Anyone waiting for the East Bay housing market to reach a tipping point may have gotten their wish.
A four-bed, three-bath midcentury house with an undisclosed address in Lafayette went on the market for $850,000 on Friday.
The catch: Nobody can go inside the place, as it sits just a few feet from where a landslide collapsed part of the backyard, potentially endangering the entire property.
Realtor Valerie Crowell writes:
Grand home on a quiet cul-de-sac has met misfortune. This is not for the faint of heart. Landslide at the rear of the home, house is currently red tagged. Geotechnical report available.
Do the hard work and benefit from a incredible view of Mt. Diablo. Home is priced to reflect the cost of repairs. Will you be the one to restore this majestic home to it's prior glory? Nice flowing floor plan.
On the listing aggregate site Redfin, where this unfortunate abode features, other Lafayette homes in the $800K-$900K range are less than half this size. Indeed, even some vacant lots in the city list for more than $850,000.
For perspective, the California Association of Realtors estimates that the average California home now goes for about $550,000, while the average Bay Area home runs $890,000.
It’s been a while since the term “fiscal cliff” has been common in American parlance, but it seems likely to pop into the heads of prospective buyers as they weigh the pros and cons of this potential purchase—offsite, of course, as it’s not advisable to put too much weight anywhere on the property.