| The City of Laguna Woods, in Southern California, was established in 2003. Within this area of Orange County is Laguna Woods Village (LWV), a private, gated, magnificently landscaped retirement community designed for year-round living and recreation. Construction commenced in 1964 and finished in 1981. There are 12,376 residential properties of varied architectural design with more than 90 different floor plans. More than 18,000 residents call Laguna Woods Village “home”.
Please note, the following is offered as an informational guideline only. All prices, fees and other details provided are subject to change at anytime and should be confirmed before making any investment in the LWV community.
Who can buy in Laguna Woods?
Contrary to common assumption, you do not have to be 55 years young to purchase property in LWV. Anyone who meets the financial requirements can purchase a property. To reside in the community however, the first occupant must be at least 55 years of age. The second occupant needs to be 45 or older. Full-time medical caregivers are exempt from this age restriction. Many “younger” people buy in Laguna Woods Village as a future investment and rent their manor out, or buy a home for their parents to enjoy.
Are there income and/or asset requirements?
Yes, the current minimum income requirements for purchasing in Laguna Woods are currently $36,000 per year for Co-Ops, and $42,000 per year for condominiums. Buyers must also have a minimum of $125,000 in assets above the purchase price of their LWV residence. For example, if one wishes to purchase a home valued at $150,000, s/he must show assets of $275,000 (150,000 + 125,000). Assets included, but are not limited to investments in 401K, stocks, bonds, real estate, and savings.
There are several exemptions to these basic requirements. Do not worry if you think that you or your parent(s) will not qualify. Please contact us to discuss your individual case and the options that may be available. We will do our best to help you find a home in Laguna Woods Village.
What types of properties are there in Laguna Woods?
Home selections range from beautiful single-family, detached homes with two car garages, to one, two, or three bedroom condominium or apartment style properties. Also available is hotel-style living at the Rossmoor Towers, a luxurious resort-type facility featuring two dining rooms with maid and meal services. The Towers, however, arenot an assisted living medical living facility.
There are two types of home ownership in Laguna Woods:
1)Co-Ops: Ownership evidenced by a stock certificate. Monthly payments for the association fees begin at $530. The annual property taxes are prorated on a monthly basis and are added to this monthly HOA payment. The HOA fee includes building insurance, cable TV, water, trash pick-up, repair and replacement of major appliances (unless modified or upgraded by owner), exterior building and maintenance, access to all the LWV amenities, including free shuttle bus system to transport residents to local recreational, shopping and medical facilities.
2) Condominiums: Buyers receive agrant deed. Condominiums may be purchased for cash, mortgaged or refinanced under conventional mortgages with a minimum down payment at current rates. Properties with building elevator and/or shared laundry pay at the higher end of the range. This HOA fee includes building insurance, cable TV, water, trash pick-up, exterior building and maintenance, access to all the LWV amenities, including private shuttle bus service. The home owner is responsible for their own telephone, electric and condo insurance.
3) The Rossmoor Towers: Have monthly fees ranging from $1,551 to $1,900 per person. The Towers’ HOA fees are based on the size of the condo unit, that range from Studios to 3-bedroom penthouses. In addition to all the LWV amenities and services, residents of The Towers also receive one gourmet meal per day in the communal dining room, as well as bi-weekly maid service. A second occupant in the same unit pays an additional $601 per month. There is currently no asset requirement to purchase in The Towers. The annual income requirement varies with the size of the unit and number of occupants. The income requirement ranges from $32,527 for one occupant in the smallest unit up to $50,620 for two residents in the largest, 3-bedroom penthouse. Please call for specific information for your desired residence type.
Still have questions?? Please contact Eunice or Fernando either by phone or by email to help clarify any questions that you may still have.
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