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I have been appraising in Laguna Woods Village, for ~ 10yr. The governance of the community is organized under the California Non-Profit Mutual Benefit Corporation Law. There are four such corporations, three of which are mutual housing corporation (Mutual) and the fourth is the Golden Rain Foundation (GFR). The Mutual are responsible for services directly related to housing and common areas, and GRF is responsible for all the shared community amenities. Mutual Corporations: There are two types of housing in the community: Stock-co-operatives and Condominium. Each have separate ownership interest. Laguna Woods opened September 1964 as "Leisure World". "Leisure World" was originally (area 7A) developed with HUD guaranteed 40-year loans. The last loan was paid off in 2009. The City of Laguna Woods was incorporated on March 24, 1999. Laguna Woods is a mix of Co-op's, Condo's and a few detached SFR homes. Laguna Woods consist of: 3.27 sf miles, 2,095 total acres. The 12,736 Manors: are a mix of Co-op's and Condo's, 1,225 carport structures, 509 laundry facilities, 215 Cul-de-sacs and 82 elevators (majority in Condo Buildings, exact number in the Co-op buildings is not available (each building can request to install an exterior elevator - paid for and maintained, by the building members). Estimated over 18,000 residents. Village Management Services, Inc (VMS) ~ 1,000 employees, ~ 335 part time, who reside in the community. Age & Financial Qualifications: 55+ Age Restriction $45,000+ annual Income Liquid Assets: $125,000 (minimum) + price of the unit. United Laguna Woods Mutual (co-op) : Stock Certificate Ownership. 2024: Base fee is $663.98, Plus property taxes or Mutual Property Insurance, which varies per manor and trash, water & sewer. 2021 HOA in discussion with Fannie Mae over the "Insurance Premiums" for the Co-op Units. Jan 2022 no resolution was agreed upon, no future Financing allowed, Only CASH purchases going forward. Jan 2024: Co-op no longer have a waiting period of ownership, before being allowed to lease: 30 day min and 12 month term lease periods. All applicants must be approved, renewal application 60 days prior to end of original lease date. Only 25% of the total co-op units can be leased at one time (1,521 unit) Stock-Co-operative: The "separate interest" is the exclusive right to occupy a portion of the real property, title to which is held by the Corporation. Members of the Stock-Cooperatives are issued a Stock Certificate at the close of escrow. A landlord-tenant relationship exists between the Corporation and the members (shareholders). The Corporation is responsible for the "replacement cycle" for: flooring, cabinets, counter-tops, appliances, hot water heaters and landscaping. Should the "Member" change out to "Non- Std Co-op" materials, the new "buyer member" signs a release to accept these "Non-Std Co-op" materials. Third Laguna Hills Mutual (condo's) 2024: base fee is $815.82, Plus surcharges that are unique to buildings with common laundry facilities, elevators and/or Garden Villa Rec Rooms. January 2023 - discussions with Fannie Mae over "insurance Premiums", no resolution was agreed upon, no future Financing is allowed. Jan 2024: Condo's - no waiting period or # of units allowed to be leased, Minimum lease: 30 day and 12 month lease periods. All applicants must be approved, renewal application 60 days prior to end of original lease date. Land Use Element Map, dated August 2017 The Present Land Use: one unit (det Sfr) 317 Condo's: 5,785 Co-Op 6,323 Present Land Use: 2-12 units: Single Level models (no unit above or below), Multi-Units: Garden bldgs 2-16 units. 10% other Open Space. Area 7A was the first area developed with 5,418 Co-op Manors and 96 Condo Manors. Area 3A has 842 Co-op Manors and 1,918 Condo Manors. Area 2A is the Golf Course Area. Area 4A has 414 Condo Manors Area 1A has 3,384 Condo Manors Area 1D has 317 detached SFR Manors. Area 1B 2 high rise condo towers, with 311 manors (Mutual Fifty - higher monthly fees, dinner included, weekly housekeeping services). Floor Plans: Laguna Woods offers a wide range of floor plans: 1-3 bedrooms, ~ 700 - 3,000 sf Manors. Ranch Patio Manors with 3-16 units single level. 2-4 story garden bldgs with stairs or elevators to access units and underground parking or detached carports 2 story garden stacked manors, 2 story bedroom with loft (2nd bed and loft space). Ranch patio homes with attached 1-2 car garage (condo's only) 317 detached homes with 1-2 car garage space. Call Sue at 714-328-3115, your Laguna Woods Village expert.
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