What if I told you I could offer you a two-bedroom, two-bath condo in Summerlin — well, basically Summerlin — for the price of an Acura MDX: Is that something that would interest you?

It’s the opportunity of a lifetime. We’ve heard this before from the real estate pitchmen. In 2006, you couldn’t lose because prices would never go down. In 2007, you were lucky to be getting in during this pause in appreciation. In 2008 and 2009 and 2010, you got a steal compared with 2006!

But now, with real estate prices less than half of what they were at the peak, there might be something to it.

I say that not as investment advice — God forbid you take investment advice from me — but because when you take a tour of properties around the valley, you get an intuitive sense that prices are downright rational.

Given the pain and anxiety endured by our neighbors, it’s not easy to say, but it’s true: The real estate collapse hasn’t been bad for everyone. For many, it has made ownership affordable. In that light, I decided to take a tour of the craziest deals. I call it real estate porn.

Our guide is Joe DiRaffaele of Coldwell Banker, and he’s one of the best in the business. He sold 176 homes in 2010 and was recognized by The Wall Street Journal last year for being one of the top sellers in the country.

We begin in the northwest at the end of a cul-de-sac, 3123 Surf Spray Street, at a house of nearly 2,700 square feet, with a three-car garage, three bedrooms and two bathrooms. It sold in March 2006 for $509,000. Now it’s bank owned and goes for $254,900. It’s airy and boasts a big kitchen with skylights and a center island. The windows of the master bedroom offer a nice view of the obligatory giant wall that surrounds the property. Yeah, I said it was a good deal, not my dream home.

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