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
I just received the condo sales report for Orange County for the month of September and the average Condo in Orange County is listed for $315,528 while the median list price is $299,000. Just for comparison sake, the average condo in Laguna Woods Village is listed for under $200,000 – that is 1/3rd off what the “average” condo is listed for in Orange County. I have always said that Laguna Woods Village was a bargain!
Also out this week was the sales report for September. 30 condos sold in Laguna Woods Village for an average purchase price of $240,000. 839 Condos sold in all of Orange County last month for a median purchase price of $300,000. Once again, Laguna Woods Village comes in almost 1/3rd less in price on the “buy” side than any other condo in Orange County. BUT, prices are rising, especially the condos on the low end of the market. Average days on market has gone down to 102 days, a little more than 3 months on the market for the average listing… That is down from 150 average days on market 3 months ago. So we are seeing a trend develop! WE ARE AT THE BOTTOM OF THE MARKET RIGHT NOW. I will put that in caps because I really believe it! Inventory is going down and there is pent up demand to purchase – at least in Laguna Woods Village – remember, Real Estate is very local, and what is happening here might not be happening everywhere… If you would like to purchase a home in Laguna Woods Village, call Patrick McNamee at 949-293-7814 or visit his web site at: www.leisureworldre.com
Search activity for homes in Orange County increased by 58.9% over this time last year, according to a report by Realtor.com.
Sure, more people on the Web are hunting for homes in O.C. more than before, but how does it stack up to the nation’s other real estate markets?
Though 58.9% seems like a nice improvement, the Las Vegas housing market enjoyed a 140.4% increase in online search activity.
O.C. falls far behind in 113th place; L.A. takes 89th place with a 68.3% increase in searches over last year. So people are looking but that has not turned into widespread buying yet. Currently there are 379 homes for sale in Laguna Woods Village and sales are down 22% from the sales in the same month as last year!
O.C. housing is 6th least affordable in U.S.
While some folks cheer recently rising home prices, there is a price to pay: Orange County is a very challenging place to pay for a home!
O.C. was the 6th “least affordable” housing market in the nation in the second quarter. That’s according to economists at the National Association of Home Builders and Wells Fargo Bank. This group measures local real estate and economic conditions to arrive at a measure showing what percent of new and existing homes recently sold were so-called “affordable” to a representative household income in that town.
BUT LAGUNA WOODS VILLAGE IS AFFORDABLE! We are the one ray of hope in a sea of expensive homes… We are ranked in the top 10% in the nation for affordability with an average sales price of $210,000. This figure is down 19% from the same month last year.
If you would like more information about Laguna Woods Village, check out my web site: www.leisureworldre.com or Call or email me today to find out more about how you can get in on “ground floor” in Laguna Woods Village. Prices can go nowhere else but up from here~!
Yes, prices have fallen wherever you go in Southern California. And Condos have taken an even more significant hit. This includes the Senior Community of Laguna Woods Village, formerly Leisure World, where Condo prices are down 36% since the start of this real estate crisis!
This is because the death of the “Greatest Generation” (those people 75 + in age) and the transition to the next major generation, the “Baby Boomers”! The Greatest Generation is dying off and the Baby Boomer generation has yet to keep up with supply and demand… We are predicting that with the “Graying of the Baby Boomers” and their retirement, over the next 14 years, prices in the village will double over the next 7 years. That would be the mid-point of this retirement boom. To do the math, we are talking about 2015 prices will DOUBLE in Laguna Woods Village, one the largest alive retirement communities in Southern California!
So if you are thinking of retiring, Laguna Woods Village is a great place to retire to: 7 clubhouses, 5 swimming pools, 27 hole championship golf (only $8 a round for residents!) – It is a gate guarded community with patrol, there is FREE bus service for all residents, and over 200 clubs to join! Laguna Woods Village is truly a retirement resort community… Check out my web site for more information about Laguna Woods Village, formerly known as Leisure World: www.leisureworldre.com
According to research data released by Data Quick (March 28, 2009) “Single-family homes sell for 40% less than their peak price (June 2007) while condos sell 45% below their peak in March 2006
Have you put in offers on bank owned foreclosures or short sales with other agents and NEVER GET THE PROPERTY? I will teach you how to buy foreclosures, and furthermore, we will be successful in purchasing a foreclosure you can use for investment purposes…
Now is the New Low
Yes, you heard me right. Prices are at their lowest they will ever be RIGHT NOW! How do I know this you ask? Banks are not countering offers anymore – they are already at their lowest price. Sometimes, they will ask us in one day to give them our “highest and best” offer. This means that all of the offers are fairly close in price. In this circumstance, I would suggest upping our offer by $3 – 5 k more than the comps in order to get the property. Let’s not quibble on the price of a piece of property you are getting for let’s say $175,000 WHICH WAS WORTH $340,000 just 3 years ago! Yes, 45% less than just 3 years ago.
Yes, I have seen that it is common to have multiple offers on many Foreclosures, especially the lower priced ones, typically under $250,000. Most of these properties are selling above the “listed” or asking price. This is how I know we are at the bottom or close to the bottom of the market.
Receive a 10% Return on your Money – Better than the stock market!
If you have money, now is the time to invest in real estate – You can’t get this return in the stock market! Of course many “other” buyers are still waiting for the market to hit “bottom” and this is why it is important to BUY NOW! As humans, most people follow a “herd” mentality – they see people all rushing out and buying homes, then THEY WANT A HOME! Do what the really wealthy people do. When nobody is buying homes THAT IS WHEN THEY BUY HOMES! Why? Less competition AND LOWER PRICES for better property!
If you would like a custom report of Foreclosed homes in South Orange County, visit my web site at: 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!
Laguna Woods Living is all about informing you of the retirement living opportunities at Laguna Woods Village (formerly Leisure World) in Orange County, California. Please read the current posts for information about purchasing in this world class Senior Community, financial requirements for purchasing here, housing styles, and other general information of interest. Have a quesion? Leave a Comment and I will answer it!
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