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By Mike Hazlip—
Million-dollar homes in Citrus Heights? Yes, there’s actually a few on the market right now.
An eight-bedroom, eight-bathroom, 4,960-square-foot mansion on Old Auburn Road is currently listed for $1.5 million. The home sits slightly back-set from a main thoroughfare, and passersby might recognize the two-story Mediterranean-style villa behind a stucco and wood front fence.
The home rests on about two-thirds of an acre, and includes a detached garage. A real estate listing describes the first floor featuring a free-flowing plan with a master bedroom and bath, in-law quarters, and a remodeled kitchen with “formidable amounts of granite counter space.” The second floor features five bedrooms and four bathrooms, along with a grand master bedroom and balcony.
The property was listed for sale in February of this year at $999,998, but two subsequent price increases brought the amount to its current asking price, according to records from real estate listing site Trulia.
The home previously sold in 2013 for $410,000, and was listed in subsequent years from prices ranging from $697,000 to $925,000. Records from the Sacramento County Assessor shows the home was built in 2008.
Real Estate broker Beth Moran told The Sentinel in an email Thursday she suspects the house is overbuilt for the area.
“As for the house itself, it has nice amenities, but the clients who I work with, shopping in that price range, want way more than what is being offered with this home,” Moran said. “Primarily neighborhood, but also pools, spas and location, location, location!”
Another 3,166-square-foot four bedroom house at 6446 Sylvan Rd. is listed for $1.15M. The home sits on a roughly 1.5-acre lot, according to the listing. Originally listed for $1,000,045 in May, the price was increased a day later to it’s current level.
A search of the real estate website Zillow for homes with a minimum price of $900,000 returns four listings that range in price from $925,000 to $1,500,000.
Despite the million-dollar price tag for these homes, overall the market in the Sacramento region is slightly slowing, according to real estate appraiser Ryan Lundquist. In an email to The Sentinel Thursday, Lundquist said he’s seeing a slowing of the market typical of seasonal dips in home prices, but the market remains high in comparison to previous yearly cycles.
“We’ve seen massive price appreciation this year in the Sacramento region as the median price is up 15.4% from January to July,” Lundquist said. “However, while the stats are glowing we are beginning to see normal seasonal slowing too. Prices ticked down from June to July in the entire region as well as Sacramento County.”
Lundquist compared the market to a speeding car just beginning to slow down.
“The housing market is like a car speeding on the freeway that recently let up on the gas,” Lundquist wrote in a recent blog. “It’s moving really fast, but it’s also slowing.”
The market slowdown is not unexpected, according to Lundquist. He says “This happens like clockwork about every year.”
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In an email to The Sentinel Thursday, real estate broker Cara Richey of NextHome Millennium said she is also seeing a seasonal cooling of the market, although prices remain above average.
“For the first time in months we are seeing buyer’s offers being accepted at list price instead of the thousands of dollars over asking price and bidding wars,” Richey said, adding she has even seen some price reductions in recent weeks. “What we don’t know is if this is a temporary situation causing distraction such as back to school, wildfire challenges and general economic unrest, or if it is an indication of a more long-term adjustment in our housing market.”
For potential buyers, the shift in the market is a welcome relief, according to Richey.
“One thing for certain is that buyers are fatigued,” she said. “They are exhausted from multiple offers, competition and disappointment.”
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