What does it mean when a condo is insolvent?

What does lease hold mean in a condo situation?

• We are looking at renting a condo in Honolulu Hawaii for a few years while we attend school. When it says Leasehold $389,000 and then under description has condo fee of $824 and a monthly lease rent $292 does that mean you can rent the place for $1116 per month? or does it mean you have to buy the condo and then pay and additional $1116 per month? Here is the listing http://www.hicondos.com/hawaiiCondos/active_sheet.asp?MLSNUM=1102701 Thanks :)

• Answer:

  there is a service fee for the development and what used to be called ground rent for actually living on the property which still belongs to the freeholder so it's $389000 plus $1116 per month which of course is a rip off , leasehold reform has been before congress for decades but they haven't done much about it I wonder why? surely the property developers are not "lobbying" congress at current interest rates with a mortgage over ten years the condo would cost a minimum of $785000 and probably a lot more after inflation