What do an open bar, taco trucks, community building, and closing costs on a real estate transaction have in common?
They all help build a community within the AQUA condominium, one of the biggest complexes along the ocean corridor in downtown Long Beach.
How does it work? AQUA unit owners have a mandatory private transfer fee. When a property sells at the complex, the buyer pays ¼ of 1% of the purchase price towards the Community Service Organization, commonly referred to as the CSO.
For an $800,000 condo, the CSO fee would be $2,000.
Where does that money go, who decides how is it spent, and what good does it do?
Todd Sheets, a homeowner at the Aqua who is acting President of the CSO tells us that “every day we come and go, go to work, we leave, or we run our errands. And so we're up and down the elevators, and when we're in the elevators, we run into our neighbors and it's just always just a quick hi and bye. And by when you get to know your neighbors, it builds a stronger community and most importantly a safer community.”
Moreover, “the money goes into a fund and we get together every year, and we decide on what we're going to do with those funds. And the primary goal is to make sure that all those funds that are spent are community-based, so we'll reach out to local businesses to host a holiday party, for instance, because everybody loves a good holiday party.”
What good does it do? “Everyone loves to get together around the holidays, to be able to see who's new in the building, find out what's going on in the community. We tend to have different activities such as contests and sushi classes. […] you'd be amazed at the friendships that are made and the connections that are made throughout these parties.”
What a great organization! We believe this group places the homeowners’ association in a good position to be a good citizen of the community at large.
“I also encourage any business owners out there, please reach out to us. We're more than willing to work with you, find out how we can get you involved in our local community events,” says Todd.
If you would like to know more about the AQUA condominium CSO please contact us, because community matters.
A special thanks to Todd, and the volunteers at the AQUA condominium.
Dunfee Real Estate Services, Inc.
DRE # 02026232