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One-buck condo isn't exactly a steal of a deal

The 500-square-foot unit offered 'resort-style' living in an O.C. high-rise. But buyers had to be willing to pay more than $1,700 a month in association fees.

March 12, 2013|By Rick Rojas, Los Angeles Times

Sure, the condo was small, only 500 square feet.

But it offered the chance for "resort-style" living in an Orange County high-rise overflowing with amenities: "delicious gourmet meals," housekeeping and access to a library, game rooms and fitness centers.

The listing price: just $1.

It seemed like that proverbial deal too good to be true. And in a way, it was.

After being listed three months ago, the condo in Laguna Woods Village has been taken off the market.

Cathy Flores, a real estate agent at Century 21 Award who listed the property, said the condo — in a building of 311 units — was the last piece of a trust that the owners were trying to unload, and they thought they could give someone a good deal. But they decided earlier this month not to renew the listing.

Although Flores got plenty of calls, none were serious.

For one thing, residents are required to be 55 or older. And those amenities don't come free: The new owners would still have to pay the homeowners association fees, which run more than $1,700 a month.

Potential buyers "thought they'd put a dollar in an envelope," Flores said, "and that would be all."

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