With infinity pool shaped like Folsom Lake, see El Dorado Hills home for sale: $3.25M
An El Dorado Hills home — which underwent a $500,000 upgrade to the backyard and holds panoramic views of Folsom Lake, Mount Diablo and the Sutter Buttes — has hit the market for $3.25 million, as luxury home sales in the area have skyrocketed in the past year.
The 6,688-square-foot, five-bedroom, six-bath home at 4913 Gresham Drive sits on 1.21 acres in the exclusive gated Serrano community.
The home features one of the largest flat backyards in Serrano and an infinity pool that mimics the shape of Folsom Lake, according to Mimi Nassif, CEO of Mimi Nassif Luxury Estates, who holds the listing.
The seller spent half a million dollars on landscaping and building the zero-edge pool, where “at night (guests) enjoy the city lights and stars in the sky,” she said.
Nassif said in addition to the pool and views, the estate’s highlights include:
▪ Two primary ensuite bedrooms on the main level, and a third on the backyard level
▪ Wine cellar
▪ Four-car garage
▪ Entertainment room
▪ Putting green with views of Folsom Lake
▪ Outdoor waterfall and fire pits
“So far in 2022, we’ve seen the million-dollar market explode in El Dorado Hills and the entire region as a whole,” said Sacramento appraiser and housing market analyst Ryan Lundquist.
Nearly 51% of sales this year in El Dorado Hills have been above $1 million dollars, with the median sales price sitting just above that mark.
“This huge price milestone speaks in large part to rampant price growth in recent years, but it’s also indicative of a massive appetite for luxury properties in the region and the ability to work from home,” Lundquist said.
In 2022, 131 homes have sold for over $1 million in El Dorado Hills, compared with 99 properties last year during the same period. Since January 2021, there have been 511 sales above the $1 million price tag in El Dorado Hills, and six sales above $3 million, Lundquist added. Two properties broke the $4 million barrier.
In the entire four-county Sacramento region, there have been 39 sales above $3 million since 2021, and eight are currently pending at that price point.
“Over the past couple of years it’s felt like a market of unicorn properties, where we are starting to see some of the highest prices ever pop into existence,” Lundquist said. “It’s interesting to note there are 32 active listings above $3 million though, which suggests many sellers are trying to capture a smaller pool of buyers able to compete at this range. All things considered, we still have a diminished supply of million-dollar inventory in the region.”
In the past, there typically has been six to nine months worth of million-dollar housing inventory, but currently that supply stands at about one-and-a-half months, Lundquist said.
“Since mortgage rates went below 3% in the summer of 2020, the million-dollar market has seen inventory shrink dramatically,” he said.
Higher financing costs hit all levels of the housing market, Lundquist said. Recent rising mortgage rates will affect the high-end housing market, too.
With 75% of the 2022 million-dollar market seeing the financing of sales, Lundquist said “it’s easy to think everyone is paying cash at these levels, but that’s not what the stats show.”
He added: “While rate increases are much more painful for buyers at lower price points, there is still an effect at higher prices, too. In other words, no price point is immune to feeling the effect of mortgage rate increases lately.”
This story was originally published May 13, 2022 at 5:00 AM.
