This blog post is for all of the Realtors out there who’s clients want to see Leisure World. So often I hear agents ask…
Help!? What do I do first?
How do I get into Leisure World?
What is a mutual? Stock Transfer?
Is everything CASH ONLY?
Leisure World is a very unique 55+ community. It was built by Ross Cortese just after he completed the development we know as Rossmoor. Leisure World is for Senior Citizens and was set up in such a way that it actually is a Stock Cooperative and each member is a share holder. Instead of a grant deed you receive a stock certificate. The stock certificate can go into your living trust and yes, it can be transferred (with approval from the Golden Rain Foundation).
When your clients call and want to see Leisure World…
Just call me. I will pay you a referral fee and your life will be SO much easier!
Kelly Laird Smith (562) 522-5173
Leisure World was designed to protect the Senior Citizens and offer them a place of peace and quiet. Protection (to a good degree), from door to door scam artists. Thus, the guards at the gate, the security officers & the Golden Rain Foundation staff members are VERY protective of their residents. So many Realtors who are not associated with the inside sales office, feel that they are un-welcome. Rightfully so, Leisure World does not make it easy for an “outside” Realtor to access the gates or show the homes. In fact at one point, “outside” Realtors were not allowed to sell in Leisure World. Gaining access is by appointment with a Realtor who has been permitted access. Or, you as a Realtor, will need to submit for access approval from the Stock Transfer Department. This is done by submitting your license number, business card and photo I.D. this MUST be done prior to showing any homes in Leisure World.
What is a mutual?
Inside Leisure World there are 17 mutuals. A mutual is like a home owners association. They have a board of directors who are responsible for maintaining the buildings, running the budgets and keeping the rules/regulations in place. Knowing the President of each mutual and having a good working relationship with them will make your life much easier when it comes time to sell or list in Leisure World.
Again, if you do not have time for this…Call me, Kelly (562) 522-5173. I know the Presidents, the rules of the mutuals and how they prefer to see the transfers happen.
Is everything CASH ONLY?
Just about. The only units you can put a loan on are the towers up near the front gate. Everything else is cash only AND your clients must qualify financially. To qualify your client must show a savings account with at least $25,000 in liquid funds AND an income 4X the monthly carrying charges. The monthly carrying charges vary of course from mutual to mutual.
Leisure World is a special place and my passion. I will always share with other Realtors what I know and how to navigate a transaction within Leisure World. Of course, you can always send me the referral, let me navigate the path for you and send you the referral check at the end.
When you hear Leisure World…Call Kelly!