v The community of L. W. is located in the city of Seal Beach and is approximately 533 acres or about 1 square mile. There are 6482 units, 126 condos and 8500-9000 residents. This represents one-third of the population of Seal Beach.
v There are two types of ownership in this community. One type of ownership consists of stock co-op units in which the member owns a share of stock in a housing corporation and the second is a condominium in which the owner has a deed to a condo and an undivided interest in the Mutual assets. The Corporation maintains the grounds and buildings in both the stock-coops and the condominiums.
v Cooperative ownership is comprised of members who are shareholders in the Corporation or Mutual’s property. Ownership of the stock may be sold, transferred or inherited, with the approval of the Corporations Board of Directors.
v The cost of a co-op or condo is determined by the current market value negotiated between buyer and seller. The co-op is an all cash purchase. The Condo may be purchased with financing. There is a monthly carrying charge which is made up of an association fee and property taxes. The average monthly carrying charge is approximately $300 per month and in addition the property taxes are about 1.1% of the purchase price of the property. A qualified buyer may take advantage of proposition 60 or 90 and transfer their existing property taxes.
v The carrying charge includes water, trash, exterior painting, roofing, some interior maintenance, gardening, recreational facilities and activities, security, insurance on the structure, transportation within the community and to the adjacent shopping center, as well as other possible items. Resident’s pay for phone, electric, contents insurance and optional cable television service. v Qualifications to purchase in LWSB are as follows: Age requirement is 55+, a note must be supplied from the buyer’s physician stating the buyer is capable of living independently, the buyer must submit financial statements showing proof of funds to purchase, $25,000 in additional reserve funds and an income statement totaling 4 times the monthly carrying charges. A qualified permanent resident 45+ may purchase with a buyer 55 or over. A spouse may also be younger than 55.
v The community began construction in 1960 and was completed in about 3-4 years. The first residents purchased and moved into the community in 1962. The condominiums were built about 25 years ago.
v There is a Health Care Center located inside the community. The primary care doctors specialize in geriatric medicine. Departments include internal medicine, cardiology ophthalmology, rheumatology, gynecology, general surgery, podiatry, urology psychiatry, orthopedics, neuropsychology, gastroenterology, dermatology, and geriatric optometry.
T The Health Care Center also offers 24 hour ambulance service and 24 hour nursing.
The Golden Age Foundation offers Lifeline for $25.00 per month. This service will alert
members of the medical staff who will come to your assistance in an emergency.
v Pets such as a cat or a dog is limited to one pet per unit must weigh 25 pounds or less and are subject to the rules and regulations of the Mutual Corporation policies.
v Guests are allowed to visit. Overnight visits are limited to 60 nights per year and only when a member is in residence. There is no age requirement for these visits. Pets arenot allowed visitation privileges.
v Mini-Bus transportation is provided and services all areas of the community as well as the adjacent shopping center daily free of cost to the resident. There is a handicap mini-bus that can accommodate wheel chairs available by reservation. Transportation is available to and from the Rossmoor Shopping Center and is also free of charge. Courtesy transportation is available to several near-by medical facilities and assisted living or convalescent residences.
Orange County Transit picks up at the front gate for the current senior rates. Outside travel agents offer package trips and excursions and pick-up is at the amphitheater.
v A membership fee is required from all buyers that purchase in LW. This fee is $1330 for a single buyer and $1795 for a couple. The membership is paid with the escrow closing costs. This membership fee allows the member to use all common areas and recreational facilities for no additional costs.
v Recreational facilities are available for your enjoyment. LW has over 200 clubs, organizations and activities. There is no charge to play golf, work out at the gym, or use the pool and Jacuzzi. These activities are for members only. Various clubs hold meetings and activities at clubhouses at no cost. Members may reserve meeting rooms for private parties however are required to provide a refundable cleaning deposit. Amphitheater summer concerts are provided free of charge to members and their
guests.
Additional facilities include a library, Friends of Books bookstore, Post Office, Religious Council consisting of 12-14 religious churches and organizations, RV Storage for an annual fee and additional community organizations that can be reviewed by logging on the Community Activities Link.
v Parking facilities include one carport stall per unit including a small storage cupboard. There is also some street parking available.