Home Buying in Laguna Niguel>Question Details

Jay, Home Buyer in 92091

what is a PUD (Planned urban Development)?

Asked by Jay, 92091 Thu Dec 13, 2012

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7
Claudia Muller Gravelle’s answer
On a lender note:

A PUD does not need to be approved by FHA in order for FHA financing to placed.

A Condominimum does required FHA approval.

FHA approvals may be withdrawn at any time and do expire.

The PUD is not subject to this additional level of beauracracy.
0 votes Thank Flag Link Fri Dec 14, 2012
It's actually a "Planned Unit Development", albeit I've often heard folks refer to them as "Urban" as well. The answers below are very good. The only thing I would add is that there are also many Manufactured and Modular Home PUDs as well.
0 votes Thank Flag Link Fri Dec 14, 2012
Many thanks for answering my question.

It's all well to share common area until a part of your property (e.g. on a corner lot) is designated as the common area (green belt) and owned by the HOA.

You pay taxes to the city for the entire land part of which is owned by the HOA.
May not be a good deal.
0 votes Thank Flag Link Fri Dec 14, 2012
Jay, your lot, and the lots that are association property are distinctly different assessor parcels - but you are right, one of the responsibilities of the associated home owners would be any property taxes and insurance.
Flag Fri Dec 14, 2012
David did a great job of explaining it.
If you want to discuss what that means when it comes to comparing properties
lets get meet to discuss to discuss that with you.I would enjoy dicussing it with you.
Odile
odile@cox.net
0 votes Thank Flag Link Thu Dec 13, 2012
Jay,

I am in total agreement with the other two agents, but must add that with a PUD you do NOT need to have the HOA approved for an FHA loan like you do with a condominium. A big plus right now.

Joe Homs, Realtor
949-615-4533
Joe@joehoms.com
Web Reference: http://Www.thehomsteam.com
0 votes Thank Flag Link Thu Dec 13, 2012
A PUD is a residential community with amenities owned in common with other homeowners. In a PUD, property owners each own their own home and lot separately - but have a common ownership interest in things like the greenbelts, the community pool or tennis court. This, of course, includes the financial responsibility for the maintenance and upkeep of these amenities.

This differs from a condominium, in which all property owners typically own the buildings, land, and amenities jointly with an individual ownership interest, or right of exclusive use, in the interior of their specific unit.
0 votes Thank Flag Link Thu Dec 13, 2012
a PUD to do this justice check out the following:

http://en.wikipedia.org/wiki/Planned_unit_development

simple defintiion is a s follows;
"Planned Unit Development (PUD)
A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners."
Hope that is helpful.
Best regards,
Valerie
http://www.owntheoc.com
0 votes Thank Flag Link Thu Dec 13, 2012
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