Paul Kitagaki Jr. / Sacramento Bee

Granite Bay is known for some of its expensive homes such as the one pictured. Now, with the economy healing, sales of luxury residences are rebounding.

Luxury home sales rebounding in the Sacramento region

Published: Friday, Nov. 22, 2013 - 6:28 pm
Last Modified: Saturday, Nov. 23, 2013 - 11:16 am

A palatial $4.7 million home in Granite Bay that sold this week is at least the second ultra-high-end house to change hands in the Sacramento region this year, according to Lyon Real Estate.

It’s also the priciest sale in suburban Placer County since actor Eddie Murphy’s home sold for $6 million in 2009, Lyon said in a news release.

The sale of 8815 Bella Terra Place –a 13,690-square-foot, Italian-style estate on 2.3 acres – follows the sale in February of the late developer Gary Ravel’s 10,000-square-foot Spanish Colonial home on Crocker Road, in Sacramento’s Sierra Oaks neighborhood.

Ravel’s dream home, which he spent nearly $8 million to build, sold for $4.75 million after two other offers were turned down. It was the highest-priced home ever sold in Sacramento County, said Lyon agent Annette Black, who represented the buyer and seller.

Lyon agent Joey Aronson had the Bella Terra listing. Aronson listed the estate on Aug. 15 and entered negotiations with a buyer in less than a month, Lyon said.

“The economy is healing,” Aronson said in a news release. “People are ready to move up and take the plunge.”

The buyers did not want their identity disclosed, said Lyon marketing director Pettit Gilwee. She identified the sellers as Mehran and Mitra Sabbaghian, who she said were involved in the software industry.

A Mehran Sabbaghian is listed as president of the Sacramento-based Web-hosting company Lanset America.

Since early last year, when the real estate market began to rise, sales of homes to the super-wealthy have been increasing in areas such as Lake Tahoe.

The merely wealthy have also been buying more, real estate firms report.

TrendGraphix, a Sacramento real-estate data firm associated with Lyon, said 130 homes had sold for more $800,000 in the past three months in the greater Sacramento region. That figure is 59 percent higher than during the same period in 2012, it said.


Call The Bee’s Hudson Sangree, (916) 321-1191.

Read more articles by Hudson Sangree





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