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.

Have a home you’d like Cirios to use for our next House of the Week?

The Berkeley Hills aren’t exactly know for affordable homes. That’s because there aren’t really any up there. But this week’s Deal or No Deal property, 30 Crystal Way, is just about as cheap as houses get to live in one of the most sought after neighborhoods in the entire Bay Area.
(click on images to enlarge)

The house isn’t huge, to be sure, but with an 8,000 square foot lot you can just spend your time barbecuing outside on the patio.

Of course, that’s if the property is in fact a deal.

Home prices in the Berkeley Hills have held up better than most other parts of the Bay Area, but as of late have begun to slide. This is partly due to the fact that distressed sales or otherwise forced sales have been few and far between. Most people that move to this area don’t leave unless they have to, so it makes sense that Price Discovery has been slow to come to this hillside community.

Nestled at the end of a cul-de-sac, and with monthly maintenance (mortgage, taxes, insurance and upkeep, assuming 20% down and market interest rates) of less than $3,000 this could just be a ticket to privacy and quietude not easy to find at this low of a price.

That all sounds great, but is this house a: DEAL or NO DEAL?

Address: 30 Crystal Way, Berkeley, CA (MLS Listing)
Status: ACTIVE
Bedrooms: 2; Bathrooms: 1
Living Space: 1,020 sq ft
Lot Size: 8,190 sq ft
List Date: 6/30/2009
Original List Price: $499,000
Current List Price: $499,000
MLS no.: 40417417

Real Estate Agent Comment: What a bargain! Fantastic Berkeley Hills mid-century hideaway. Large lot, bonus office/studio; refinished hardwood floors and much more! Secluded, yet close to Berkeley Rose Garden, Codornices Park, N. Shattuck & Solano Streets, AC Transit, BART.

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