O.C. condo on the market for $1, but there's a catch

If you’re in the market for a new condo, you could probably pay for this one with pocket change, less than a tall coffee at Starbucks.

The asking price is just $1.

The 500-square-foot condo is in Laguna Woods, the gated and sprawling retirement community in south Orange County. The listing for the condo boasts that the new owner will be able to enjoy resort-style living and take in a panoramic view from its fourth-story windows in the Towers condominium complex.

The catch? Well, first off the buyer has to be 55 or older.

And then there’s the $1,700 monthly association fee to consider.

According to Redfin.com, however, the association fees cover “delicious gourmet meals,” housekeeping and all utilities -- cable fees too.

The current owner paid $39,000 for the place in 2005, according to Redfin, and first listed the unit at $499 but dropped it to one buck.

So far? No offers.

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--KTLA