Apart ... err.... condo REO in Aliso

Do you remember when 2-bedroom apartments-turned condos went for nearly $350 per square foot in Aliso Viejo. Believe it!

23412 Pacific Park Unit 35h, 92656
Asking price: $309,900
Previous bank price: $355,200
Purchase date: 5/26/09

Beds:	2
Baths:	2
Sq. Ft.:	1,200
$/Sq. Ft.:	$258
Lot Size:	-
Property Type:	Condominium
Style:	Contemporary/Modern
Stories:	1
Floor:	2
Year Built:	2006
Community:	Aliso Viejo
County:	Orange
MLS#:	F1823093
Source:	SoCalMLS
Status:	Active
On Redfin:	4 days

From listing: REO/Bank Owned. 2 bedrooms 2 baths, central heat and air. Priced to sell fast. o This is a Fannie Mae HomePath property. o Purchase this property for as little as 3% down! o This property is approved for HomePath Mortgage Financing.

So all you have to do is put $9,297 down and you can buy this lovely REO condo using HomePath Mortage Financing. What is HomePath financing? Well, it includes "no mortgage insurance, no appraisal, low down payments, and contributions up to 6% of the purchase price."

Assuming you put just the 3% down, and you can get an interest rate of 4.75%, your payments would be around $1,565 per month. Of course, that's just the payment on the loan and is before association dues, mello roos, and lots of other home-related considerations. Check out the IHB for a nifty calculator.

It's hard to believe now, but this property sold for $419,000 just four years ago. Now, assuming the property will sell for its full asking price, it means the condo has shed 26% of its value.