The $1 Luxury Condo That Didn't Sell
Buying an upscale condo in a posh section of Orange County, Calif., for $1 sounds like a dream come true, but for some it was more like a nightmare.
A “resort-style” condo in an upscale neighborhood of Orange County, Calif., listed for $1 sounded too good to be true to many, but was it really?
Well, yes and no. It was a legitimate listing, no scams involved. Still, most people who looked into it found that it was not right for them. Certain features of the $1 condo still kept it out of their price range.
Take the $1,700+ per month homeowners' association fees, for example. Not so bad for the right condo, you say? Well, consider that facts that it’s only 500 square feet, and located in a retirement community — residents are required to be aged 55 years and older.
Most people in that age group who can afford the hefty monthly fees want a little more space, even if the building does feature onsite access to “delicious gourmet meals,” housekeeping, a library, game rooms and fitness centers.
The Los Angeles Times reported that the condo in Laguna Woods Village, listed about three months ago, was the last piece of a trust that the owners were trying to sort out.
According to listing agent Cathy Flores, the owners just wanted to give someone a good deal.
But after three months of numerous calls, no one showed any serious interest, and the decision was made not to re-list the property.
The condos for sale in the complex are actually quite reasonably priced for the neighborhood — about $75,000 for a two-bedroom, two-bath, 1,200-square-foot unit. That, at least, is not too good to be true.