Popular Co-op with PRIVACY, no steps, and close to carport for easy access. 2 bedroom, 2 bath, Cottage style home, with no one above or below. New Dual Pane windows, Stacked W/D, vaulted ceiling in living room, ready for a new happy owner! Call Patrick to arrange viewing.
2 bedrooms, 2 bath with vaulted ceiling in living room, scraped ceilings, crown molding, new dual pane windows and a kitchen that has been opened to the livingroom. W/D in hallway closet, atrium enclosed for increased square footage. This home has it all! Priced at only $249,000. Contact Patrick McNamee to see this home today!
We have had a minor uproar lately in the community about the fact you can’t rent out co-ops year around like to can condos in Laguna Woods Village. When they originally created “Leisure World” (the old name of what is now Laguna Woods Village), they had a law in the homeowner association bylaws that only allowed co-ops to be rented out for 6 months out of the year. This was due to the fact that each home had a 40 year FHA loan attached to them. Well, all the loans were paid off in 2009, so the association could have, theoretically, done away with this restriction. But, as of now, they have chosen not to…
The reason why is some of the residents in United (the co-op mutual), like it this way. That was the requirement when they purchased the home, they knew the restriction, and feel that allowing rentals of the co-ops year around would somehow “cheapen” the community. Or worse, turn it into an “all rental” community.
In any event, this was the feeling before the big real estate downturn which started in around 2009… Now many poor Co-op owners are having a hard time selling their homes, and they would love to be able to rent the place out year around, instead of selling in this bad economy. Unfortunately, they cannot do this due to this restriction. To that end, some United residents have formed an organization, the “Protect Property Values Club,” to try to get this rule changed. One recent town hall meeting attracted over 200 residents. Furthermore, a petition is now being circulated around the community in support of eliminating the 6 month rental restriction.
Although I do understand how some residents would like to keep the current rule in place, I also feel that residents do deserve a choice in the matter. Furthermore, I feel having year around rentals of the co-ops would not turn it into a “rental” community. They have allowed rentals year around in the condos and the lease rate has never exceeded around 10% of total units. In fact, they have a cap on rentals at 20% of total units. I would propose having this same rule in place with the co-ops if they were to change this rule.
Perhaps as a compromise, why not “test out” the idea, and allow rentals in the co-ops for the next 2 years? Near the end of this test run, why not conduct a study to see the impact of this change on the community? If it has been positive, or generally a “no issue,” make this change permanent going forward.
As a real estate agent, I am for eliminating the lease restriction. I am sure it would increase sales of co-ops as well as increase their value and worth.
ARTIST’S RETREAT WITH KITCHEN OPEN TO LIVING ROOM! Casa Linda 2 BD/ 2 BA. Remodeled kitchen, W/D in, partially enclosed patio, curbside parking!….$159,000
Here is my Catalina model listing with a 1 car detached garage on a single loaded street. This home features fabulous views and is ready for a new happy owner! New paint and carpet and professionally cleaned, this home is move in ready! Priced at only $239,000. Please give me a call if you would like to see this home in person.
202-D – Charming End-Unit Granada
Here is my new listing, a Granada end-unit that has been completely remodeled. Central Heat and Air, W/D, and kitchen opened up to the living room! Quiet, interior CDS location, and parking close! Offered at only $189,000
Here is my new listing at 25-F Avenida Castilla. It is a 2 bedroom, 2 bath artist’s retreat with enclosed patio. No steps and close to carport and guest parking. Newer appliances, raised counter tops, new counter tops and ready for a new happy owner! The home has been freshly painted and shows clean and bright. Call me today to see this lovely home, won’t last long at this price!
Here is a look at the new 5 million dollar golf building! It will consist of over 17,800 square feet of combined indoor/ outdoor deck space and have a large restaurant, as well as golf club storage and numerous meeting rooms. This new building is slated for completion in Fall of this year. Next on this new blog video, we explore the garden plots that are available for resident use. We have 933 cultivation plots available, and the annual fees run between $26 – 53 per year based on size (plot sizes range from 200 – 500 sq. feet). Finally, we go to the Laguna Woods Village horse stables! We have 40 stalls and have over 3.5 miles of trails that snake throughout the community. Horse boarding costs $215 a month and horse trail rides are $6 an hour for residents and $10 an hour for guests. Riding lessons are $15 an hour for residents and $25 an hour for guests. Happy riding!
For this blog, I thought I would include some of the client testimonials that I have received over this past year. I think they give you a good idea of how I work and what you can expect when you hire me to be your realtor.
“Over the years I have purchased seven homes, and by far Patrick McNamee was the best realtor that I have ever worked with. He was extremely knowledgable, hard working, helpful and courteous and made the entire buying process easy. I consider myself lucky to have hound him and plan to use him on all my future real estate transactions and recommend him to my friends in the future.”
- Rich Lapoint (Buyer Client) November, 2011
“Patrick is an exceptional professional. His attention to my needs, details, and negotiating skills made the expereince very easy. I plan on calling him again once I am ready to purchase a home.”
- Iris Stone (Home Seller Client)
“I am writing to thank you for your expeditious and conscientious assistance during our search for a suitable home for my dad in Laguna Woods. Your professionalism and extensive knowledge of the community made the entire process efficient, informative and truly enjoyable. I was very impressed, as I sat in the backseat (literally) and watched you ‘determine’ the evolving criteria from my father and then effectively eliminated properties that were not a suitable match. I really appreciate your diligent work, research, always preparedness and great attitude throughout. I do think we helped my dad choose an excellent home and he seems much more settled and comfortable now.”
- Doyle White (Buyer Client)
“Root canal or commissioned salesperson? Personally, I’d prefer the former, but a recent home selling experience with a Leisure World real estate agent may have altered my outlook. Not one for giving compliments, I must admit the sales experience, after a rough beginning, turned out to be a pleasant surprise.
The family recently had to sell my mother’s home, so I contacted the agent who originally sold my mother the house. No reply to either phone calls nor email. Nice…professional, I like that. So I contacted a relative of the “agent too busy to return phone calls” and she, most graciously I might add, went over to the house and reported amongst other negative comments, that the house was located in a noisy area, too close to Avenida Sevilla. Funny, I don’t remember being told that when we purchased the place from the “busy” agent.
I then asked my sister to search the web for another agent in the Leisure World area and suggest one. She found http://www.lagunawoodsre.com, so I made contact and knew immediately I was dealing with a professional real estate agent and not some retired resident of Leisure World who plies the real estate trade by day, solely to relieve boredom.
The agent, Mr. Pat McNamee of Century 21 Rainbow Realty, was informed the house was a “short sale” (a house sale for less than the mortgage amount with lender approval). I fully expected him to hang up when I said this as most agents seem to shy away from this type of sale, but he said “OK, let’s do it”. And he did. He got together all the individuals/organizations required to proceed with a short sale (mortgage lender, short sale specialization firm, PCM representatives and the family Trust attorney), found a buyer within one week of listing and closed the home in 30 days and on schedule. How many Leisure World agents would be able to accomplish this? Our family actually went through five agents before finding Mr. McNamee so we consider ourselves lucky.
Should anyone be interested in a real estate professional whose minimum efforts equate to 110%, then you now know how to contact same.
Oh, pardon me, I neglected to state that Mr. McNamee accomplished all of this from 8,000 miles away. You see, I live in Asia.”
- Dennis Scantlin (Home Seller Client)
Pampanga, Philippines
“I wanted to take a minute to tell you what a very favorable experience it has been working with Patrick. We had two properties managed by him with great renters, then we listed both properties with him, which he then sold. It was a worry free experience, as I live in the Seattle area. In fact I do not believe I could have managed this without Pat’s help. I consider him very knowledgeable about the market in Laguna Woods, and when some of the offers that came in were so low that it angered me. Pat calmed me down and explained the market and the comps to me, although it was still painful to sell the units at such a low price.
I would highly recommend Patrick to anyone looking to buy or sell property.”
- Barry L. Lichter, DPM (Home Seller client)
Besides being only 8 miles from fabulous Laguna Beach, California, Laguna Woods Village is also close to many other vital locations you will find important. Indeed, the Village has close shopping, doctors and medical centers, restaurants, a major airport, and other points of interest known the world over – How about Disneyland anyone?
Let’s take a look at what is outside the “back door” of Laguna Woods Village. What is within a 5-10-20 minute drive of the Village? How about these locations! Let’s take a look:
Shopping – Laguna Hills Mall is right outside the gates of the Village (0.5 miles) and is anchored by Macy’s, JC Penny’s and Nordstrom Rack. It also hosts more than 100 specialty stores. Markets are located at most major corners surrounding the village. Von’s and Stater Bro’s are located at the corner of El Toro and Moulton Parkway. Mother’s Market is located at the corner of El Toro and Paseo de Valencia. Home Depot is located 0.5 miles away near the corner of Moulton and El Toro. Costco is located 3.22 miles away in Laguna Niguel, Trader Joe’s is located behind the mall on Carlota, and Walmart is located 3.49 miles away on Alicia Parkway.
Hospital and doctors – Saddleback Medical Center, a world class hospital, is located 0.5 miles away next to the Mall on Paseo de Valencia. Over 100 doctors are located on Paseo de Valencia representing every major branch of medical service.
Beaches – Laguna Beach is 8 miles away and Newport Beach is located only 11 miles away (Take the 73 Toll Road to get to Newport). Let’s not talk about all the great restaurants located in these towns! There are too many world class restaurants to even mention. While in Laguna Beach, visit the Sawdust festival during the summer and while in Newport Beach, why not go shopping at the world famous Fashion Island? Roger’s Gardens is also an internationally know nursery located right next to Fashion Island.
Restaurants – You will have to discover these on your own. I could fill an entire blog post covering all of these. There are over 50 located within a 1 mile radius of Laguna Woods Village. Laguna Beach and Newport Beach have another 50 each. I would say 200 restaurants are located within 10 miles of Laguna Woods Village.
Airport – John Wayne Airport is located only 8 miles away up the 405 freeway or only 7 miles away via the 73 Toll Road.
Points of interest – Mission at San Juan Capistrano is located south of the Village and is only 12 miles away, La Jolla is south on the 5 freeway about 45 miles away, San Diego is another 5 miles south of La Jolla. How about taking the grand kids to Disneyland? You’ll be a hero and get there in less than 25 minutes since it is located only 22 miles from Laguna Woods. Have friends in Los Angeles or want to visit some of the world class museums and points of interest located there? It is located less than 1 hour north of the village, via the 405 or 5 freeway.
Laguna Woods Village is indeed in the “middle of it all” but still peaceful and quite behind the guarded gates of this centrally located world class “Senior Resort Community.”
Everyone always asks me this question. This is because before a home is listed for sale, it typically needs some “freshening up,” perhaps some new paint or carpet. On the flip side, once a home is sold, the new owners are typically looking to do some remodeling on their new home. As a result of this, I am always on the look out for the best, most reasonably priced, and dependable sub-contractors and trades people that work in the area. This list is a result of that search.
1.) General handyman – Jerry McFadden is my main “go to” man… 949-768-5335
2.) Carpentry – Counters – Countertops – Raise kitchen counter tops – “Doc Stevens” – 949-458-8604
3.) Flooring – Any and all – Bill Hale at Finer Floors – 949-380-1297
4.) Electric – Jim Coutts & Co. – 949-494-1898
5.) Plumbing – add dishwasher – Add Washer/ Dryer – All Star Plumbing – 949-470-0072
6.) Painting – Steve Peek Painting – 949-279-5799 or Juan Kim 714-624-9510
7.) Cabinets – Kitchen and Bath – Reborn Cabinets is a good company: 714-630-2220
http://www.reborncabinets.com/
8.) Tile Installation – Robert Ford: 949-510-1608 or Peter Stapper: 949-458-0885
9.) AC and Heating – Adding a Heat Pump in the living room – Dicksons Air Con. & Heating – Doug Campbell – 800-999-9038
10.) Bath – tub – shower guy – bathtub re-glazing – shower enclosures, etc. – Andy Costello – 949-380-8787
11.) Trudell Moving and Storage – Laura Trudell (or Elizabeth) – 714-843-6466
12.) Scrape ceiling – South County Drywall – Dana Tichenor – 714-235-5682, ofc. 949-679-4411
13.) Complete Kitchen remodel – A Plus Kitchen and Bath – Roger Mangrum – 949-232-8551, ofc. 949-458-2108
14.) House Cleaning – major or minor – Ruben Guzman Cleaning Service – 949-275-4732
Complete home remodeling Contractors:
15.) Coppola Construction – Rob Coppola – 949-282-9881
16.) Bernritter Construction – Steve Bernritter – 949-244-7788
17.) Pulaski and Sons – Kobi Pulaski – 949-233-4338
18.) Pulaski Construction and management – Jon Pulaski – 714-233-4338
The governmental structure of Laguna Woods, which incorporated as a city in March of 1999, consists of a City Council and Mayor chosen from within the elected Council. The council functions as most city governments do, contracting for police, fire and other public services administering city funds, etc.
In addition, the governmental structure of Laguna Woods Village currently includes three housing corporations and the Golden Rain Foundation (GRF). Each owner in Laguna Woods Village is a member of one housing corporation and the GRF. Between the GRF and the Housing Mutual’s, Laguna Woods Village has over $20 Million in reserves so we have a very fiscally responsible community.
The housing corporations are responsible for those things directly related to housing and the adjacent land.
The GRF is responsible for directing the operation of all “community” facilities such as the bus system, security, clubhouses, golf courses, stables, lawn bowling, etc.
Each of the Corporations contracts with Professional Community Management (PCM), a property management firm, to manage their respective area of responsibility.
The three Housing Mutuals are as follows:
Cooperative: United Laguna Hills Mutual – 6,323 owners
Condominium: Third Laguna Hills Mutual – 6,102 owners
Rossmoor Towers: Laguna Woods Mutual Fifty – 311 owners
Each Mutual has a board of directors composed of residents elected by popular ballot of their peers. The Golden Rain Foundation is elected by the Directors of the three mutuals to manage, control and run the community facilities. In addition to the boards of directors, some 26 advisory committees exist to assist in the complex job of managing such a large community.
If you would like any further information about Laguna Woods Village, please contact me, Patrick McNamee of Century 21 Rainbow, via my web site: www.Leisureworldre.com
The senior community of Laguna Woods Village is all about the “Country Club” amenities it offers. These include the 27 hole championship golf course ($8 for residents), the fact that it is a gate guarded community – AND – one of the Top 10 safest cities in America! The Horse stables, 7 clubhouses, 5 swimming pools, tennis courts, 2 state of the art fitness centers, and only 7 miles to Laguna Beach, California. But how much is all this going to cost me? Good question! The HOA dues for Laguna Woods Village are $528 per month for a Co-op and $553 per month for a Condo. Besides all of the fabulous amenities mentioned above (and that is only a partial list), they also cover the following:
- Building Insurance (fire and damage other than earthquake)
- Cable television
- Water
- Trash pickup
- Exterior building maintenance (painting and roof care)
- Grounds maintenance
- Plumbing and electric repair
- Appliance repair and replacement (Co-op only)
- Free Bus transportation, Maintenance of streets, sewers, exterior lighting, Around-the-clock security, Full replacement fire & hazard insurance on buildings
- NO MELLO ROOS
The only thing more residents pay for is electricity, phone, and property taxes.
The “average” HOA dues for other condo developments in South Orange County are $275 per month. To compare what you get for your dues in Laguna Woods Village verses what you get in other condo developments, please see the chart below. For further comparison purposes, I have also included a Single Family home. I think you will find the differences striking!
As you can see from the Chart below (when all expenses have been added up) – Laguna Woods Village is actually $87 cheaper per month than the average South County Condo! And $112 cheaper per month than an average Single Family Home!
Furthermore, the average price of a Laguna Woods Condo is $205,000 verses $317,000 for a condo in South Orange County. That is a difference of $112,000! That extra $112,000 mortgage (at a 30 year fixed rate @ 5.2% interest) would run you an extra $615 per month! You add this extra mortgage amount to the cost of the HOA dues of $275 and you get $890 – So Laguna Woods Village is actually $362 cheaper per month! That is a big difference!
So when you add it all up, the expenses in Laguna Woods Village are actually less than they would be in a similar South Orange County Condo or Single Family Home.
HOA Check List – Monthly Expenses
* Please note the average price of a L.W.V. Condo with GOOD LOCATION and GOOD CONDITION is $205,000. The average price of a Standard Condo in South Orange County is $317,000 in a same “good location” and “good condition.” That means your mortgage would be $112,000 more or monthly, $615 more per month for the same condo, basically…
** A new roof is needed every 20 years and costs an average of $15,000. A home needs to be painted every 10 years at an average cost of $8,000 – This totals $31,000 over 20 years or $1,550 yr. or $129 mo.
Leisure World, Laguna Hills, California (now referred to as Laguna Woods Village in the City of Laguna Woods) is the nation’s leading planned residential community for seniors. It was conceived and developed by Ross W. Cortese, who built the first Leisure World in Seal Beach, California in 1960. Cortese, a man of unlimited vision, believed that a void in housing existed for a person age 52 and over.
To find out what Seniors wanted he talked to civic leaders, doctors, clergy and groups of older people. He discovered that Seniors, those 52 and over, wanted a fresh new start in their lives after raising a family, fulfilling a career and, basically, just wanted to be free of household duties and the maintenance and up keep of a home. They wanted to enjoy their “Golden Years”!
Based on his research Cortese, working with a team of planners, architects, builders and designers, started Leisure World in Laguna Hills in 1963. His concept was to build a community that would cater to the needs of seniors.
The first manor (residence) was completed in November 1964 and the last manor in September 1980. Leisure World (the name was changed to Laguna Woods Village in October 2005) has approximately (2008 figure) 18,000 people who live in one of the 12,736 residential units (6,323 co-ops, 6102 condos and 311 units in two tower buildings), 7 clubhouse (originally 6 were constructed, but a 7th was added in 2005), 5 swimming pools, 10 tennis courts, 2 golf courses, an equestrian center, 10 craft shops, 2 garden centers, 2 RV storage areas, a library, 2 fully equipped fitness centers and over 200 clubs and organizations for residents to participate in. Add to this a “free” community bus service and a residence security service that patrols the 2,095 acres and mans the various entrance gates.
When completed Leisure World contained all the elements that Ross Cortese had envisioned in the early 1960’s, security, access to local health care facilities, nearby shopping, good transportation, cultural events and programs, excellent housing, recreational and educational opportunities and various other activities designed for Seniors to ensure their freedom and the opportunity to enjoy their “Golden Years”.
Right now it is a “buyer’s market” and we have many fine homes ranging in price from $122,000 on up to $350,000. Patrick McNamee of Century 21 Rainbow Realty is an expert in this area, please check out his web site to get more real estate information about this active senior community:
www.leisureworldre.com
Article contributed by Frank J. Hill, Broker/Owner Century 21 Rainbow Realty
Used with permission
Although Laguna Woods Village is one of the most affordable senior communities in Southern California, there are financial requirements for purchasing here. For a Stock Cooperative, or Co-op, you need $125,000 in liquid, marketable, or income producing assets above the purchase price of a home and $36,000 per year in income. To purchase a Condo, you need $125,000 in assets above the purchase price and $42,000 per year in income. “Assets” can include equity in your current home or an investment property, 401 k, IRA, stocks, bonds, or a mixture of any of these asset classes.
As an example, if you wanted to buy a home for $150,000, you would need to show total assets of $150,000 + $125,000 = $275,000.
Currently, there is no “exemption” for meeting these financial requirements. BUT, if you make a big enough yearly income, you might need less assets to purchase a home. Conversely, if you have a high amount of assets but do not meet the yearly income requirement, some of your assets may be counted as income…
Another method for satisfying the financial requirements is for a family member to ”go on title” 1% so their finances can help meet the financial requirements for purchase. Please note that in using this method, the assisting family member will have no liability towards paying the mortage on the home (if any), but may be liable for paying the HOA dues on the property if the primary party falls behind in such payments. In other words, the whole goal in having the financial requirements for purchase is, the association only cares if the HOA dues are paid each month.
I don’t know if these financial requirements help in making the City of Laguna Woods one of the “Top 10 Safest Cities in the Nation”, which it is, but it sure can’t hurt!
Please see my web site if you have any further questions or would like more information about the active senior community of Laguna Woods Village, formerly Leisure World, at: www.leisureworldre.com
We have both types of homes in Laguna Woods Village, but very interestingly, they are many times the same floor plan! So you can buy a “Casa Linda” home as either a “Condo” or a “Co-op” but what are the differences in ownership?
Good Question! In Laguna Woods Village, a Co-op is not any easier or harder to sell than a Condo, it appriciates – or in this current market – depriciates – at the same rate as a Condo. You get the same benefits tax wise from ownership of either a Condo or a Co-op (i.e. – you can write off your mortgage interest and property taxes). The only difference is in Laguna Woods Village is the fact that you can only rent out a Co-op for 6 months out of the year, and you can rent a Condo year around. So if you are an investor, you would want to buy a Condo so you could rent it out. If this was going to be your primary residence, then purchasing a Condo or a Co-op would not be as big an issue.
What exactly is a Co-op? The full term is ”Stock Cooperative” and they are a lot more popular back east where they have the brown stone buildings, in New York as an example. See the Diagram Below:
The problem came up in the early to mid 19th century, how can we sell the units in a building? The question comes up, well who owns the land underneth the building? So what they did, was come up with an idea where the Corporation buys the building and then each apartment in the building gets stock in the Corporation based on his/ her ownership share. To make it simple, see the diagram above, if you have 4 apartments in the building, each apartment/ home would get 25% stock in the Corporation (4 x 25% = 100%)
What you actually get when you purchase a Co-op is a Stock Certificate instead of a Deed of Trust. Rest assured, it is just as valuable as a Deed of Trust and you can even get a loan on them! Just like a Deed of Trust – getting financing is no problem!
