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

The subject is an updated home in the hills of Belmont, CA. The home has an updated kitchen and two updated bathrooms. The backyard sits on the side of a hill but it has been tiered, which makes it significantly more usable than just a hillside. However, the home only has two bedrooms and neither of them are pictured, which is concerning. Also, the home only has a carport at the bottom of the hill which is not ideal.

Belmont is a very desirable city on the Peninsula. Schools are very good and it is close to numerous job centers. Even though values have been falling, Belmont is not a distressed market and sales activity has been strong over the past few months. One of the biggest factors in the decline of values is the lack of a jumbo loan market, which remains constricted. However, the long term outlook for Belmont remains very strong as the Peninsula will remain a desirable place to live for the foreseeable future.

Positives: Updated kitchen and Bathrooms

Negatives: No pictures of the bedrooms / no garage

Verdict: No Deal

Two bedroom / One Bathroom homes are selling in the mid to high 600s and this home is only listed for $695,000. As long as the bedrooms are not too small, this home looks pretty attractive, but at a slightly lower value.

(Don’t forget to start saving money to turn the car port into a garage)

Address: 1715 Notre Dame Ave., Belmont, CA 94002
List Date: 4/4/2009
Current List Price: $695,000
Cirios Value: $670,000
List Price vs. Cirios Value: 3.6% over-listed

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

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Belmont is about as convenient a city as one can find if you want to split the difference between the South Bay job centers of Mountain View and Sunnyvale, without being too far from San Francisco for the occasional jaunt to the city. Housing prices, to be sure reflect this fact. (Click images for larger photos)

And up in the hills, winding streets and Bay Views can make desirable homes downright expensive. That is, of course, until the housing market collapsed.

Belmont is by no means the cheapest place to live on the
Peninsula, but it is not Burlingame or Palo Alto either. With
good schools, convenient amenities and the aforementioned good location, the area can be a great place to lead the quiet, suburban lifestyle the Bay Area has become known for.

This home is a short sale, meaning the bank holding the current owner’s mortgage is letting them sell the house for less than the amount of the loan. The home appears to be in great condition with a reasonable yard for the hills, but is located on a somewhat busy street. It’s been on the market
since April without a price drop (despite the agent’s
claims to the contrary), so we would be surprised
if a price drop is forthcoming.

The home has some positive features, to be sure, but the
busy street may turn off some buyers: so is it a:
DEAL or NO DEAL?

Address: 1715 Notre Dame Ave., Belmont, CA
(MLS Listing)
Status: ACTIVE
Bedrooms: 2; Bathrooms: 2
Living Space: 1,670 sq ft
Lot Size: 7,250 sq ft
List Date: 4/4/2009
Original List Price: $695,000
Current List Price: $695,000
MLS no.: 80916993

Real Estate Agent Comment: Spectacular Bayviews! Short sale – dramatic price reduction. Amazing kitchen w/granite counters.Family Room. Large Florida Room, Large usable rear yard. A must see – views forever!

DEAL or NO DEAL?
Comment below and tell us what you think!