The number of homes valued at $1 million or more has reached an all-time high, driven by soaring home prices and a persistent housing shortage. While this benefits homeowners and sellers, it poses challenges for prospective buyers, especially first-time homebuyers. This article explores the factors behind this trend and its impact on the real estate market.
Nestled in the affluent enclave of Carmel Valley, a stunning estate known as the Ring Lane home has hit the market for a price just under $11 million. The property, originally built in the 1990s as the “biggest home on the block,” has undergone extensive renovations in recent years and boasts six bedrooms, seven bathrooms, and nearly 9,000 square feet of living space. With its French oak floors, imported fireplaces, and high-end fixtures, the estate exudes luxury and sophistication. Set on over 3 acres of land, the residence offers a private sanctuary with a circular driveway, a stone wall crafted by Irish masons, and meticulously manicured grounds. Inside, the double-height foyer with herringbone floors leads to a grand living room with a vermilion-hued ceiling, a formal dining room, and a gourmet kitchen. The primary suite includes a fireplace, private patio, walk-in closet, gym, sauna, and a spa-inspired bath. Two upstairs en-suite bedrooms open to tiled balconies, while a guest wing accommodates three more bedrooms, two bathrooms, and a lounge area. Additional amenities include a secret bookcase leading upstairs, a wine cellar, and outdoor features such as a swimming pool, spa, tennis court, hedge maze, and private well.
