The City of Laguna Woods was established in 2003. The senior community of Laguna Woods Village is a magnificently landscaped, private, guard-gated Southern California community designed for year round outdoor living and recreation. Construction began in 1964 and concluded in 1981. The City of Laguna Woods has the distinction of being California's oldest (for population age) and newest (for date established) city. There are 12,376 properties of varied architectural design with more than 90 different floorplans. Over 18,000 residents call Laguna Woods Village "home."
Please note, the following is offered as an informational guideline only. All prices, fees and information is subject to change at anytime and should be verified twice before making any purchase in the community of Laguna Woods Village.
WHO CAN BUY IN LAGUNA WOODS? Contrary to common assumption, you do not have to be 55 years young to purchase a property in Laguna Woods. Anyone who meets the financial requirements can purchase a property. However, the first occupant must be at least 55 years old to reside in the community. The second occupant must be 45 years or older. Full time medical caregivers are exempt from the age restriction. Many "younger" people buy in Laguna Woods as a future investment and rent the home out, or buy the home for their parents to live in.
ARE THERE INCOME AND/OR ASSET REQUIREMENTS? Yes, the current minimum income requirements for purchasing in Laguna Woods is currently 36k per year for COOPs, and 42k per year for Condominiums. Buyers must also have a minimum of 125k in assets over the purchase price of the home. For example, if you wish to purchase a home valued at 150k, you must show assets of 275k. Assets include, but are not limited to 401k, stocks, bonds, real estate, and savings.
There are several exceptions to these basic requirements. Don't despair if you don't think you or your parent(s) can qualify. Please give us a call at (949) 268-0825 to discuss your individual case and options to qualify. We will do our best to help you buy in Laguna Woods.
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 townhouse or apartment style properties. Also available is hotel style living at the Rossmoor Towers, a luxurious resort-type facility featuring two dining rooms, maid and meal services. The Towers, however, is not an assisted medical living facility.
There are two types of home ownership in Laguna Woods Village: 1. Coop ownership is evidenced by a stock certificate. Monthly payments for the association fees is upwards of $520.00. The annual property taxes are prorated on a monthly basis and added to this monthly HOA payment. The HOA fee includes building insurance, cable TV, water, trash, repair or replacement of major appliances (unless modified or upgraded by owner), exterior building and grounds maintenance, all the Laguna Woods Village amenities, including the private bus system to transport residents to local recreational, shopping and medical facilities.
2. CONDOMINIUMS: This is traditional grant deed ownership. You will receive a grant deed evidencing ownership and are a co-owner of the surrounding grounds. Condominiums may be purchased for cash, mortgaged or refinanced under conventional mortgages with a minimum down payment at current rates. Monthly homeowner association fees range from $552-580.00 per month. The HOA fee is per unit and is not based on size of the home. Elevator building properties and those with a shared laundry pay at the higher end of the range. This HOA fee includes your exterior building maintenance and grounds maintenance, building insurance, cable TV, water, trash pick-up, access to all Laguna Woods amenities, recreation, and private bus service. The owner is responsible for their own telephone, electric and condo insurance.
- The Rossmoor Towers have monthly fees from $1501 to $1801.00 for one person. The Towers HOA fees are based on the size of the condo unit (studios to 3 bedroom penthouses). In addition to all the Laguna Woods amenities and services, the Rossmoor Towers residents also receive one gourmet meal per day in the dining room and bi-weekly maid service. A second occupant in the same unit pays an additional $601.00 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 three bedroom penthouse. Please call for specific information for your desired unit size.
Questions?? Please give Laguna Woods Village real estate specialist, Ann Williams, a call at 949-268-0825. Ann has sold real estate in Laguna Woods for over 15 years and has lived in this wonderful community for over 10 years. She would be happy to clarify any questions you may have about Laguna Woods Village and help find your next home.
