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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.

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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.

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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.

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"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.


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