How a Loomis home fetched $1 million over the asking price. Take a look at the place
A farmhouse-style home in Loomis recently sold for more than $1 million over the listing price, closing at $4.5 million, in an extreme example that real estate bidding wars are still flaring up in the Sacramento region.
The four-bedroom, five-bathroom home was listed for $3.475 million on Feb. 9, when things got crazy.
“I would say, yes, facilitating a transaction to have that much margin over the asking price was pretty epic,” listing agent Michael Yarmolyuk of 1st Choice Realty & Associates told The Sacramento Bee.
The deal closed March 23, a little over a month after the luxury home hit the market.
“It absolutely was a bidding war,” Yarmolyuk said. “As soon as the listing went live, it was clear the house was going to sell well above the asking price. Our marketing generated nonstop showings, repeat showings and strong interest from qualified buyers. We received five very strong offers. After a few days of negotiating all the terms and conditions, the sellers accepted the strongest offer.”
The 4,385-square-foot house sits on nearly 5 acres in the exclusive Sierra de Montserrat community, at 7000 Rutherford Canyon Road. The neighborhood is home to a number of custom-built properties surrounded by vineyards, rolling hills, protected oak woodlands and wildlife habitat.
The Rutherford Canyon home, built in 2013, features fine finishing touches, Thermador kitchen appliances, luxury granite countertops and custom cabinetry.
“This home is on one of the most private lots in the community with one of the largest building envelopes,” Yarmolyuk said. “The grounds are truly unparalleled. As soon as you enter the gates you are greeted with an atmosphere with tranquility and peace that can hardly be replicated.”
The property features an infinity pool and hot tub, a covered patio and “a bonus casita in the backyard (that) makes for the perfect place for exercise with a view,” according to the listing.
Does the lofty price represent an overheated housing market or is it a disparity?
“I would say it’s a total outlier,” said Ryan Lundquist, a Sacramento area real estate appraiser and market analyst. “This is sort of a headline-grabber, but it’s not something that typifies the market.”
Yarmolyuk said $1 million over the asking price is definitely a conversation piece, but it’s not unusual these days to see a number of potential home buyers competing for the same property.
“I would say it is a combination of both,” he said. “The market is definitely competitive and bidding wars that generate offers well above asking price are not uncommon.”
One thing is certain: This Loomis estate, located in a coveted community, generated a ton of interest from Day 1.
“We had back to back showings with qualified buyers, scheduled immediately after the listing went live,” he said. “This home was built to be a forever home for the sellers. It had never been listed on the market before, so it truly was a find for anyone looking for quality build and unparalleled grounds.”
Luxury home buyers, taking advantage of low mortgage rates and a continuing work-from-home trend, have fueled explosive growth in the past couple of years. Placer County, which encompasses Loomis, was home to nearly 38% of all million-dollar sales in the Sacramento region last year.
The sellers are retired business owners, “ready to circumnavigate the globe on their boat,” Yarmoluyk said.
This story was originally published April 16, 2022 at 5:00 AM.
