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Tag: Cara Richey

  • Eight-bedroom mansion in Citrus Heights seeks buyer for $1.5M

    Eight-bedroom mansion in Citrus Heights seeks buyer for $1.5M

    Million-dollar mansion
    A nearly 5,000-square-foot home at 7755 Old Auburn Rd. in Citrus Heights has been listed for sale at $1.5 million. // M. Hazlip

    By Mike Hazlip—
    Million-dollar homes in Citrus Heights? Yes, there’s actually a few on the market right now.

    An eight-bedroom, eight-bathroom, 4,960-square-foot mansion on Old Auburn Road is currently listed for $1.5 million. The home sits slightly back-set from a main thoroughfare, and passersby might recognize the two-story Mediterranean-style villa behind a stucco and wood front fence.

    The home rests on about two-thirds of an acre, and includes a detached garage. A real estate listing describes the first floor featuring a free-flowing plan with a master bedroom and bath, in-law quarters, and a remodeled kitchen with “formidable amounts of granite counter space.” The second floor features five bedrooms and four bathrooms, along with a grand master bedroom and balcony.

    The property was listed for sale in February of this year at $999,998, but two subsequent price increases brought the amount to its current asking price, according to records from real estate listing site Trulia.

    The home previously sold in 2013 for $410,000, and was listed in subsequent years from prices ranging from $697,000 to $925,000. Records from the Sacramento County Assessor shows the home was built in 2008.

    Related: Which half of Citrus Heights is more expensive to live in?

    Real Estate broker Beth Moran told The Sentinel in an email Thursday she suspects the house is overbuilt for the area.

    “As for the house itself, it has nice amenities, but the clients who I work with, shopping in that price range, want way more than what is being offered with this home,” Moran said. “Primarily neighborhood, but also pools, spas and location, location, location!”

    Another 3,166-square-foot four bedroom house at 6446 Sylvan Rd. is listed for $1.15M. The home sits on a roughly 1.5-acre lot, according to the listing. Originally listed for $1,000,045 in May, the price was increased a day later to it’s current level.

    A search of the real estate website Zillow for homes with a minimum price of $900,000 returns four listings that range in price from $925,000 to $1,500,000.

    Related: See which homes sold in Citrus Heights in July, and for how much

    Despite the million-dollar price tag for these homes, overall the market in the Sacramento region is slightly slowing, according to real estate appraiser Ryan Lundquist. In an email to The Sentinel Thursday, Lundquist said he’s seeing a slowing of the market typical of seasonal dips in home prices, but the market remains high in comparison to previous yearly cycles.

    “We’ve seen massive price appreciation this year in the Sacramento region as the median price is up 15.4% from January to July,” Lundquist said. “However, while the stats are glowing we are beginning to see normal seasonal slowing too. Prices ticked down from June to July in the entire region as well as Sacramento County.”

    Lundquist compared the market to a speeding car just beginning to slow down.

    “The housing market is like a car speeding on the freeway that recently let up on the gas,” Lundquist wrote in a recent blog. “It’s moving really fast, but it’s also slowing.”

    The market slowdown is not unexpected, according to Lundquist. He says “This happens like clockwork about every year.”

    Also on The Sentinel: Young couple desperate to buy Citrus Heights home turns to social media

    In an email to The Sentinel Thursday, real estate broker Cara Richey of NextHome Millennium said she is also seeing a seasonal cooling of the market, although prices remain above average.

    “For the first time in months we are seeing buyer’s offers being accepted at list price instead of the thousands of dollars over asking price and bidding wars,” Richey said, adding she has even seen some price reductions in recent weeks. “What we don’t know is if this is a temporary situation causing distraction such as back to school, wildfire challenges and general economic unrest, or if it is an indication of a more long-term adjustment in our housing market.”

    For potential buyers, the shift in the market is a welcome relief, according to Richey.

    “One thing for certain is that buyers are fatigued,” she said. “They are exhausted from multiple offers, competition and disappointment.”

  • Funding issues in Citrus Heights underlie much of ‘State of the City’ address

    Sentinel staff report–
    Citrus Heights Mayor Jeff Slowey kicked off a 45-minute virtual “State of the City” event on Tuesday night with highlights of the year, including the city’s COVID-19 response and efforts to address budget issues.

    In a month-by-month summary of 2020 so far, Slowey noted the city’s emergency declaration in March amid the spread of the coronavirus, along with passage of a temporary outdoor dining ordinance and the launching a “Love Local” campaign to encourage supporting businesses in Citrus Heights.

    Slowey also highlighted progress on the Sunrise Tomorrow vision to reimagine the aging Sunrise Mall and welcomed the recent openings of Chando’s Tacos and Hobby Lobby. He also noted the council in July voted 4-1 to place Measure M on the ballot, “with the goal of funding Citrus Heights projects.”

    From Sept: Green Acres planning new location in Citrus Heights

    Slowey’s speech was followed by a several-minute recorded video with comments from city staff.

    Boyd then addressed the city’s process of adopting three-year goals and setting six-month strategic objectives. The city’s three-year goals are to maintain fiscal stability, improve streets and infrastructure, diversify for a changing economy, enhance and expand public safety, and improve community vibrancy and engagement.

    The city manager zeroed in on economic development, highlighting a vision for Sunrise Mall that includes office, retail and restaurants, along with two hotels and over 1,100 residential units. The development of a Specific Plan to guide development at the mall is currently in the Environmental Impact Report stage.

    From March: Preferred plan for future Sunrise Mall area includes hotel, 800+ residential units

    “Revitalizing our mall site will create a economic engine, helping to secure our city’s future,” said Boyd. “But most importantly these efforts will create a new heart for Citrus Heights and reestablish the area as the destination for families to gather, shop, work and play.”

    Boyd also highlighted a similar vision for Sylvan Corners, which the city purchased and hopes to sell to a developer.

    From June: Concept designs for Sylvan Corners show room for housing, restaurant plaza

    Noting funding concerns even before COVID-19, the city manager said leaders have always known there would be a time when the city budget would be “very tight” and said the city saved over $1 million during the last fiscal year, which was largely through a hiring freeze on unfilled positions.

    Boyd and Slowey both appeared to be using a teleprompter, with each sticking to a tight script. Viewers tuning in via Zoom were able to participate in several live polls during the event, and a video with community members’ perspectives on the city was shown featuring Michael Retzlaff, Cara Richey, Caryl Balko, Kevin Miles, and Amanda Camacho.

    Police Chief Ron Lawrence also took to the podium at City Hall during the broadcast and said during the pandemic his officers have focused on education rather than enforcement, along with helping pass out thousands of free masks to local businesses. He also highlighted the Police Department’s “pathways” programs, such as Explorers, which he said have led directly to hiring.

    Lawrence said in the past four years the police department has “reduced the overall crime rate in Citrus Heights by an amazing 18 percent,” with last year seeing the “lowest crime rate since the department’s inception.”

    Lawrence said the department has had to cut back on several initiatives due to budget constraints and hinted at a need for more funding to maintain services.

    The Sentinel reached out on Wednesday to each of the four candidates running for a seat on the City Council this year for an opportunity to respond to the State of the City address. Only one candidate responded by press time Thursday morning.

    “It is amazing that we have been able to accomplish so much, especially in the area of reduced crime, with resources being limited,” said Councilman Bret Daniels, who is running for the newly created District 1 seat. “It also demonstrated what we can accomplish by simply continuing to tighten our belt until we begin receiving another $6 million a year in property taxes in 2022.”

    Daniels was the only sitting member of the council to vote to oppose Measure M. Nicole Castor, the other candidate running for the District 1 seat, is also opposed to Measure M.

    The measure is a proposed one-cent-per-dollar sales tax increase which, if passed, would raise an estimated $12 million per year and bring the sales tax rate in Citrus Heights to 8.75%, up from the current 7.75%.

    Proponents say the city is in need of additional revenue to maintain local control and fund city services, citing a drop in sales tax revenue and demand from residents for services. Opponents say the city has mismanaged funds and can wait until an additional $5-6 million in property tax revenues come to the city in fiscal year 2022-23, following the expiration of a 25-year “revenue neutrality” agreement with the county that was a condition of Citrus Heights becoming a city in 1997.

    Mayor Slowey wrapped up Tuesday’s broadcast by urging residents to vote and noted that Measure M and two City Council district elections are on this year’s ballot. He also noted he is retiring from the City Council this year, after serving on the council since 2003.

    “My hope is that everyone who has watched tonight’s broadcast will feel called to join city officials and staff by sharing your voice, getting involved and connecting with us,” said Slowey. “That would be a wonderful legacy for me to leave.”

    A recording of the State of the City address can be viewed on YouTube. (see video)

  • ‘A new Gold Rush.’ COVID shutdown fuels Citrus Heights housing market

    File photo, an open house sign directs buyers to a two-story home for sale in Citrus Heights. // CH Sentinel

    By Mike Hazlip–
    Housing prices in Citrus Heights have been on the rise during the COVID-19 shutdown, as buyers find more options in working from home and sellers move out of state.

    Cara Richey, broker-owner of NextHome Millennium, based in Citrus Heights, told The Sentinel in an email Wednesday that an expected hesitation in the real estate market due to economic uncertainty never materialized. Instead, the market has become extremely competitive for buyers, with many moving from the Bay Area to the Sacramento region in search of lower housing costs.

    “Most of our sellers are leaving the state,” Richey said. “Often they are moving to be closer to family, for a job opportunity, or simply in pursuit of a lower cost of living. The ability for many to now work virtually has given more people flexibility when it comes to location.”

    Richey said inventory in Sacramento County has hit a 15-year low, with Citrus Heights seeing a 57.5% decrease in housing inventory year over year. She said this has “led to a significant jump in home values this year,” due to supply being lower than demand.

    Local broker Beth Moran is seeing similar trends, noting there were just over two weeks of homes available in Citrus Heights during June and July.

    “The lack of inventory is fueling this seller’s market and it reminds me of 2005 when realtors couldn’t write offers fast enough,” she said.

    Moran called the exodus from the Bay Area a “new gold rush” fueled by COVID, as people seek a lower cost of living compared with larger cities.

    “As Bay Area buyers get priced out down there, our area grows more attractive, she said. “Not good for the local buyers, but great for sellers.”

    The average price for homes listed in Citrus Heights last month was $490,000, up nearly 25% since last year, according to data provided by Richey. A year ago, the average home price listed in Citrus Heights was $397,000.

    Market data also shows a trend toward larger homes, especially in Placer and El Dorado counties. A Sept. 14 blog post by Sacramento-based appraiser Ryan Lundquist shows a spike in the size of homes purchased since the beginning of 2020.

    Sales of homes with pools are also up 4.2% according to Lundquist. He believes this is due to the COVID-19 quarantine orders, now in their sixth month.

    “If you’ve been cooped up for months it makes sense that you’re going to want a larger home, and that’s exactly what the stats show in the Sacramento region,” said Lundquist.

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