Skyrocketing San Francisco home prices push luxury buyers east

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The city of Sacramento. With San Francisco luxury home prices hitting record highs, many wealthy buyers are flocking east, to the Sacramento region, where their money buys them a whole lot more home.

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b08b6 benvandermeer Skyrocketing San Francisco home prices push luxury buyers east
Ben van der Meer
Staff Writer- Sacramento Business Journal


Luxury home sales in the Sacramento region took a 30 percent jump in the first quarter of 2015 compared to a year earlier. The easiest explanation? Look west.

“I think we’re seeing Bay Area retirees move here,” said Terri Briggs, regional vice president at Coldwell Banker Residential Brokerage in Sacramento. “The Bay Area is just really hot.”

The firm tracked 130 sales of homes at $750,000 or more in the first three months of the year in El Dorado, Placer and Sacramento counties. The first quarter of 2014 had 100 such sales.

Earlier: Most expensive San Francisco homes sold in January(slideshow)

The median price in the Sacramento region, at $866,150, was down 9.3 percent from the median price in the previous year’s first quarter. A drop in median price is not unusual in luxury homes when there are more overall sales.

In addition to wealthy Bay Area buyers coming to where their money goes further, Briggs said, improving economic conditions here also helped luxury home sales.

See also:

  • 10 expensive San Francisco homes sold in 2014(slideshow)
  • San Francisco luxury homes sales hit record high
  • Lumina markets $49 million San Francisco condo
  • 3 things you didn’t know about Lumina’s $49 million condo

Perhaps most encouragingly is that the upward trajectory is only starting, she said. Economists consistently tell her 2016 is poised to be an even better year for housing at all levels in the Sacramento region.

“You’re already seeing that with the lofts in midtown,” she said. “People are buying those, and a lot of those are very upscale.”

The most expensive home sold in the Sacramento region in the first quarter was an 8,300-square-foot home in El Dorado Hills with four bedrooms and six bathrooms. That home sold for $2.3 million.

Sacramento, with 29, had the most sales by city. The figures do not appear to include home sales around Lake Tahoe.

Ben van der Meer covers real estate, development, construction, transportation and the business of sports for the Sacramento Business Journal.

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