How hot is the luxury home market? See sprawling Granite Bay mansion sold in 6 days

How hot is the luxury home market? See sprawling Granite Bay mansion sold in 6 days

Jul. 20—A Tuscany-style Granite Bay mansion sold in just six days with multiple offers on the table — spotlighting how the million-dollar-plus real estate market in the Sacramento region is “exploding.” The five-bedroom, six-bath home, which spans 8,630 square feet and sits on five acres, was listed for $3.25 million. The final sale is pending.

The seller is Dr. Richard Lee, a plastic surgeon who owns the Lee Institute of Plastic Surgery in Roseville. He is downsizing but staying local, said Chisay Arai, who is the co-listing agent with Cynthia Smith, both of Guide Real Estate.

The doctor picked a good time to sell, according to Sacramento appraiser and market analyst Ryan Lundquist.

“The million-dollar market has been exploding in the Sacramento region,” Lundquist said. “Over the past twelve months, we’ve seen a whopping 181% more million-dollar sales compared to the previous year, which essentially means this year we’ve had over 1,000 extra million-dollar sales.”

Lundquist added that not everything is selling above $1 million in the Sacramento region, but 7.1% of all sales in the region in 2021 have been above the million-dollar mark.

“In 2020 as a whole we only saw 3.7% of the market above one million, so this has been quite a noticeable change,” he said. “Part of the difference comes down to prices having risen so much over this past year, which naturally creates more higher-dollar homes. But there is no mistaking an insatiable appetite among luxury buyers.”

The Granite Bay estate offers a lot for the high-end appetite. The residence is accessed via a private gated entrance and driveway that encircles a “Bellagio-inspired fountain” and is located in “an exclusive hilltop Granite Bay neighborhood,” according to the listing.

In addition to the five bedrooms, there are four fireplaces, a five-car garage and five balconies.

“This house checks many boxes for what buyers are looking for, as it has a massive square footage with over 8,000 square feet, a high-quality of custom construction, it’s gated, it has acreage, and it’s in Placer County — a hot spot for luxury migration,” Lundquist said. “The market does tend to favor more modern construction these days, but lots of Tuscan homes still sell for top dollar.”

For instance, he added, 11 homes in the region have sold for more than $3 million dollars this year, compared with four sales during the same time period last year (January to July). There are currently 42 listings above $3 million, Lundquist said, “and quite a few of these properties are simply overpriced.”

That didn’t seem to be the case for 4608 King Ranch Place, Arai said.

“For 2021, the average days on market for residential listings (that are) $3 million-plus in the Sacramento region is 108 days,” she said. “This property went pending in just six days with five offers. We received an offer on the first day of showings and received multiple offers over-asking.”

The home also features iron doors, a domed ceiling entry, fitness room and large private office. There’s a built-in bar, a “celebrity-themed” theater room and a primary […]

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