Hi Peter, this is a shared ownership. I have met with the mgmt co. and toured the properties. Villas owners take title with a one-eighth fee-simple deeded interest in one of the 12 Villas. The amenities of one of the most exclusive resorts in California. A very interesting proposition for someone who wants to be here part time.
Check out their site http://www.villasranchovalencia.com/press/pressDetail.php?ItemID=42
Another good resource for consumers, and agents, is the site www.unitedpolicyholders.org
United Policyholders, a non-profit organization headquartered locally, has been a tremendous help to assisting consumers with insurance issues, knowing their rights and educating the public about insurance policies and the realities involved if there are claims. They may have further information specific to your question.
All the Best,
Marcie Sands, REALTOR
SImply The Best Real Estate Company, Inc.