A Tuscan-style mansion in Granite Bay that sold with multiple offers on the table in just six days – and shows the Sacramento area’s million dollar real estate market “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 still pending.
The seller is Dr. Richard Lee, a plastic surgeon who owns the Lee Institute of Plastic Surgery in Roseville. It’s downsizing but staying local, said Chisay Arai, who is on the list along with Cynthia Smith, both of Guide Real Estate.
According to reviewer and market analyst Ryan Lundquist in Sacramento, the doctor picked a good time to sell.
“The million dollar market in the Sacramento area is exploding,” said Lundquist. “In the last twelve months we have achieved a whopping 181% more million in sales compared to the previous year, which essentially means that we have achieved over 1,000 additional million sales this year.”
Lundquist added that the Sacramento area doesn’t sell anything over $ 1 million, but 7.1% of all sales in the area exceeded the million dollar mark in 2021.
“In full 2020 we only saw 3.7% of the market over a million, so this was a pretty noticeable change,” he said. “Part of the difference is because prices have risen so much over the past year, which of course leads to more homes with higher dollar values. But the insatiable appetite of luxury buyers is unmistakable. “
The Granite Bay property offers a lot for the discerning appetite. The residence is accessed via a private entrance and driveway that surrounds a “Bellagio-inspired fountain” and is listed in “an exclusive hillside Granite Bay”.
In addition to the five bedrooms, there are four fireplaces, a five-car garage, and five balconies.
“This home checks a lot of the boxes for what buyers are looking for because it’s a huge square footprint, over 8,000 square feet, high quality custom construction, it’s gated, it’s got acreage, and it’s in Placer County – a hotspot for luxury migration,” said Lundquist. “The market is leaning towards more modern construction these days, but a lot of Tuscan houses are still selling for the highest dollar.”
For example, he added, 11 homes in the area were sold for more than $ 3 million this year, compared to four sales in the same period last year (January through July). There are currently 42 offers for $ 3 million, Lundquist said, “and some of these properties are just overpriced.”
That didn’t seem to be the case at 4608 King Ranch Place, Arai said.
“For 2021, the average residential market time (that’s) over $ 3 million in the Sacramento area is 108 days,” she said. “This property was pending with five offers in just six days. We received an offer on the first day of the demonstrations and received several offers too often. “
The home also features iron doors, a vaulted ceiling entrance, an exercise room, and a large private office. There is a built-in bar, celebrity-themed theater room and a master bedroom suite on the ground floor with a living room, fireplace, luxurious bathroom with sunken bathtub, coffee bar and built-in refrigerator. There is a kitchen / kitchen and a passageway that connects the loft on the second floor with a separate guest wing.
“This house is a unicorn in today’s luxury market landscape,” said Smith. “It sits on 5.1 acres of prime Granite Bay property. Not many homes can be called “great,” but this one lives up to the definition: magnificent, imposing, awe-inspiring. The profile of the ideal buyer is one who is looking for space and a view and who appreciates classic Mediterranean elegance. With its spacious rooms and separate guest wing, it is also perfect for buyers looking for multi-generational living. Given the highly desirable but hard-to-find features of this property, we believe it is one of the most attractively priced luxury properties in the region. “
Smith added that there are “cool amenities” too, like “The Old Hollywood-themed theater room with red velvet armchairs, artwork by famous actors, a built-in bar and two wine fridges.” And there’s a separate dog house with stucco walls, cement floors, and air conditioning.
Although the property is on mostly flat acres, the side and back courtyards are unfinished. However, Arai said this can be attractive to buyers.
“The blank canvas is positive,” she said. “The spacious back yard is a clean slate for buyers with a vision. Have you always wanted an outdoor oasis with an extravagant pool, giant water slide and lazy river? How about a vineyard? Llamas? How about a second house? This property offers enough space to make your dreams come true. “