Although prices are rising for Sacramento houses, it’s still not the Bay Area, as sellers at the highest-end of the region’s real estate market are finding out.
The most expensive house on Sacramento’s market, currently listed at $5.5 million, has been for sale since 2014, and the asking price has been lowered from an earlier $6.5 million. It is in Sierra Oaks Vista, a tiny neighborhood off of Fair Oaks Boulevard. The most expensive house to be sold in Sacramento County was also in Sierra Oaks. It went for $4.75 million.
The house currently for sale, at 680 Laurel Drive, was designed by Peter Bohlin, the same architect who designed Bill Gates’ home and Seattle City Hall. It boasts 12,800 square feet of space with five bedrooms, seven-and-a-half bathrooms and a full guesthouse.
Reza Abbaszadeh built the house for over $10 million in 2011. A dentist and Iranian immigrant, Abbaszadeh founded and built Premier Access Insurance Co., a dental insurance firm that was acquired in 2014 by a New York insurer.
Housing prices and sales are both on the rise in the Sierra Oaks neighborhood, said Coldwell Banker Residential Brokerage real estate agent John Gudebski, who has been involved in the community since 1994. However, selling the 680 Laurel Drive house presents a challenge because its striking contemporary style is so unusual for the neighborhood, he said.
“The house is beautiful from every perspective,” Gudebski said. “But it’s not a house one generally conceives of when they think of a $5 million home in Sacramento.”
Higher end houses in Sierra Oaks Vista tend to sell quickly at a high of around $3 million. However, these sorts of houses are usually traditional, remodeled homes. An “ultramodern” house for sale is rare for anywhere in Sacramento, Gudebski said. But even if the $5.5 million house goes against the groove in style, he said, the amenities like proximity to shopping, hospitals and universities as well as the good school district that attract a wealthy customer base to Sierra Oaks still applies.
“It’s a very popular area, and homes on the market tend to sell quickly,” Gudebski said. “This house still has all those amenities, even if all of the architectural features aren’t appreciated by some buyers.”
With more buyers looking inward from the Bay Area, Sacramento is seeing a boost in interest for luxury and contemporary homes, said real estate agent Nick Sadek, who has the 680 Laurel Drive listing. It’s not the most expensive house Sadek is offering for sale; his website – which includes many properties in the $2 million to $3 million range – lists the sprawling Granite Bay mansion once owned by actor Eddie Murphy for $12 million.
“The quality of life for the price is amazing compared to what you’d get it Bay Area or Southern California,” Sadek said. “We’re going to be seeing more houses with this ambiance, this style as people transition from the bay to here.”
So far, the Sierra Oaks house has received one offer and has been shown numerous times. Although the house has been on the market for quite a while, Sadek said that he is not worried.
“It’s a beautiful, huge project and takes a little longer to get what we’re asking for. We expect that,” he said.
Robin Opsahl: 916-321-1176, @robinlopsahl