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Real Estate

Common Interest Communities (CICs)

admin 2024.07.10 21:48 Views : 99

Common Interest Communities (CICs) are prevalent and can take various forms. Here are some examples:

  1. Homeowners Associations (HOAs): These are the most common type of CICs in California. They are typically found in residential subdivisions or planned communities. Residents own their individual units or homes but share ownership and responsibility for common areas such as parks, recreational facilities, and landscaping.

  2. Condominiums: In a condominium community, residents own their individual units, while the common areas such as hallways, exterior grounds, and amenities are owned collectively by all unit owners. The HOA manages these common areas and enforces community rules.

  3. Cooperatives (Co-ops): In a co-op, residents do not own their individual units outright. Instead, they own shares in a corporation that owns the entire property. Each shareholder is entitled to occupy a specific unit and must adhere to the co-op's rules and regulations.

  4. Planned Unit Developments (PUDs): These are similar to HOAs but often include a mix of residential, commercial, and recreational properties within a single development. Owners in a PUD have ownership of their individual units or lots and share ownership of common areas.

  5. Retirement Communities: These are often age-restricted communities designed for older adults. They can be structured as HOAs, condominiums, or cooperatives, providing various amenities and services tailored to the needs of retirees.

  6. Mixed-Use Developments: These communities combine residential, commercial, and sometimes industrial spaces within a single development. Residents might live above shops or offices, sharing common areas and amenities managed by an HOA or similar entity.

Examples of well-known CICs in California include:

  • Irvine Ranch in Orange County: A large planned community with numerous neighborhoods, parks, and amenities managed by multiple HOAs.
  • Rancho Mission Viejo in Orange County: A master-planned community with various neighborhoods, recreational facilities, and open spaces.
  • The Villages Golf and Country Club in San Jose: An age-restricted retirement community with numerous amenities, including golf courses, clubhouses, and fitness centers.
  • Sea Ranch on the Northern California coast: A planned community known for its distinctive architecture and natural landscapes, managed by a homeowners association.