Deal or No Deal RESULTS: Berkeley Hills for Under $500k
Cirios Verdict: (ALMOST) DEAL (Click here for the original Deal or No Deal post)
The subject is a small home in the Berkeley Hills on a large lot, a good portion of which is usable. Crystal Way is a not-through street located in the lower part of the Berkeley Hills, close to the UC Berkeley Campus and around a 10-minute drive to the North Berkeley BART. The home is one of the smallest in the area, and also one of the lowest priced.
The Berkeley Hills is a desirable part of Berkeley, with lots of old money, big homes, many of which have amazing views of the San Francisco Bay Area. In general there is not much for sale in this area, especially at this price point. In recent weeks however, more supply is coming onto the market. We expect this trend to continue, and home prices to weaken. Since the broader housing downturn began, this part of Berkeley has held up remarkably well.
The subject is a unique home in the Berkeley Hills in that it is small and priced below $500,000. The only truly comparable homes are located down the hill closer to campus and the BART, as there is virtually nothing in the Berkeley Hills that is similar to the subject. For this reason, we believe the subject should sell close to list, but we believe a buyer should be able to talk the seller down a bit.
Address: 30 Crystal Way, Berkeley, CA 94708
List Date: 6/30/2009
Current List Price: $499,000
Cirios Value: $499,000
List Price vs. Cirios Value: 5.0% over-listed
For a complete Cirios Valuation, click here for our CLEAR report, or on the image to the right.
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Tags: 30 Crystal way, berkeley, berkeley hills, cirios, Deal or No Deal