Berkeley is a desireable place and your price point is very difficult but not impossible. A lot will depend on how much cash you can bring to the table as competition for low end properties is very tough and with REO's in particular, cash is king. There are appraisal issues with fixers and having cash with no apraisal contingency can go a long way in this market. I know of two fixers that went into contract this past month for under 300K so it can be done. Easy? no. Patience, hard work and some luck and a good realtor and a good lender will be needed.
Best wishes
Bill Fletcher, M.Ed., Realtor

You have to be working with an agent in the area and most of all be available to visit the properties as the opportunity shows up & eventually write your offers!
The competition is very fierce (multiple offers) however there are a few on the market in Berkeley and El Cerrito right now.
Did you apply for FHA 203k loan ? the loan for rehab projects ? it would be a good first step to take.

If you are looking for homes only in Berkeley you may be limiting your self with your price point. I would with a lot of investors and there are some amaizing deals out there. You just have to be petient. Good luck

Hi Erik,

I have clients looking for exactly this. The only area where I have really been finding fixers in this range are in southwest Berkeley near San Pablo Park and near Ashby BART, and the ability to get a loan is definately a factor. Your window of opportunity is much smaller than it was 3 months ago, but it is still possible. The house will most-likely be a short sale or foreclosure, and in talking to the REO team at my office today she said that now that the moratorium on foreclosures has been lifted that California will be releasing aboutr 20,000 foreclosures per month. WOW! Sooooo, while the window is small right now, it could become larger over the next few months. Or not. But before scouting out other areas (and we have plenty of them!) I wouldn't close the door on Berkeley just yet...

Good luck!
Krista

Berkeley (and for that matter, our nearby city of Alameda), are surviving the market quite well, and we are not seeing the drastic drop in market prices as some cities like Pittsburg and Antioch.

If you are looking in this price range, and you'd like an area closer to the city hubs of San Francisco, Oakland and Berkeley, there are opportunities in Point Richmond (newers townhouses and condos), and detached single family homes in San Leandro, San Lorenzo and Hayward. All of these cities are within 15-25 minutes drive from Berkeley.

As far as fixers....there are a lot of them, true. But the lending practices, as you know, are very strict. Certain fixers won't qualify for loans. As such, many of the winning bidders are those who either pay all cash, or put down a substantial down payment.

If you'd like to see some options and possibilities in the cities I mentioned, feel free to drop me a line and I'll be happy to give you more insight about our markets.

Take case, and may I take this opportunity to welcome you to the East Bay.

Good luck.

Maybe...

The good areas of Berkeley are being snapped up by first time home-buyers and investors, and are selling in multiple offers right now.

Homes in the range you mentioned are not really habitable. Oakland could be a possibility. There are lots of great areas of Oakland as well.

Best of luck!

Nicole

You won't buy much for that price in Berkeley. It might even be tough to finance the property because the fixers in that range are in very bad shape. If you insist on Berkeley you would probably want to look near San Pablo Ave toward the SW part of town. Alternatively, you can find something in your range along the BART line in nearby towns such as Oakland, Concord and others. Prices may fall further, I don't think you missed anything yet. Good luck.