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$1 condo fails to get offers

Dec. 18, 2012 at 3:01 PM   |   Comments

LAGUNA WOODS, Calif., Dec. 18 (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."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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