A couple weeks ago, we highlighted 1660 Duvall Dr, San Jose, CA in our House of the Week. Our exact words: “This week’s house of the week redfines the term ‘over-listed.’ ”

Indeed. Listed at $665,000 we valued the property at $525,000 on 3/26/09 .

Then today, 4/14/09, the list price was dropped by more than 10% to $595,000. That’s a $70,000 drop for those keeping score at home.

Did they drop it far enough? We may soon find out …

Cirios Verdict: NO DEAL

This property is a well-maintained home in Mountain View, CA. Mountain View is home to Google, Yahoo and numerous other Internet and tech companies. Schools are good, crime is low and affordability, is, well, never mind. Prices, after holding up well relative to other parts of the Bay Area, are coming down. We are seeing buying activity in certain neighborhoods, as buyers look to pick up homes that were formerly out of their price range.

750 Telford Ave is in very good condition, although quite small for a 3 bedroom, 2 bathroom home. It is staged, very clean with well-manicured landscaping, which indicates that the agent is putting in a fair amount of effort to sell the home. Unfortunately it’s over-listed.

The subject’s immediate area is seeing very slow sales activity, while homes in other parts of town are seeing strong demand. This indicates that homes in the subject’s area are priced too high, and buyers are content to wait for prices to come down. Even though this property is one of the lowest priced homes in Mountain View, at its current list price, it is certainly not a deal.

Address: 750 Telford Ave, Mountain View, CA 94043
Status: LISTED
List Date: 2/25/2009
List Price: $668,000
Cirios Value: $600,000
List Price vs. Cirios Value: 10.2% 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?

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