What Is A Buyer’s Interview?

All prospective buyers are required to participate in an in person interview with a least two members of the respective Mutual Board of Directors.  The purpose of the interview is for the representatives of the Board to meet with the prospective buyers in an informal atmosphere; review the prospective buyer’s paperwork, disseminate information pertinent to the Mutual Corporation, review the condition of the unit, and answer any questions posed by the prospective buyer.

The interview is coordinated by the Realtor representing the prospective buyer and the Mutual Director, with the interview scheduled at a time convenient to the Mutual and the buyers.

Mutual interviews are between the Mutual Board representative and the prospective buyer(s), Co-lateral family members, friends, realtors and others are not permitted to be a part of the interview process unless a request has been made to the Mutual, and permission granted, prior to the day of the interview.

Examples of things that may be discussed at the interview:

• Is there any remodeling to the unit anticipated
• Does the prospective buyer have a pet
• Does the prospective buyer show enough income to meet the Leisure World requirements
• Is the prospective buyer able to care for themselves independently
• The designated interview will review the Mutual rules, regulations and policies

Great Buy – Partually Expanded 2 Bedroom 1 Bath – Only $85,000

This partually expanded 2 bedroom, 1 bath unit need a litle TLC but it won’t last long at Only $85,000.  It is a West facing, courtyard unit and is close to the laundry room.  To view this or other units give me a call at 714-624-4126

2011 in review

The WordPress.com stats helper monkeys prepared a 2011 annual report for this blog.

Here’s an excerpt:

A New York City subway train holds 1,200 people. This blog was viewed about 6,300 times in 2011. If it were a NYC subway train, it would take about 5 trips to carry that many people.

Click here to see the complete report.

2011 Year To Date Active, Pending and Sold Report

Leisure World Seal Beach Sales Chart

Average prices of November Leisure World sales, both in total and per square foot, were pretty stable. The average total selling price for November 2011 was $119,722, down 1% from the prior year, and 3% higher than October.

The average price per square foot also increased slightly in November 2011. The average from last month was $138.09, up 1% from both one year ago and October 2011. In addition to these small price increases, the Leisure World units are selling faster. The units sold during October, were on the market for an average of 95 days. Last month, the average came down to 85 days.

Three samples of November’s sales will illustrate the market activity. The least expensive Leisure World unit sold last month is at 1541 NORTHWOOD Road #273J. This 2 bedroom/1 bath unit has 800 square feet. It sold for $58,775. It was on the market for 181 days and the listing price was $85,000. The selling price per SF was $73.47.

At the other end of the price spectrum is the unit at 13610 Burning Tree 3F M1. This 2 bedroom/2 bath unit has 1,160 SF, one of the largest Leisure World units. This home sold for $300,000 after 183 days on the market. This unit was listed for $329,000 and the per SF selling price was $183.00.

Right in the middle of the price range is the unit at 13730 Annandale Dr 29F. This 2 bedroom/1 bath unit has 700 SF. It sold for $105,000, or $150.00 per SF. The listing price was $109,000 and it was on the market for 53 days.

 

 

What is the start to finish process for buying in Leisure World Seal Beach?

1.   Once the buyer writes an offer it usually takes 1 or 2 days to get a reply from the seller.  The buyer will not need to stay in town for that part.  If we do get a counter offer from the seller I can email it to the buyer and they buyer can scan and email it or fax it back to me.

2.  Once the offer has been accepted by all parties, I will then turn the buyer’s Leisure World required documentation (see below) over to escrow.  Escrow will then forward it to Stock Transfer for approval.  That process usually takes
about 2 to 3 working days.

3.  Once we have Stock Transfer approval, the interview can then be scheduled.  The interviews can only be done Monday to Friday from 9am to 3pm and the buyer must be present.  So I would need to know what dates the buyer will be available and then match up those dates with a date that the interviewer is also available.  In most case the interview is done within 5 to 10 working days after the Stock Transfer approval

4.  Once the interview is complete the escrow will close in about 3 weeks.  The buyer does not need to be here for the closing.  The buyer will need to wire the balance of closing money to escrow one day prior to the scheduled close date.

5.  Once the escrow has closed the buyer can schedule a time (Monday – Friday) with escrow to pick up the keys and get a photo taken for the ID badge.

Leisure World Required Documents

 1.  First two pages of the buyers last two years Fed (1040) tax returnProof of

2.  $25,000 in assets can be done in any of the following ways:

• Six months of bank statements showing a least $25,000 on deposit for the full six month time period
• If you are selling another home an estimated closing statement showing net proceed of at least $25,000 will also satisfy this requirement
• Recent property tax bill that shows the assessed value of the home

3.  A copy of passport, or drivers license and birth certificate

4.  An original doctors letter stating that you are able to live independently

Leisure World Kitichen Appliances

Leisure World owns and maintains the standard appliances.  When those appliances wear out they are replaced with upgraded (digital oven, newer style stove top, newer style refrigerator) at no cost to the homeowner.  If they are not broken and the homeowner just wants new appliances the homeowner will have to pay a fee for the upgrade.

The homeowner may also remove the standard appliances and install non-standard items.  If they do this Leisure World will not maintain the non-standard items

Answers to Questons

Do the middle units have private entrances?

• Yes each building has 12 units (six on each side) and the front door face to the outside of the building

Can washer and dryer be installed in the unit?

• Yes.  It cost about $6000 to install the fixtures (not including appliances) so most owner just use the laundry rooms

What is a “heat pump”? Air conditioning is an option apparently and is installed as window units?

• The heat pump and a combination heat and air conditioning unit.  It is install in the living room.  About half of the units have had heat pumps installed.  The cost to install a new unit is approximately $3000

What is a shorten shower stall?  Can that shower stall be constructed to be handicapped friendly?

• Most of the units will have large showers with a built in seat.  The owner can replace the existing shower with any kind they wish.  A building permit and Leisure World approval will be required

Are there many residents that use the electric wheelchairs and scooters?  Can that be a reasonable means of transportation to and from the club houses, medical facilities, gym and pool?

• Yes.  All of the building are built wheelchair accessible.  This is a common kind of transportation

Do you know if there are any exceptions to the pet rules?

The only exception is for a “Service Animal” as explained below:

Definition of Service Animal

a. Americans with Disabilities Act Rules and Regulations
regarding service animals 28 Code of Federal Regulations (CFR) Part 36Sub Part
A – General

b. Service Animal means any certified guide dog, signal dog,
or other animal individually trained to do work or perform service tasks for
the benefit of an individual with a disability including, but not limited to,
guiding individuals with impaired vision, alerting individuals with impaired
hearing to the sound of intruders, providing minimal protection or rescue work,
pulling a wheelchair, fetching dropped items, and any other service task for
which the animal has been trained, and which will benefit the disabled person.

c. The purpose of this definition is to address the issue of
rights of access for all disabled persons who are accompanied by a service
animal. A service animal is defined as a guide dog for the visually-impaired, a
hearing dog for the hearing impaired, or a service dog for the
mobility-impaired.

1. A guide dog is defined as a dog which has been trained or
is being specially trained for, or in conjunction with, a school such as
Assistance Dogs International for guide dogs to lead in harness and serve as an
aid to the mobility of a particular blind person.

2. A hearing dog is defined as a dog which has been or is
being specially trained by, or in conjunction with, a school such as Assistance
Dogs International for hearing dogs to alert a particular deaf or
hearing-impaired person to certain sounds.

3. A service dog is defined as a dog which has been or is
being specially trained by, or in conjunction with, a school such as Assistance
Dogs International for service dogs to the individual requirements of a
physically-disabled person, including, but not limited to, any of the
following:

a. Pull wheelchair as needed;

b. Retrieve/carry dropped items;

c. Open/close doors;

d. Provide balance/counter balance.

d. Each school for assistance dogs provides documents of
certification, such as an identification card for the individual disabilities
of the disabled person and the requirements for a service dog.

e. Based on the aforementioned A.D.A. descriptions of a
service animal, the Mutual Board of Directors hereby adopts the following
certification policy in the identification process for the use of a service
animal within the confines of the Seal Beach Leisure World Mutual Corporation
common area properties:

Is Electric heat radiant heat or is it the same as heat pump?

Radiant heat is electric heating coils in the ceilings. All the units were built with radiant heating. It is expensive operate so it is not ofter used.
The heat pump is a combo heat and AC unit and is most often installed in the living room. The units did not come with heat pumps and only about 50% of the units have had them installed. It costs about $3000 to install a new heat pump / AC unit.

I see the term “Fee” on the listings What does that mean?

“Fee” is a legal term referring to “Fee Simple” ownership of the land. It means the unit is not on Leased land