$1 Condo Fails To Get Offers
December 18, 2012 by UPI - United Press International, Inc.
LAGUNA WOODS, Calif., (UPI) – A California condo being listed for $1 is proving hard to sell due to its location in a retirement community and $1,718 a month in homeowners association dues.
Cathy Flores, the listing agent for the condo in The Towers complex in Laguna Woods, said the sellers want only $1 for the 500-square-foot condo and are offering to pay $1,500 for new paint and carpeting but she has yet to receive an offer for the property, the Orange County (Calif.) Register reported Tuesday.
The fourth-floor condo features dinner service, maid service and utilities included, but Flores said potential buyers are put off by the condo being in a retirement community — which means no residents under the age of 55 are allowed — and charging $1,718 a month in dues to the homeowners association.
“It is a good deal, but it’s not a good investment,” Flores said. “It’s really for someone looking to enjoy the amenities in Laguna Woods.”