$49,900 for a 4bdrm/3bath House: Best Value Home of the Week

Coming out of nowhere, this week’s best value home quickly rose to the #1 spot for our best value homes in the San Francisco Bay area. The ZipRealty user community clearly believes that this $49,900, 4 bedroom, 3 bathroom house in Hercules is one of the better values on the market (no, the price is not a typo – I thought the exact same thing). Clearly, the $23 per square foot offering price is well below anything comparable in the Bay Area.

First, let’s look at the price history of the home:

The home has been on the market for almost 1 year and was originally listed for $579,000. Six months later, the price was dropped to $99,900 and then to its current level a few weeks ago. After confirming that the $49,900 asking price is not a fluke, your next question is probably, “What’s wrong with it?”

In the description of the home, the listing agent clearly states that the home “Needs major work!” and includes two dubious words - “soils engineer”. The pictures of the home also show an imposing hillside looming above the backyard of the house. Furthermore, the listing agent has told all interested parties to request and read the disclosures BEFORE seriously inquiring about the home.

As far as best value homes go, this home is a great deal based on the location and the price ($49K?! this is just unheard of around here). However, there are usually reasons why a home is priced the way it is – just make sure that you and your agent do your research before opening your wallet.

Thanks to the ZipRealty community for finding this value!

Comments

[Mikey]

Looks like the house is sliding down the hill. How come the lot next to this house is empty? Did it already fall down?

[Vince Talerico]

Maybe the home is sitting on a fault line?

[Home Loans]

Yeah ..should be the reason.Definetly the home is sitting on a fault line.