How is the luxury home market faring in Sacramento?

Asked by Roberta Murphy, Carlsbad, CA Fri May 25, 2007

In San Diego, the $2 million homes along the coast are moving fairly well. It is the lower end of the luxury market that seems to be suffering.

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Gena Riede, Agent, Elk Grove, CA
Fri May 25, 2007
The luxury home market has been hit just as all Real Estate has. What I'm seeing is on average $1m and up are taking about a $200K-$300K hit and days on the market range from 60+ days on up.
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Kaye Thomas, Agent, Manhattan Beach, CA
Sat May 26, 2007
I'm surprised Gena.. most luxury markets in Ca seem to have been holding up fairly well.. or maybe it's just those along the coast are doing a bit better then the inland markets
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Erin Stumpf…, Agent, Sacramento, CA
Sun Jun 17, 2007
Well now, that question really depends on what part of Sacramento County you are referring to. High end neighborhoods near the Sacramento core are holding their own. Neighborhoods like Sierra Oaks and Sierra Oaks Vista, Wilhaggin, Del Dayo, Arden Park, Arden Oaks, Land Park, East Sacramento, etc. are holding up very well from a price perspective and time on the market perspective. Like any price range, pricing a property realistically helps to sell in in a reasonable amount of time. For example, recently within the last 2 months, there have been multiple $1M+ homes in Sierra Oaks Vista and East Sacramento sell within a week.

Now if you look at outlying areas of Sacramento, and areas inundated with new home development - those luxury homes have not only taken a hit from a price perspective, they do not sell quickly in general either. Elk Grove, Natomas, and areas in neighboring Placer County like Lincoln, Rocklin, and Roseville are suffering a bit...
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