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1 Rainbow Way, Malta, NY, 12020

5beds
5baths
3,450sqft
$998,000
$289price/sqft
$6,907/moest. monthly cost
$276,280/yrincome needed

About This Home

Acreage, privacy, tranquility and sophistication galore! Constructed, remodeled, and lovingly cared for by the same family, this one-owner estate offers 5 bedrooms, 6 baths, and exceptional versatility throughout. The heart of the home is a stunning chef's kitchen featuring top-of-the-line Sub-Zero and Thermador appliances, a massive center island with bar seating, custom decorative ceiling, statement lighting, brick accents, and double wall ovens to create an impressive yet functional space, filled with natural light from oversized windows and doors. The spacious first floor also includes a grand family room with vaulted ceilings and a full masonry wood-burning fireplace, an elegant sitting room with hardwood floors and gas stove, formal dining room, executive office, parlor/piano room, junior primary suite, and an additional bedroom. Upstairs, the luxurious primary suite offers a private balcony overlooking the 20x40 kidney-shaped inground pool and serene backyard; your own nature-filled retreat. The finished lower level features a gym, craft room, game room, powder room, ample storage, and separate entrance (in-law headquarters potential.) The outstanding detached outbuilding, currently used as a workshop, offering 1,334 sq ft on the first floor (12'4'' ceilings) plus 450 sq ft of second-floor storage (7' ceilings). Equipped with three 10' x 9' overhead doors, radiant heated floors, separate gas, hot water boiler, and half bath, with most of the metal storage shelving possible to be included. Additional highlights include an attached 2-car garage, spacious mudroom. The pool is scheduled to open by the end of May. Ideally located near Saratoga Lake public marinas, waterfront dining, just 6 miles to downtown Saratoga Springs, and minutes to Saratoga Race Course. Shed, chicken coop, marble bench and 1 cabinet in the garage are excluded. The remaining items could be negotiable.

Getting Around

1
WalkingCar-Dependent
0
TransitVery Limited Transit
18
BikeSomewhat Bikeable

Schools

6/10
8/10
6/10

Construction

Condition

  • Property condition: Updated/Remodeled
  • Year built: 1995

Materials

  • Foundation: Concrete Perimeter
  • Roof: Shingle,Asphalt
  • Construction materials: Cedar,Stone

Type & Style

  • Home type: SingleFamily
  • Architectural style: Colonial,Contemporary,Craftsman,Custom
  • Property subType: Single Family Residence,Residential

Interior

Appliances

  • Appliances included: Cooktop,Dishwasher,Double Oven,Washer/Dryer
  • Laundry features: Electric Dryer Hookup,Laundry Room,Washer Hookup

Basement

  • Has basement: Yes
  • Basement: Finished,Full,Walk-Out Access

Bedroom

  • Level: First

Bedroom

  • Level: Second

Bedroom

  • Level: Second

Bedrooms & Bathrooms

  • Bedrooms: 5
  • Bathrooms: 5
  • Full bathrooms: 3
  • 1/2 bathrooms: 2

Dining Room

  • Level: First

Family Room

  • Level: First

Features

  • High Speed Internet,Ceiling Fan(s),Solid Surface Counters,Tray Ceiling(s),Vaulted Ceiling(s),Walk-In Closet(s),Built-in Features,Cathedral Ceiling(s),Central Vacuum,Ceramic Tile Bath,Chair Rail,Crown Molding,Eat-in Kitchen,Kitchen Island
  • Window features: Wood Frames
  • Flooring: Tile,Wood,Carpet,Ceramic Tile,Hardwood,Linoleum
  • Number of fireplaces: 1
  • Fireplace features: Gas,Living Room,Wood Burning
  • Fireplace: Yes
  • Finished area below ground: 2,250
  • Finished area above ground: 3,450

Full Bathroom

  • Level: First

Full Bathroom

  • Level: Second

Game Room

  • Level: Basement

Half Bathroom

  • Level: First

Heating & Cooling

  • Heating features: Forced Air,Natural Gas,Radiant,Radiant Floor
  • Cooling features: Central Air

Interior Area

  • Total structure area: 3,450
  • Total interior livable area: 3,450 sqft

Kitchen

  • Level: First

Laundry

  • Level: Basement

Living Room

  • Level: First

Office

  • Level: First

Other

  • Level: First

Other

  • Level: Basement

Other

  • Level: Basement

Other

  • Level: Basement

Primary Bathroom

  • Level: Second

Primary Bedroom

  • Level: First

Primary Bedroom

  • Level: Second

Property

Details

  • Parcel number: 414089 204.417.14
  • Zoning description: Single Residence
  • Special condition: Standard

Features

  • Pool features: In Ground,Outdoor Pool,Salt Water
  • Patio & porch: Pressure Treated Deck,Covered,Patio,Porch
  • Exterior features: Lighting
  • Has spa: Yes
  • Spa features: Bath
  • Fencing: Fenced
  • Has view: Yes
  • View description: Trees/Woods

Lot

  • Lot size: 2.10 Acres
  • Features: Private,Road Frontage,Cleared,Corner Lot,Landscaped

Parking

  • Total spaces: 15
  • Parking features: Off Street,Paved,Attached,Detached,Garage Door Opener,Heated Garage
  • Has garage: Yes
  • Attached garage spaces: 7
  • Covered spaces: 7

Climate Risk is Financial Risk

Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.

Biggest Threats for This Home

  • Inland Flooding
    Inland FloodingModerate
  • Ice Storm
    Ice StormModerate
  • Lightning
    LightningModerate
  • Strong Wind
    Strong WindModerate

How This Home’s Risks Compare

Inland Flooding
Ice Storm
Lightning
Strong Wind

FEMA Declared Disasters in Saratoga County and New York

Flood
Severe Storm

Understanding the Costs

Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.

Estimated Costs Today

MonthlyAnnual
Mortgage $5,046$60,552
Home Insurance *$235$2,820
Property Taxes $1,056$12,672
Electricity $570$6,841
Total$6,907$82,884
*Does not include cost of any FAIR Plan premiums

Income You'd Need if You Spent...

35% on housing$236,811/yr
40% on housing$207,210/yr
45% on housing$184,186/yr

New York FAIR Plan Programs

New York Property Insurance Underwriting Association

Covered
WildfireWildfire
HailHail
WindWind
Visit Website →
Current Policies
Residential: 20,669Commercial: 1,556
Total Premiums$32.27M
Total Exposure$7.63B

How Costs Could Change Over Time

Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.

Insurance Growth Rate5-year average: -6.7%
-6.7%
0%30.0%
Electricity Growth Rate10-year average: 7.1%
7.1%
0%15.0%
Property Taxes Growth Rate2-year average: -2.4%
-2.4%
0%15.0%
Income Spent on Housing
30%
30%45%

Comparing Against the Market

Price Per Sq Ft

$289This listing

vs Other Active Listings

Avg $/sqft

ZIP 12020$235
Saratoga County$303

vs Homes Sold Last Month

Median $/sqft

ZIP 12020$271
Saratoga County$264

Current Market Trends

Median Price Per Square Foot

The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.

Historicals for This Listing

Zestimate History ($/sqft)

Price History

DateEventPrice
2026-04-30Listed for sale$1,199,999
1995-01-04Sold$30,000

For Sale by Agent

AgentVera V Cohen
BrokerageVera Cohen Realty, LLC

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