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By Mike Hazlip—
It’s not just the heat that’s beating records lately, a Citrus Heights residential property last month sold for $1.25 million — beating the previous record by $200,000.
The home on the 8000 block of Holly Drive, located towards the northern border of Citrus Heights, closed on Aug. 12, 2022. The million-and-a-quarter price tag included a 2,235-square-foot main house with four bedrooms and three bathrooms, along with another detached 1,196-square-foot guest house with three bedrooms and two bathrooms.
Additionally, the property features a two car garage, and a 680-square-foot shop with 12-foot-high doors. The secondary dwelling is powered by solar.
Sacramento-area real estate appraiser Ryan Lundquist in an email this week confirmed the sale makes it the “highest-priced residential sale ever recorded in the MLS” for Citrus Heights.
The property commanded top dollar due to its unique features, according to Lundquist.
“This property is an outlier in that it had about an acre of land, a modern ranch house built in the past two years, an accessory unit at nearly 1200 sq ft, and a large garage,” Lundquist said. “In other words, this property checked nearly every box of what buyers are looking for minus a built-in pool.”
Despite what Lundquist calls a shift in the market due to rising interest rates, listings can still come with a high price tag and some homes are still getting multiple offers. He cautions sellers to be realistic, however.
“Of course, some sellers are still trapped in hot headlines from the past, but they have to realize half of active listings have had a price reduction and 46% of pending contracts dropped the price before getting into contract eventually,” he said. “We are simply no longer in a market where you list on a Thursday and review eight offers by 5pm on Monday.”
The shift in the market is also due to the seasonal decline typically seen in fall and winter, Lundquist said.
“We went from driving 130 mph to driving under the speed limit,” he said of the market.
The previous record for the highest residential sale recorded in Citrus Heights was $1,050,000 in March 2022.
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