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Laguna Woods Village

24351 El Toro Road

Laguna Woods, California  92637

Last California Homes for Less Than $195,000 May Be in This Well-Established Southern California Retirement Community

          

 

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Laguna Woods Village is a well-established, age-restricted Southern California retirement community of 13,000 homes (18,000 residents) roughly seven miles from Laguna Beach in Orange County (55 miles from L.A.).   It may also be the last place in California where one can buy a home for less than $195,000 and enjoy country-club amenities.  This is not to say that the community is sub-standard because the homes are well-built, primarily with one level, and surrounded by lush landscaping and plenty of open spaces (Laguna Coast Wilderness Park).
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This development caters to the older senior and was unincorporated until 1999 when it became a part of the City of Laguna Woods.  The community was completed in 1986 and is home to an interesting variety of architectural styles; there are more than 90 different floor plans, and residences include stand-alone homes, attached homes and apartment-type homes.  Some have 2-car garages; other have carports.  Some have flat roofs; some have pitched, tile roofs.  Some have three bedrooms; some have one or two bedrooms.  Some share laundry facilities; some come with a washer and dryer.  Most residences have air conditioning.  Prices range from roughly $175,000 for a two bedroom, 2 bath home to $1 million for larger, single-family homes on one of the two golf courses.  The apartment-style homes are $1,200 per month for one occupant. Some properties are available for lease, too.

 

While many homes here are well below the average California home price (indeed, many homes here are below the national average home price as well), there are (of course) a couple of catches to the affordability here.   Legally, all residences, whether attached or detached, are considered either condominiums or co-operatives.  Buyers of condos receive a deed and own the the airspace within the domicile, plus a share of common spaces used by other residents.  Buyers of a co-op become a shareholder in a corporation that owns the building, and the buyer carries a leasehold interest in the individual unit.

All residents, condo owners and co-op owners, pay a monthly HOA fee, and this fee is rather steep, an average of $500 per month (slightly less for co-op owners).   It covers a good deal, including water, trash collection, basic cable TV, landscaping, all home exterior maintenance, 24-hour private security patrol, shuttle service within the development, $8 green fees and the upkeep on seven clubhouses, five swimming pools, the two golf courses, an equestrian center and more than 230 community clubs.  Still, $500 a month can be a significant fee for some seniors.  For co-op owners, the monthly fee also  includes property taxes and interior maintenance as well; now this seems like a good deal.

There are also income requirements to living here.  Not only must one person in each residence be at least 55, but co-op buyers must have an annual income of $36,000 and $100,000 in assets; condo buyers must have an annual income of $42,000 and $125,000 in assets.  Assets can include property, cash, stocks, 401ks, etc.

Laguna Woods' amenities are many.  There are the aforementioned golf courses (one 27 hole and one 9 hole, plus a driving range and chipping area), five clubhouses (with five swimming pools, indoor and outdoor), a fitness center, a performing arts center, a tennis complex with ten courts, a computer lab, a community library, two garden centers (plot sizes range from 200 sq. ft. to 400 sq. ft.), classes, clubs and workshops.  The equestrian center features a show ring and a grandstand and provides an opportunity for riding lessons and trail rides; they also board horses.  Saddleback College offers the Emeritus Program in which 100 courses are available to residents of Laguna Woods.  Social workers are also available for counseling as needed.

The city of Laguna Woods has been named one of the safest places to live in the U.S., and Laguna Woods Village is safe as well, with gated, controlled access and roving security patrols throughout the community.  They also have free, guided tours of the development for prospective buyers every 1st and 3rd Saturday of the month; these include visiting the recreation facilities and peeking inside two open houses that belong to current residents.  A free lunch is included!  Call (949) 597-4369 for more information.

Medical facilities, shopping centers, theater events and restaurants are all close by, but none are located within the development itself.  Temperatures vary between 65 degrees and 85 degrees throughout the year, and precipitation is low.  It's Southern California.


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