Sacramento-area estate sells for more than $6 million, highest-priced home sale for 2023. See it
A newly built estate in the foothills of Northern California with a resort-style backyard has sold for $6.275 million, making it the highest-priced residential sale in the Sacramento region for 2023.
An out-of-town buyer, who is relocating to the capital region, plopped down cash to make the purchase in Loomis, according to listing agent Mimi Nassif, founder and CEO of Mimi Nassif Luxury Estates. The deal was confirmed through MLS, the multiple listing service.
Nassif said the buyer was impressed by the mansion’s open floor plan and big glass doors that disappear into the wall for seamless indoor-outdoor living, the sleek infinity pool, two garages that fit up to eight cars with custom glass doors, and the private gate within the gated Terracina Estates community.
She declined to disclose more about the buyer, but added that “we were able to reach them through our relentless marketing.”
The home is located at 7340 Terracina Lane.
“This property is the highest sale in the Sacramento region in 2023,” said Ryan Lundquist, a Sacramento appraiser and real estate market analyst.
Since 2020, the Sacramento region has seen four residential sales above the $6 million mark. Two of them were in Loomis, the town of about 7,000 in Placer County. There is a tie for the highest sale ever in the region, Lundquist said, between a $7 million property sold in Shingle Springs (4250 Victoria Way) in August 2021, and a property in Loomis (8611 Angeli Lane) in early 2022.
When it comes to top luxury properties in the four-county Sacramento region, Loomis is king.
“Loomis has become a top luxury property enclave in recent years,” Lundquist said. “A whopping 40% of all sales above $4 million on MLS have been located in Loomis since 2020.”
Granite Bay was second with 23%, and El Dorado Hills had 10% of the sales.
The modern, Santa Barbara-style estate on Terracina Lane sits on a commanding corner lot and took three years to build, Nassif told The Sacramento Bee when the home first hit the market.
“The market is really strong for bigger, newer homes with elegant and unique designs and open floor plans,” she said, especially if the estate happens to sit inside a gated neighborhood.
The home unfolds over 8,000 square feet with five ensuite bedrooms and seven bathrooms.
The mansion had only one previous owner, who sold because the family was moving out of the area, Nassif said.
Spanning 2.6 acres, the fully landscaped backyard showcases a saltwater infinity pool with a built-in oversize spa and mosaic tiles around the edges. There’s an outdoor kitchen, huge grass play area, a garden and fruit trees.
The one-bedroom, one-bathroom guest quarters, with a family room and small kitchen, is connected to the main house.
The main residence, precise in detail, features an open floor plan with high ceilings and glass doors that disappear into the wall. A chef’s kitchen is built to host parties. It contains two islands with waterfall edges, a butler kitchen, a second dishwasher and double ovens.
Inside the home is a movie theater, office and bar with an onyx marble countertop. An exercise room opens into the resort-style backyard.
Lundquist said today’s market is curious and must be seen as a whole to make sense of it.
“Some people think 8% rates mean 0% demand in today’s housing market, but that’s not accurate since there are still many buyers and sellers participating in the marketplace today,” he said. “Granted, we’ve seen a sobering 40% fewer buyers and sellers this year in the region, which amounts to almost 13,000 fewer new listings and close to 8,000 fewer sales compared to the pre-2020 normal. However, the other side of this stat is to recognize that about 60% of the market is happening.
“In short, I think we need to look at both the part of the market that is missing and what is happening to understand today’s housing market.”
When it comes to luxury real estate, a larger percentage of high-end home buyers are paying with all cash because they have the money and they’re less affected by mortgage rate changes, Lundquist added.
Some 43% of all sales above $4 million in the Sacramento region since 2020 have been cash purchases, Lundquist said.
This story was originally published October 26, 2023 at 11:41 AM.
