Monday doldrums

Hate Mondays? We do too. Here's a condo in RSM that's really down and out on its luck...

142 California Court, 92688
Asking price: $169,900
Asking price/ sq ft: $189
Purchase price: $400,000
Purchase date: 9/14/05
Size: 1 bed, 1 bath, 900 sq ft (built in 1994)
MLS: S572250 (44 days on Redfin)
ZipRealty price tracker: Price Reduced: 05/21/09 -- $189,000 to $169,900
HOA dues: $226
Type: Condominium
Style: Carriage House
Stories: 2
Lot size: 3,049 Sq. Ft.
From listing: No need to preview this charming carriage unit at California Court. This home is ready for a buyer to move in. Clean and nicely painted in designer colors. Lovely wood flooring. Cozy fireplace in living room flows into dining area which opens to a balcony creating a wonderful ambiance. Cool breezes through your home when opened up. Unit is close to community pool and spa. Near shopping, dining, toll road, theaters and Lake Mission Viejo. Though you have access to all of these amenities, you get the feeling that you are in a remote area.

Always a bonus to get the animals and wedding picture in the photo - very professional and non-personal there...

We're sure this place is amazingly amazing and ready for a buyer to move in...but we know the bank has the real say considering it's a short sale.

And how bad of a short sale is it? Pretty bad. Redfin says this place went for $400,000 during the bubble. Can you imagine thinking a sub-1,000 sq ft condo in RSM is worth $444 per square foot?

Assuming the property sells for the current asking price...the loss would be huge in percent terms, barely noticeable in real dollar terms compared to some other properties around here. As it stands, the asking price is 57% below the previous sales price. The loss, including 6% sales costs, would be around $240,294.