Are the squatters out yet?

If you happened to want to preview this Mission Viejo REO townhouse right when it came on the market a little more than a month ago, you would've probably been disappointed. The listing description says it all:

REO--Bank Owned. Property sold AS-IS, but in great condition. Current occupants will be evicted from the home on 2/2/08 so the home cannot be shown at this time. This home is a rare 3 bedroom, 3.5 bathroom condo in a great neighborhood.

The bold is obviously our emphasis. Funny how the listing mentions the property is in "great condition," considering at the time it was being possessed by people about to get the boot, who, ostensibly, had not much to lose. Who knows what damage, if any, took place as the day of reckoning arrived.

The bank is asking between $474,900 and $529,900, so they must believe the house is still in top-notch condition. That's still near the bubble price for this place - $535,000 - which was recorded in late 2005, so it appears this property has a ways to fall. The value in 2002 was a "mere" $271,000.

How does this compare to other properties in the neighborhood? 27692 Argyll #113 is the same model and is asking $475k. It has been sitting on the market for more than 3 months without a sale. 27672 Falkirk #93, which is also the same model but is asking $439,900. Time on Redfin: 78 days.

And, don't forget about 27776 Berwick #22 - the low-price leader at $405,000. All in all, there are about 8 properties for sale in Highland Park.

But, the neighborhood should now be short at least one evictee.