By now, it’s a familiar tale: Bay Area transplants move to Sacramento and drive up housing prices in the process.
One of the latest examples is none other than California Gov. Gavin Newsom.
His $3.7 million home in Fair Oaks has the single largest price tag for houses sold so far in 2019 in the Sacramento region, according to Ryan Lundquist of the Sacramento Appraisal Blog. The region includes homes sold in Sacramento, Placer, Yolo and El Dorado Counties.
Lundquist shared the cost of Newsom’s home on Twitter this week while ticking off statistics about million dollar houses in and around Sacramento.
They take an average of 84 days to sell, he noted, and 22 percent of buyers are scooping up the pricey real estate with all cash payments. Lundquist said he obtained the data from the MetroList, a real estate listing information website where most realtors list homes.
The Newsoms left Marin County to move to Sacramento when the governor took office. They put their former home on the market in February, seeking $5.9 million, according to the San Francisco Chronicle.
The governor, his wife, Jennifer Siebel Newsom, and their four young children now live in a 12,000-square-foot, six-bedroom house in Fair Oaks. Newsom opted for the private residence over living in the downtown Sacramento governor’s mansion.
The house was purchased through a limited liability company. The company is registered in the name of Newsom’s cousin Jeremy Scherer, the co-president of PlumpJack, the hospitality company Newsom founded.