This is what a 23 percent drop in value looks like

Ouch...

28313 Paseo El Siena #7, Laguna Niguel, Calif., 92677
Size: 2 beds, 2 baths, 1,153 sq ft (built in 1986)
MLS: U7002097 (112 days on Redfin)
Asking price: $320,000
Asking price/sq ft: $278
Purchase price: $415,000
Purchase date: 1/18/2006
Other sales history: 1/18/1995: $122,000
11/09/1994: $10,500
12/14/1990: $153,500
ZipRealty price tracker: Price Reduced: 07/11/07 -- $399,900 to $359,900
Price Reduced: 8/3/07 -- $359,900 to $339,500
Price Reduced: 8/31/07 -- $339,500 to $320,000
Zestimate: $429,969
Type: Condominium
Style: Contemporary
Stories: Two Levels
Area: Laguna Niguel East, South of Crown Valley, East of Niguel
From listing: 2 bed/1.5+.5 bath townhome in quaint gated community of bridgeport terrace. Open floor plan with inside laundry area. Hoa includes trash, cable tv, pool/spa, gate and landscape maintenance. Close to the toll road and 5 freeway.
Not too much to say here except another casualty of buying at the peak of the bubble and then trying (or needing) to unload it too soon. This condo has been on the market since early May, before the credit crunch hit, and if it couldn't get sold then, chances aren't so great that it's going to mercifully exit the market any time soon.

However, this is a well-priced two-bedroom unit with a good ZIP code, so it could be a nice fit for the right entry-level buyer (if those still exist). Total loss on this one assuming sale at the current asking price and 6 percent selling costs: $114,200 in a little more than a year and a half of "ownership."