Cirios Verdict: NO DEAL (Click here for the original Deal or No Deal post)

The subject is a unique home in a small golf community in the Santa Cruz mountains. The property would likely only attract buyers who have already visited the community or are current residents. The home only has two bedrooms which we view as a significant negative. This is also a short sale and the list price has been lowered twice after just 1 month on the market.

Simply put, values are falling dramatically in places like Boulder Creek because many of the homes in the area are second homes, and second home financing is basically non-existent. There have been very few sales over the last 3 months and we do not see any reason to believe sales activity will increase in the near term.

The subject property is one of the younger homes in the area and is in desirable location within Boulder Creek, but there is a significant amount of oversupply in the area and values continue to fall given
the lack of financing available. The owner recently lowered the list price on the home to $437,000 which is closer to what we think the house is worth.

Address: 270 Lake Dr., Boulder Creek, CA 95006
Status: ACTIVE
List Date: 5/28/2009
Current List Price: $437,000
Cirios Value: $410,000
List Price vs. Cirios Value: 6.2% over-listed.

For a complete Cirios Valuation, click here for our CLEAR report, or on the image to the right.

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