What is a PUD or Planned Unit Development?
A Planned Unit Development, or PUD, describes a specific type of real estate development. More specifically, it describes a residential, commercial or industrial project clustered as a means of taking advantage of limited land. Individual units within a PUD typically sit on smaller than typical lots and often afford larger common areas within the development.
Each unit, or home, is owned in fee while the common areas are owned jointly with the other owners. Often the perimeter of the ground floor delineates the land area owned by individual owners.
What are the advantages and disadvantages of a PUD?
- PUD owners usually own a larger living than they would have otherwise owned with a condominium.
- Residential owners get the benefits of owning a home versus a condominium.
- Typically PUD’s don’t have other owners above or below
- Lending practices are generally easier on PUD’s than condominiums
- PUD homes typically have smaller lots than a non-PUD homes
- PUD’s typically have common areas and common areas fees (Part of a Common Interest Development)
- PUD’s frequently have at least 1-2 common walls where a freestanding home would not
What is the primary difference between a PUD and Condominium?
The primary difference between a PUD and a Condominium is the fee ownership of the land on which a respective unit has been built. A PUD owns 100% of the land on which the unit is built, where a condominium owns a fraction of the land in common with other owners in the project.
Examples of Planned Unit Developments in Mammoth Lakes:
The first example of a PUD in Mammoth Lakes is “The Timbers”. The Timbers is frequently categorized as a condominium, when in fact it is not. This project is a 32 home PUD located on the 17th and 18th fairways for the Sierra Star Golf Course. It was was built in 2-unit clusters with a single common wall between each home.
Mountainside is another good example of a PUD. There are 16 homes in the Mountainside project, of which 14 are attached with a single common wall and 2 that are stand alone homes.