence confirms the buyer takes on a lease. It does not say whether the buyer keeps the seller's rate or receives Sun's current one.

The process points toward a new lease in the buyer's own name. Sun's homebuyer application for a Lakeside Crossing address asks for applicant, co-applicant and occupant information and charges a $100 nonrefundable fee. Sun's leasing guidance says the community manager or a designated salesperson, the applicant and any co-applicants sign the site lease. The rent the seller pays today may not be the rent you will pay. Get the figure for your lease in writing from Sun.

Current listings do not answer this either. Sun's listing for 2080 Eastlynn Drive asks $239,900 and says the price does not include site rent. A resale at 2039 Eastlynn Drive was listed at $225,000 as of early October 2026 and marked as leased land, with no monthly figure shown. Sun's fee guide tells buyers to confirm site rent with a sales representative before applying. The most recent public starting figure we found was $650 a month, posted on a retirement-community directory in January 2025. At nearly two years old, it is best treated as a historical marker, not a budget number.

What South Carolina Law Puts in Writing

South Carolina's Manufactured Home Park Tenancy Act, in Title 27, Chapter 47 of the state code, does not cap rent or set an increase formula. It does give buyers several things they can rely on during a purchase.

The 30-day notice rule means a rent increase can arrive with about a month's warning. The written-lease rule means everything you need to compare homes has to be on paper. Asking for that paper early is how you plan for both.

What the lease includes also matters for comparing homes. Sun says utilities and trash may be billed separately and that lawn care varies from community to community. The clubhouse, fitness center, pool and lake listed on the Lakeside Crossing amenities page are features of the community. The lease, not the brochure, decides which costs fall under your monthly payment.

Why Financing Follows the Lease

Because you won't own the land, the loan covers only the house. HUD's Title I program allows a loan on the home alone. A loan on both home and lot requires the borrower to own the lot outright. Title I also permits a leased site but requires an initial lease of three years and at least 180 days' written notice before the lease can be terminated. Some lenders, including 21st Mortgage in South Carolina, advertise loans for homes in communities where no land is involved. Sun's own application for the Eastlynn Drive home includes a financed brokered-sale path.

A lender may need the lease terms to approve the loan, so get the lease early. This post is general information, not lending or legal advice. A loan officer and an attorney can tell you how these rules apply to your situation.

The Order That Protects Your Offer

1. Ask Sun for the site rent you would sign, not the seller's current rent, in writing.
2. Ask for the date the next market-rent adjustment takes effect.
3. Ask for a sample lease and read its term, its renewal terms and its list of included services.
4. Add up the separately billed costs, such as utilities, to get your true monthly total.
5. Share the lease terms with your lender before you set an offer price.
6. Build the 15-day purchaser approval window into your closing date.

Once you have the monthly total, you can compare two homes fairly. A home with a lower price and a higher lease can end up costing more than one with a higher price and a lower lease, and the next buyer will do the same math when you sell.

Common Questions

Is there an HOA at Lakeside Crossing? Lakeside Crossing works on a land lease with the community owner. Back when Sobel Co. was the developer, MyHorryNews reported that the company stated plainly that Lakeside Crossing was not an HOA or a condominium project. Your monthly payment is site rent under a lease, which works differently from association dues.

Can a rent increase arrive in the middle of a lease? Sun says market-rate adjustments generally happen once a year. Once the original term ends, South Carolina law requires at least 30 days' notice before a new rate takes effect. Your lease will spell out its own terms.

Why don't listings show the monthly rent? Sun says its listed home prices do not include site rent and asks buyers to confirm the amount with a sales representative. Ask for that number before anything else.

If you're weighing Lakeside Crossing against other 55+ options in Conway or along the Grand Strand, I'm happy to help you collect the lease terms, the next adjustment date and the full monthly cost for each home on your list, so you can compare them side by side before you make an offer. Brendan Danna is ready when you are. Let's Connect.