Wednesday, March 13, 2013

Apparently $1 was too high a price for one condo in Laguna Woods.

A fourth-floor unit in the Laguna Woods Village retirement community's The Towers complex failed to sell in recent months even though the owners were asking just a buck for the property.

The condo quietly came off the market without a buyer, said listing agent Cathy Flores of Century 21 Award.

Flores, who no longer represents the owners, said she doesn't know what their plans are for the condo. But while the listing failed to sell, it wasn't due to a lack of interest.

"I spoke to over 200 people. Most were not qualified," Flores said. "I had people call from Egypt. ... Out of everyone who called, there were only three viable, interested people."

Most people balked when told the condo is in a 55-plus retirement community, Flores added.

Some would-be buyers – many calling from out of state – either wanted to buy the condo as a vacation home or to use it as a rental, she said. Those uses were not possible for most of the callers because of the 55-year-old minimum age requirement.

Some people also didn't understand that they'd have to pay closing costs as part of the transaction, as well as substantial monthly homeowner association fees.

The condo's tiny size and large homeowners association dues turned off other potential buyers, Flores said.

The condo is 500 square feet and has homeowners association dues of $1,718 a month. The dues include one meal a day and maid service.


A fourth-floor unit in the Laguna Woods Village retirement community's The Towers complex failed to sell in recent months even though the owners were asking just a buck for the property.The condo quietly came off the market without a buyer, said listing agent Cathy Flores of Century 21 Award.Flores, who no longer represents the owners, said she doesn't know what their plans are for the condo. But while the listing failed to sell, it wasn't due to a lack of interest."I spoke to over 200 people. Most were not qualified," Flores said. "I had people call from Egypt. ... Out of everyone who called, there were only three viable, interested people."Most people balked when told the condo is in a 55-plus retirement community, Flores added.Some would-be buyers – many calling from out of state – either wanted to buy the condo as a vacation home or to use it as a rental, she said. Those uses were not possible for most of the callers because of the 55-year-old minimum age requirement.Some people also didn't understand that they'd have to pay closing costs as part of the transaction, as well as substantial monthly homeowner association fees.The condo's tiny size and large homeowners association dues turned off other potential buyers, Flores said.The condo is 500 square feet and has homeowners association dues of $1,718 a month. The dues include one meal a day and maid service.The three strongest buyers all purchased bigger units after viewing the $1 condo, Flores said.

A fourth-floor unit in the Laguna Woods Village retirement community's The Towers complex failed to sell in recent months even though the owners were asking just a buck for the property.The condo quietly came off the market without a buyer, said listing agent Cathy Flores of Century 21 Award.Flores, who no longer represents the owners, said she doesn't know what their plans are for the condo. But while the listing failed to sell, it wasn't due to a lack of interest."I spoke to over 200 people. Most were not qualified," Flores said. "I had people call from Egypt. ... Out of everyone who called, there were only three viable, interested people."Most people balked when told the condo is in a 55-plus retirement community, Flores added.Some would-be buyers – many calling from out of state – either wanted to buy the condo as a vacation home or to use it as a rental, she said. Those uses were not possible for most of the callers because of the 55-year-old minimum age requirement.Some people also didn't understand that they'd have to pay closing costs as part of the transaction, as well as substantial monthly homeowner association fees.The condo's tiny size and large homeowners association dues turned off other potential buyers, Flores said.The condo is 500 square feet and has homeowners association dues of $1,718 a month. The dues include one meal a day and maid service.The three strongest buyers all purchased bigger units after viewing the $1 condo, Flores said.

A fourth-floor unit in the Laguna Woods Village retirement community's The Towers complex failed to sell in recent months even though the owners were asking just a buck for the property.The condo quietly came off the market without a buyer, said listing agent Cathy Flores of Century 21 Award.Flores, who no longer represents the owners, said she doesn't know what their plans are for the condo. But while the listing failed to sell, it wasn't due to a lack of interest."I spoke to over 200 people. Most were not qualified," Flores said. "I had people call from Egypt. ... Out of everyone who called, there were only three viable, interested people."Most people balked when told the condo is in a 55-plus retirement community, Flores added.Some would-be buyers – many calling from out of state – either wanted to buy the condo as a vacation home or to use it as a rental, she said. Those uses were not possible for most of the callers because of the 55-year-old minimum age requirement.Some people also didn't understand that they'd have to pay closing costs as part of the transaction, as well as substantial monthly homeowner association fees.The condo's tiny size and large homeowners association dues turned off other potential buyers, Flores said.The condo is 500 square feet and has homeowners association dues of $1,718 a month. The dues include one meal a day and maid service.The three strongest buyers all purchased bigger units after viewing the $1 condo, Flores said.






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