What a ride it’s been so far.
First, the Sacramento, California home in Curtis Park with an interior design described as a mix between Spanish artist Antoni Gaudi and Dr. Seuss went viral on social media when it hit the market on Sept. 28, 2022 at $825,000.
Then, hundreds of people streamed through the property at 2510 Coleman Way during the first open house weekend. Lyon Real Estate listing agent Janet Carlson’s phone blew up with calls from news media around the world.
Next, the asking price dropped to $725,000, and then quickly to $650,000.
Now, an offer on the house is pending from a Sacramento-area couple with young children.
Replete with artwork reflecting the four spiritual life elements, wild paint colors, Zodiac signs and hidden hidey holes throughout, the 2,320-square-foot home has four bedrooms, two bathrooms and a swimming pool. With a large basement and other unfinished spaces, there’s plenty of opportunity for the new owners to revamp.
The home’s wildly whimsical interior was the longtime creation of late Sacramento psychiatrist Lou Kraft.
Exactly how much of the interior is left intact under the new owners remains to be seen.
“They’re not 100 percent sure exactly what they want to do,” said Steffan Brown, the Coldwell Banker Realty agent representing the buyers. “They do want to make the house livable to raise their family. They love the neighborhood, they love the location of that house being close to the park, and they really love the bones of the house. They have indicated that they really appreciate what he did. There’s a lot of artistic expression in that house, and they want to respect that. But at the same time, they do need to make the house livable for them.”
The family asked to remain anonymous for now, Brown said. While the exact price offered for the residence wasn’t revealed, the uniqueness of the house made it difficult to appraise, real estate experts noted.
The property offers a lesson for sellers in Sacramento, said Ryan Lundquist, Sacramento appraiser and market analyst.
“This property is so unique that it is difficult to value,” Lundquist said. “I understand the original list price, and I think pricing it at the lower end of the competitive range made great sense to see if the market would bite. But when that didn’t happen, it was paramount to chase the list price down until finding a place where buyers would pull the trigger. This is where the seller serves as an example to others in the region for what to do if your property is not selling. Listen to the market and adjust the price as required.”
He recommended that other sellers approach the market the same way “since there is a smaller pool of buyers hunting for homes right now in a market with affordability struggles from mortgage rate spikes.”
“If the market is speaking, it’s time to listen,” he added. “This property had viral local media attention and even national exposure, so there were lots of eyeballs on this unit. The seller could have easily let the property sit overpriced on the market for longer, but instead responded with price drops until finding that sweet spot where buyers were willing to make offers.”
Today’s market has seen nearly 54% of all active listings in the region undergo a price reduction, Lundquist said.
“But here’s the good news: 49 percent of all pending contracts in the region had a price reduction before getting into contract,” he said. “This tells us price drops work. Buyers are ready to pull the trigger, but it needs to be the right price.”
For the couple whose bid was accepted, the Curtis Park property simply fit their wants and needs. Brown said.
“What was clear to me was that, for whatever reason, this house was speaking to them,” he said. “They just liked this house, liked the feel of it. Being in real estate for 12 years, showing a lot of houses, that’s always the most important thing.”
This story was originally published October 27, 2022 2:04 PM.