Fewer sales, higher prices, steady as you go…or is a sales slowdown coming?
From this summer’s higher prices, albeit slower than last year’s summer sales volume, to the peaks and valleys of fall and Ellen’s new fantasy list, our market is one thing one month and another the next . However, what is consistent is that every month for the last three years, our $10 million+ market is stronger than ever with at least two or three sales per month in this category. Closed escrows in all price categories throughout Montecito so far in October show a healthy month of sales and some pending to finish strong in November, and yes, already two sales greater than 10 million dollars.
On the subject of “why is there so much talk about Montecito?”, we are two-thirds of the way through October and our weather is mostly delivering the best of our “local special,” September and October with great weather and fewer crowds . Some foggy mornings, but otherwise beautiful sunsets and sunny weekends. And what better place to live, less than a mile from the beach, the mountains or both. Living where all the basic amenities, the best restaurants, services, shops, etc… are nearby, usually quiet and cozy.
And real stores, designers, galleries, high-end services, top-notch restaurants, and basics like where to send a package, get a medical checkup, buy the latest best seller, or try out a new tennis or pickle-ball racket. No need to drive three miles to Santa Barbara (a walk some days), we have it all here in Montecito, right down the street.
Sshhhhh. But I think it’s too late, everyone knows it, the secret is out. More than ever, those who can choose to live here are finally seeing the value in paying Beverly Hills, Sunset Strip, Brentwood and Palisades prices to live here, even though they probably get more square footage and amenities for that money, not to mention a 93108′ er.
October so far, as of October 20 in 93108, has had 11 home sales on the Multiple Listing Service (MLS). This number is not necessarily high or low, but what is surprising is that there are currently only three escrow properties in all of Montecito’s 93108 on the MLS. That means there are very few homes in the pipeline, which will mean very few closings in the coming weeks. The monthly rollercoaster that can be our market here.
Also, it’s worth noting that so far in October we’ve seen some ultra-high priced listings hit the market in recent weeks. $43 million for a tennis court complex on several acres on Park Lane, $44 million for a Picacho complex with over 14,000 square feet, tennis court, pool, motor court, etc… and $46 million for the project Ellen’s newest dream home on 8+ acres in the heart of Montecito, right behind MUS.
For those considering purchasing a home in Montecito, here are a few listings to consider, most of which fall in that prime $6 to $7 million range and offer location, amenities and opportunities, each quite different from the other.
1220 Coast Village Road #311 – $2,075,000
Three bedroom ocean view penthouse in downtown Montecito in the Montecito Union School District. On the quiet side of the building, offering a beautiful garden and ocean views, find this private and rarely available unit (most units in the building are two bedrooms). This three-bedroom, two-bathroom top-floor corner unit includes an ocean view balcony shared by all three bedrooms. The kitchen features custom cabinets, new marble countertops, custom backsplash, quality appliances, and a skylight.
A comfortable “great room” style floor plan overlooks beautiful gardens. Excellent covered private parking space and newly renovated common interior hallways/spaces are yours. Live full-time or on vacation right in the middle of all the action, shopping, and fine dining along Coast Village Road, not to mention just a few blocks from Butterfly Beach and the luxurious Rosewood Miramar Resort.
1180 Carretera Alta – $6,495,000
Located just two blocks on Coast Village Road, this lot, its orientation, and a recent home renovation are the cornerstones of this classic Montecito Farmhouse offering. The gated, private 0.43-acre property offers a variety of living options with three bedrooms and three and a half bathrooms in the main house and an attached two-bedroom, two-bath ADU (Additional Dwelling Unit). Enjoy the home as is or combine the two spaces for a five-bedroom, five-and-a-half bath home.
The main house is single level with an open floor plan and multiple sunny outdoor spaces in the front and rear. The ADU offers a separate entrance, open kitchen and living room, ocean views, and a covered balcony. Additionally, there is a three-car garage, off-street parking and storage for your water and land toys. Additionally, this home is located within the coastal zone and is in the Montecito Union School District.
839 and 841 Summit Road – $6,900,000
This private, single level, ranch style, ocean view property and opportunity is situated on two parcels totaling almost two acres of level, gently rolling land, in a central location above the Montecito Club. Parcel One features 1.1+/- acres and includes a four-bedroom, four-and-a-half bath residence that follows an open concept layout, creating a seamless flow between rooms and embracing an indoor/outdoor lifestyle. Almost all rooms offer sea views. The living room features floor-to-ceiling glass walls and sea views.
The master bedroom houses a en suite Bathroom and walk-in closet with direct access to the pool and patio. There are additional rooms for guests. The lush grounds feature a swimming pool, spa and rose gardens. Parcel Two, the adjoining parcel of land is 0.78+/- acres and offers a tennis court, orchards and additional parking. This is a rare opportunity to own a single level home on nearly two acres with pool and tennis court in a prime ocean view location at the end of a cul-de-sac.
1138 Hill Road – $7,495,000
Just one block from Butterfly Beach and the Coral Casino is this four-bedroom, four-bathroom Spanish home with a south-facing grassy yard, located in the sought-after Montecito neighborhood of Butterfly Beach. Gated and private, this extensively renovated beach house enjoys refreshing ocean breezes, the relaxing sound of waves, and numerous outdoor areas to enjoy the coastal climate. Inside, the kitchen features top-of-the-line appliances and a center island with breakfast bar. Relax in the open family room or entertain in the comfortable living room, both with fireplace and indoor/outdoor flow.
Your master bedroom includes a dressing room, en suite bathroom with separate bathtub and private terrace. With three additional bedrooms and situated on a level, well-maintained 0.4 acre lot, this home is convenient to all of the great restaurants and shops that Lower Village and the Montecito beach area have to offer and is located within the School District Montecito Union.