Red-Tagged Lafayette Home On Market For $850,000

LAFAYETTE (CBS SF) — An East Bay home with a price of $850,000 is attracting bidders even though it currently can’t be lived in because it stands on the edge of a large landslide.

The house on Chapel Drive in Lafayette was red-tagged last month because the foundation was undermined by the landslide in the backyard.

ALSO READ: San Jose Landlord Accused Of Squalid Conditions, Illegal Rent Hikes

The listing admits the purchase is “not for the faint of heart.”

It goes on to say the $850,000 dollars asking price reflects the cost of repairs to the foundation. It’s estimated that those repairs will be about $300,000, according to reports.

ALSO READ: Gov. Brown Makes Dire Plea To Save California Climate Law

The listing also notes that once the property is restored and the home is livable, there will be great views of Mount Diablo.

Valerie Crowell, broker associate with Keller Williams Realty, gave KPIX 5 a tour of the four-bedroom, three-bath home.

It’s in a quiet cul-de-sac near great schools. She said it would normally go for $1.5 million.

ALSO READ: BART Backpedals On Its Policy Of Withholding Crime Surveillance Video

“There’s only so much real estate on the planet, and there’s only so much real estate in the Lafayette school district,” said Crowell.

Crowell said the $850,000 asking price takes into account other costs like stabilizing the hillside and home renovations.

She said the elderly couple who lived here had to move out when the backyard gave way after the storms in February.

“They’ve been in the house since 1968. It’s really sad for the family,” said Crowell.

The 2,400-square-foot home was put on the market Friday.

“I’m actually surprised by the interest I’ve gotten on this house. I’ve getting four to five calls a day about it,” said Crowell.

There have been four walk-throughs with potential buyers so far. In the Bay Area’s sizzling real estate market, it could be someone’s bargain.

Crowell said she will making sure bidders understand the stabilization work that needs to be done on the property.

Comments

One Comment

  1. Only in California – home of the dumbest people on the planet.

  2. tonyome says:

    Only in California…

  3. Dreaded Parakeet says:

    The house needs to be demolish to save the silly people considering buying it. It’s futile and nature is taking that space back.

  4. This is proof how stupid people in California can be.

  5. For $100,000 that home can be moved fifty feet away from the cliff.

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?
Listen to Radio.com Anywhere, Anytime!

Watch & Listen LIVE