A trusted source tells me this home may be something of a bargain. True, the photo doesn’t exactly scream “buy me now”, but the home is in foreclosure which explains the lack of care taken with presenting it for sale.

Here’s the low-down: this mid-century modern home on a 10,695 sq ft lot at 1488 Olympus Avenue last changed hands in 2004 for $751,900. It is now on the market for just $438,000.

Aside from the huge lot (by Berkeley standards), the home is 1,648 sq ft and, again according to my tipster, of genuine architectural interest if the mid-mod style rocks your boat. There are three bedrooms and two bathrooms, three fireplaces, hardwood floors, a lower level with extra rooms — and a swimming pool.

It patently needs some attention but perhaps not an unsurmountable quantity of it.

If you’re interested, act quickly. Although it is still listed for sale, many offers have apparently already been forthcoming.

Update 6.29.10: This home found a buyer who paid 16% over the asking price: it closed escrow at $508,000 and was recorded as sold today.

Tracey Taylor is co-founder of Berkeleyside and co-founder and editorial director of Cityside, the nonprofit parent to Berkeleyside and The Oaklandside. Before launching Berkeleyside, Tracey wrote for...