New ride or used REO?

What will it be - Mercedes S550 or a South Orange County condo in San Juan? Both can be yours for a little less than $100,000...


32325 Paseo Carolina Unit 135c, 92675
Asking price: $95,000
Asking price/ sq ft: $114
Bank purchase price: $146,475
Purchase date: 12/3/08
Size: 2 beds, 1 bath, 834 sq ft (built in 1972)
MLS: I09043701 (4 days on Redfin)
Zillow Zestimate: $259,500
HOA dues: $230
Type: Condominium
Stories: 2
From listing: BANK OWNED - REO SALE - PROPERTY SOLD AS-IS WITHOUT REPAIR OR WARRANTY.


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What exactly does this property look like on the inside? If there is any semblance of an interior left, it will likely sell before too long. Foreclosures are all the rage these days, don't you know.

The previous owner paid a laughable $320,000 in 2005. That's $384 per square foot for a small, old condo in not-the-greatest part of town. So much for the bubble days. Assuming the property moves for the full asking price - though there is a decent chance it will go for above list - it would represent an astounding 70% decline from the peak three and a half years ago.

Or, put another way, it would be just $20,500 (28%) higher than the 1989 price of $74,500.