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retire

Finding the Best Places to Retire Since 2006!

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Watercolors

79285 Cool Reflection, La Quinta, California 92253

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Watercolors, an Attractive 55+ Single Family Home Community in La Quinta, California, Has a Medierranean Theme and Subsidized Prices

Just across the street from the Rancho La Quinta Golf Club in La Quinta, California, Watercolors is an attractive, gated 55+ single family home community. It is also a moderate-income development, open to people who live in La Quinta full time, do not own other real estate and meet certain income restrictions.

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Watercolors was built in the mid-2000s, and each home has a Mediterranean theme with yellowish/pinkish colored exterior, a concrete tile roof and an attached garage. Interiors feature high ceilings and an open floor plan with three bedrooms, two baths and approximately 1,400 square feet on a single level. Some homes have a mountain view, but others do not. Yards are very small and have a tree or two and a few bushes. Short palm trees line paved neighborhood streets.

The actual market value for most of these properties is in the mid-$200,000s, but sales prices are in the mid- to high-$100,000s because the City of La Quinta subsidizes the homes with a silent second mortgage.

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This means that if a home's market value is $250,000, and the city holds a $100,000 silent mortgage, then the buyer's price is only $150,000. Please verify these prices with a Realtor as they are bound to change. Interested buyers must apply to the city to purchase one of these homes. The HOA is approximately $158 per month.

Amenities are minimal but include a swimming pool and a clubhouse. Residents get together for potlucks, card games, outings and more.

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Visit http://tinyurl.com/y74hwh4e for listings.

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