California E&S Insurance

Why are home in the Oakland hills so cheap? You see 3-4 bedroom homes for $800k. Is it the bad schools? No chance of getting property insurance due to high fire risk? EDIT: Very helpful comments, I appreciate the reddit community so much. Lots of good points and it's less of a mystery now the pricing. I got the conversation off to a bad start as only the 4br homes in poor shape go that cheap and/or will sell much higher, and it's mostly 2br that are in good shape that are less than $800k. Only wish I could fix the typo in my title.

{
  "score": 0,
  "title": "Why are home in the Oakland hills so cheap?",
  "subreddit": "bayarea",
  "num_comments": 152,
  "scrape_method": "apify_targeted"
}