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Laguna Woods condo up for sale for one dollar, with a catch

December 19, 2012 12:00:00 AM PST
In these tough economic times, everyone is looking for a good deal on a house or condominium. A condo in Laguna Woods is up for sale for just one dollar. But there's a big catch.

Surrounded by a koi pond with a golf course next door stands the only high-rise in Laguna Woods. On the fourth floor, there's a condo that's grabbing attention for being on sale for just a dollar.

"We've received a lot of calls. The $1 price really generates a lot of interest," said Cathy Flores, Century 21 Award.

The condo is a 500-square-foot studio with a built-in bed, a full bathroom. The room, like the other 311 units in The Towers has a gorgeous view.

The seller is also willing to throw in $1,500 for new paint and new carpeting.

The 95-year-old owner paid nearly $40,000 for the condo in 2005. He no longer lives here and is motivated to sell.

The catch: Residents have to be 55 or older to live here since it's a retirement community, and must be able to pay the homeowners association dues of more than $1,700 a month.

"Your basic cable is included, the trash, the water, electrical, everything is included with living here," said Towers Director Judie Zoerhof.

The dues also cover weekly maid service, access to the Zen garden, as well as other parts of Laguna Woods Village. Daily meals are also included.

"We have open seating, open menu," said Zoerhof. "You can have filet mignon every night of the week."

The realtor admits that even with the dollar price tag, it's still a tough sell.

"Age, the size of the unit, it is small for Orange County," said Cathy Flores. "But we have people calling from New York or some of the areas where studios are more common and they think it's actually a good size. It's an interest generator, but not a lot of strong buyer potential yet."