Granite Bay mansion sells in luxury real estate market

A Tuscan-style mansion in Granite Bay sold out in just six days with several deals on the table – highlighting how the over $ 1 million real estate market in the Sacramento area is “exploding.”

The five-bedroom, six-bathroom home, which spans 8,630 square feet and spans five acres, was listed for $ 3.25 million. The final sale is underway.

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

The doctor picked the right time to sell, according to Sacramento market analyst and valuator Ryan Lundquist.

“The million dollar market has exploded in the Sacramento area,” Lundquist said. “In the last twelve months we have recorded 181% more sales of over $ 1 million over the previous year, which basically means that this year we have achieved over 1,000 sales of over $ 1,000 million. “

Lundquist added that not everything sells for above $ 1 million in the Sacramento area, but 7.1% of all sales in the region in 2021 exceeded the $ 1 million mark.

“In 2020 as a whole, we only saw 3.7% of the market above a million, so that was a pretty noticeable change,” he said. “Part of the difference is because prices have gone up so much over the past year, which naturally creates more higher priced homes. But there is no doubt that the insatiable appetite of luxury buyers is insatiable.

The Granite Bay Estate offers plenty for the upscale appetite. The residence is accessed through a private gated entrance and a driveway that surrounds a “Bellagio-inspired fountain” and is located in “an exclusive neighborhood of Granite Bay on top of a hillAccording to the list.

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

“This home ticks a lot of boxes for what buyers are looking for as it has a huge square footage with over 8,000 square feet, high quality custom construction, it is gated, it has square footage and it is in the Placer County – a hot spot for luxury migration, ”Lundquist said. “The market tends to favor more modern construction these days, but many Tuscan homes are still selling for the better price. “

For example, he added, 11 homes in the area sold for more than $ 3 million this year, compared to four sales in the same period last year (January to July). There are currently 42 listings over $ 3 million, Lundquist said, “and a lot of these properties are just too expensive.”

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

“For 2021, the average number of days in the market for residential listings (which are) over $ 3 million in the Sacramento area is 108 days,” she said. “This property was put on hold in just six days with five offers. We received an offer on the first day of the screenings and received several over-requested offers.

The house also has iron doors, a domed ceiling entrance, a fitness room and a large private office. There is a built-in bar, celebrity-themed theater room and a downstairs master bedroom with living room, fireplace, luxurious bathroom with sunken bath, coffee bar and built-in fridge . There is a chef’s kitchen and a covered walkway that connects the second floor loft to a separate guest wing.

“This house is a unicorn in today’s luxury market landscape,” Smith said. “It sits on 5.1 acres of prime real estate land in Granite Bay. Few homes can be called “grand”, but this one lives up to the definition: magnificent, imposing, impressive. The profile of the ideal buyer is one who seeks space, views and appreciates classic Mediterranean elegance. With its spacious rooms and separate guest wing, it is also perfect for a buyer looking for a home suitable for multigenerational living. Considering the highly desirable but hard to find features of this property, we believe this is one of the most attractive luxury listings in the area.

Smith added that there were also “cool amenities,” such as the “old Hollywood-themed” theater room with red velvet recliners, artwork by famous actors, a built-in bar. and two wine refrigerators. And, there’s a separate niche with stucco walls, cement floors, and air conditioning.

Although the property sits on mostly level acres, the side and back yards are unfinished. However, Arai said it can be attractive to buyers.

“The blank canvas is a plus point,” she said. “The expansive backyard is a clean slate for shoppers with a vision. Have you always dreamed of an outdoor oasis with an extravagant swimming pool, a giant slide and a lazy river? And a vineyard? llamas? How about a second home? This property has enough space to make your dreams come true.

This story was originally published July 20, 2021 at 12:25 pm.

David Caraccio is a video producer for The Sacramento Bee who was born and raised in Sacramento. He is a graduate of San Diego State University and a longtime journalist who has worked for newspapers as a reporter, editor, page designer, and digital content producer.

Leave a Reply

Your email address will not be published.