While most undergraduates living in Westwood choose residences they will inhabit for only a short time, Club California Condominiums has opened up the option of buying a permanent place near campus.
Shannon Bedore, a Club California sales agent, said that though the facility expects to sell to many students because of the building’s location near UCLA, it is not geared specifically toward UCLA students.
She said about 10 percent of the residents are undergraduates and the majority of students living in Club California rented the units from private investors, who buy the condos with the intention of renting them out.
But some students say they are wary of taking the step toward buying an apartment and are especially concerned about making such a big investment in addition to all the other costs related to attending UCLA.
“Students aren’t interested in owning, at least not until after they graduate. They’re not thinking of investments, especially when they’re paying off tuition,” said Jonn DeLaFuente, a fourth-year history student.
He said that since he was on financial aid, he would rather pay off those fees than worry about buying a home.
Bedore said the median age of Club California residents is “about 30 to 32,” including medical students, young professionals, families, medical center employees and UCLA faculty.
She added that about 70 percent of the 213 units in Club California, which is located on Roebling Avenue, have been sold.
Bedore emphasized the value of investing in a home rather than renting an apartment.
“There’s no point in throwing the rent money out the window when you can purchase,” she said.
After a required $10,000 deposit, the monthly mortgage payments are roughly the same as the cost of renting an apartment in Westwood, thought the monthly cost of living at Club California is a bit higher.
“It’s comparable to what you would (pay in) rent for a one-bedroom. (For the same price per month,) you could buy a studio. It’s not exact, but it’s comparable,” Bedore said, adding that it offers students the chance to build up their equity, which could boost their credit later on ““ assuming they stay on track with their payments.
Osvaldo Navarro, a fifth-year philosophy student who does not live in Club California, said he could see the advantages of buying a condo.
“It would give you collateral,” he said. “If you got the money, do it.”
Some units are available for rent from investors who can purchase units, and then charge rent to whoever moves into them. However, at this point, all of the investor-owned units have been rented.
The building was refinished in summer 2006 and converted from apartments to condominiums by Construction Rehabilitation Services. All of the units were redecorated with fresh paint, new carpeting, custom cabinets, granite countertops, and new appliances.
The common areas were redone, and Club California added a poker and billiards lounge, a resort-style pool, a day spa, a fitness center, barbecue pits, below-ground parking and a basketball half-court.
The “junior studios,” which are 405-square-foot one-room units, start at $299,900. The biggest two-bedroom unit, at 1,224 square feet, goes for $669,900.
After putting down the $10,000 deposit, the prices can be broken down into monthly mortgage payments.
Most of the studios are owned by nurses and doctors at the medical center who just want a “crash pad” in between shifts, and then go to their homes elsewhere afterwards, Bedore said.
In addition to the deposit and monthly mortgage payments, the Homeowners Association dues range from $193 to $289 monthly. They cover utilities and upkeep for the amenities.
Not all students are happy with the idea of a permanent home in Westwood.
Saeed Moaddab, a third-year sociology and pre-dental student, is moving out of Club California after this year.
“I want variation,” he said, adding that he originally chose to live at Club California because his friend owns the building.
Instead of a deposit and mortgage payments, he pays rent directly to his friend. He recommends the building to others.
Anthony Trader, a fourth-year international relations and French student, is looking at buying a unit in Club California when he graduates.
“I’ve rented before, and it went really well once and really poorly once,” Trader said.
He said he wants to buy because he plans to get a job in the area and would like to stay near UCLA.
Students also said the cost of buying a condo would be a major consideration, especially considering the high cost of living anywhere in Westwood.
“If it would cost less to live there than four years on the hill, I would definitely do it,” said Jessica Rojas, a first-year design and media arts student.