One's a 75% loss...the other a '98 rollback

They play by a different set of rules out in Laguna Woods Village (formerly Leisure World) - notice the $251,500 median and realize the unfortunate circumstances that usually necessitate a sale of a property in a retirement community - but we found these two properties interesting nonetheless because the pricing is lower than what we're used to seeing in the rest of South OC.

Both of these condos are located in Rossmoor Towers. The monthly fee is extremely high only compared to non-retirement living standards ($1,400+) and includes utilities, dinners and bi-weekly cleaning.

24055 East Paseo Del Lago #1351: 1 bed, 1 bath, 500 sq ft.
Asking price: $10,000
Asking price/sq ft: $20
Last sales price: $40,000 on Jan. 29, 2007
1997 price: $7,500
Description: Hotel type living. 1 Meal a day included in Monthly fee. and maid service. . Owner wants unit sold. Owner will pay 1st Months fee.
Assuming a sale at the current asking price, its value would have decreased by 75% from the previous sale, not including any transaction costs.

24055 Paseo Del Lago #206: 2 beds, 2 baths, 1,200 sq ft.
Asking price: $129,000
Asking price/sq ft: $108
Last sales price: $295,000 on May 25, 2006
2005 price: $270,000
June 2001 price: $200,000
April 2001 price: $150,000
June 1998 price: $195,000
Description: Second floor condo in Tower I. Lots of upgrades - unit was redone within the last two-three years. Well priced for a very large two bedroom unit. Monthly fee includes main meal, weekly maid service, all utilities (except telephone), and all the other fantastic amenities of Laguna Woods Village.
As you can see, the asking price is $21,000 below the 1998 price. It's also 56% off the previous sales price.

The prices tell the story - even in Laguna Woods, the market is saying values went too high too quickly. Now, they are in the process of correcting.