Real Estate Luxury Market News: Napa May be Next Hot Housing Market for Homes with Luxurious Specifications
The luxury housing market in California's Napa Valley is turning up more sleek and glossy designs to rival luxurious spreads in Los Angeles.
Napa Valley has always been known for its sprawling vineyards and high quality wines, however, the area may soon be the next hot market for luxury homes, according to Realtor. Luxurious residential properties are cropping up in the area such as the impressive luxury home along the Silverado Trail in the Oakville American Viticultural Area. Another luxury property, which was listed on the market last August, is an 8,200-square-foot luxury home designed by famous John Maniscalco. This is Maniscalco's first Napa luxury home project and features six bedrooms and 7.5 bathrooms. The modern designed home took four years to build and is listed at $23 million.
The Maniscalco designed property also features floor-to-ceiling glass windows, an outdoor dining room, an infinity pool overlooking the vineyards, and a wine cave carved into a hillside which can house more than 2,000 bottles. The luxury estate is even eco-friendly with its reverse osmosis water filtration system, as well as an electric car charging station.
Debbie Menaged, a Pacific Union listing agent, told Realtor that prospective home buyers are now geared towards "modern contemporary style" homes given that "Tuscan styled homes" has been played out in the Napa area. The Pacific Union agent also mentioned how the Maniscalco designed estate "has everything" and described it as "Disneyland with all of the amenities."
Meanwhile, aside from luxury homes, there is also a growing demand for single family homes in Napa, states Napa Valley Register. To meet the demand, several real estate developers have put in building plans to construct single family homes in the area, such as Castle Companies and Presidio Residential Capital. Castle Companies' Pueblo Ranch Estates project is looking at adding 12 single family homes on West Pueblo Drive and Morlan Drive in west Napa. On the other hand, Presidio Residential Capital and San Ramon's Lafferty Communities has been approved to build more than 18 luxury homes on Orchard Avenue, initially priced at $1 million.
However, the supply of homes is not sufficient to meet the demand, according to Paul Lucatuorto, co-principal at Presidio Residential Capital. Lucatuorto told the Napa Valley Register that his research showed that around 1,000 new residents move to Napa County annually. Unfortunately, fewer than 200 building permits get issued every year, he said. Lucatuorto continued, "We have positive economic growth... We see rising sales prices and limited supply."