$395K Berkeley Home Goes on Sale, But with a Catch
A Unique Real Estate Listing with a Prime Location and a Major Challenge
A new real estate listing in Berkeley, California, has a prime location, a great price tag, and a highly unusual catch for any potential buyer. The four-bedroom, two-bathroom home is nearly 2,000 square feet and is located in one of Berkeley’s most desired neighborhoods. The current asking price is around $395,000, but as the price suggests, there are some significant factors to consider.
Location, Location, Location
The listing holds no secrets, and the home’s location is indeed a major perk. The house is situated on a 4,800-square-foot lot in the heart of Berkeley’s “Gourmet Ghetto” neighborhood, making it an attractive option for potential buyers. However, the location is where the perks stop.
The Catch
According to the listing, the building has had no maintenance done since 1974. The roof to the sunroom and garage have collapsed, the home is leaning off the foundation, and there is an active water leak that has been ongoing for a decade. It’s a significant challenge for any potential buyer.
A Risky Investment
JeAnna McGregor, a nearby resident, views the property as a “risky investment.” “It’s a great location, but it is a risk,” she said. “It’s not a fix-and-flip opportunity. It’s too far gone for an owner-occupant.”
Tenants and the Future
The home also comes with an 83-year-old tenant who will remain in the property rent-free for the duration of his lifetime, as well as an additional tenant who pays rent. This adds an extra layer of complexity to the purchase.
A Developer’s Dream
Dan McDunn, a Berkeley resident, sees the property’s potential. “It’s a great opportunity for a small developer like me. It’s beyond the capacity of an owner-occupant, which usually presents a good opportunity.” He believes the location will remain a hot commodity, even in fluctuating market conditions.
The Current Status
The house is already pending sale, with a local developer planning to restore the property without tearing it down. Some nearby residents have reported that the roof was re-done in January, and they are supportive of the current tenant remaining in the property. Many hope that the new owner will be able to restore the home to its original beauty.
Conclusion
The $395,000 Berkeley home is a unique and complex real estate listing that presents a significant challenge for potential buyers. While the location is prime, the property’s condition and existing tenants will require careful consideration. For some, the opportunity may be too great to pass up, while for others, it may be a risk not worth taking.
Frequently Asked Questions
* What is the current asking price of the property? The current asking price is around $395,000.
* What is the condition of the property? The property has had no maintenance since 1974, and the roof to the sunroom and garage have collapsed. There is an active water leak that has been ongoing for a decade.
* Are there any tenants already living in the property? Yes, there are two tenants, an 83-year-old man who will remain rent-free for his lifetime and another tenant who pays rent.
* Is the property pending sale? Yes, the property is already pending sale, with a local developer planning to restore the property without tearing it down.
