The second most expensive home sits in the foothills of Clovis. The Clovis Castle sold for $4.2 million, resting on 55.3 acres with expansive views. Photo contributed

The real estate market all but ground to a halt for first-time home buyers this year, and it also created hesitation for luxury home buyers.

All-cash sales comprised 26% of transactions starting in November 2022, up from 24% a year earlier, according to National Association of Realtors data. Higher interest rates made cash transactions more attractive for luxury real estate buyers who may have traditionally used margin loans, stock portfolio loans and private bank loans to fund their purchases.

Since luxury real estate is a highly desirable and competitive market where buyers often face multiple offers and bidding wars, paying in cash gives them an edge over other buyers. Coupled with recent banking shifts and increasing credit card transaction fees, cash transactions are only expected to become more common.

The median price of a luxury residence reached a record high of $1.1 million, up 9% compared to last year. Not only did prices increase during this period, but the amount of inventory grew as well. In the third quarter, there were 2.9% more active luxury listings on the market than there were in 2022. There’s also been an overall increase in homebuilding, with much of that new construction resulting in luxury residences.

A common trend for today’s most expensive homes is well-equipped home offices complete with state-of-the-art video conferencing setups. With the rise of the remote workforce, there is competition among executives and high net worth people to have elaborate home offices.

Mediterranean/ Spanish style architecture is also trending for luxury homes. Two of the three most expensive homes sold in the Central Valley (see the list on page 7) pay homage to the luxury estates of Cabo San Lucas and white buildings of Santa Barbara.

Casa de Vista, baby

 

The pinnacle of Brighton Crest, Casa de Vista, sold for $4.25 million, the most expensive home in the Central Valley for 2023. It sits on a meticulously landscaped six-acre property with 360 views of the snow-capped Sierras, Millerton Lake, Eagle Springs Golf Course and the city.

Byrnes Construction, IncA luxury home builder in Fresno County, built this home that boasts authentic Mexican finishes with abundant Cantera stone, Saltillo tile and hand-painted accent tiles imported from Mexico, inspired by the luxury resorts in Cabo San Lucas.

The resort-style pool includes impressive water features, a waterslide, a swim-up grotto and a recessed fire pit. The landscaping consists of various palms with unique pebbles imported from Mexico lining the flowerbeds.

Selling agent Christopher Byrnes has worked in luxury home construction for several years and obtained his real estate license in 2015 to primarily sell spec homes Byrnes Construction created.

“Real estate has become my main focus over the last few years, but construction has remained part of my passion. I greatly appreciate luxury homes and the tedious process of building them,” said Byrnes.

The buyer of the home was looking for unique properties that have character rather than the common styles seen in most luxury homes. The market in Brighton Crest has grown over the past couple of years with several new amenities in the area. The golf course community has been a hidden gem, and with recent growth in the area, buyers are becoming more attracted to the idea of being on the outskirts of town.

“There is still demand for luxury homes in the area, and the inventory has remained low. In my experience, buyers in the luxury market tend to be less concerned about high-interest rates as they typically have more cash on hand,” said Byrnes. “I saw growth in sales of luxury homes this year, but more cash transactions than financed.”

The forecast for 2024 is encouraging, but a positive change in the market will likely happen gradually. Agents will probably see interest rates drop a bit throughout 2024, bringing more buyers to the table, but home prices should remain steady without inventory.

Clovis Castle

 

The second most expensive home sits In the foothills of Clovis. The Clovis Castle sold for $4.2 million, resting on 55.3 acres with expansive views.

The property on 16393 Auberry RD. was known as the Clovis Castle when it was used as a wedding venue from 2009-2015. However, it was also a private residence initially when the 9,700-square-foot home was built in 2001 by Bratton Construction. The home features a total of five bedrooms and six bathrooms, as well as an eight-car garage.

Details and finishes can be found throughout, including exterior stone handpicked by the builder, copper accents, a stone-linked brick driveway and a lighthouse with a spiral staircase.

Two possible wedding venue sites and other luxury home details include an office, exercise room, sunroom, pet room, marble entryways and crystal chandeliers.

It was up for sale in January 2020 by listing agent Jaime Bratton, whose grandparents own the property. Before that, in 2011, when the house was initially up for sale, pop artist Britney Spears considered purchasing the home. But it was decided to lease out the property as a wedding/particular events venue — creating Clovis Castle.

The wedding venue, however, closed in 2015 after the homeowners terminated their lease for not taking care of the property.

With new ownership, the venue can be resurrected once again.Since the property sits on three separate parcels, additional houses can be built as needed.

Mediterranean style

 

A six-bedroom, five-bathroom mansion on an acre lot sold for $3.5 million — in just 24 hours.

“My clients were looking for a house for quite a while, I would say for quite a few years. And they did not want to compromise on, you know, either the location or the style of the house. So this fit in all the pockets of what they were looking into,” said selling agent Penny Toor.

Rod Aluisi Real Estate sold the 8,000-square-foot house in record time.

The location is on Fresno’s Van Ness extension — a sought-after location, said Toor. It’s a custom-built house by the luxury builder Concord.

“I don’t think he’s building any more houses. So the construction is outstanding. And everything is a piece of art inside the house. The finishings are very good with a heated pool outside and many entertainment areas,” said Toor.

Trends in luxury real estate depend on personal taste. Today, a Santa Barbara style is popular, said Toor. Everything is white – the white shells, cabinets, arches, etc.

Agents like Toor are anticipating shifts in the market. Many new homes will be coming up in January, and hopefully, new buyers.