Archive » February 26, 2009
Real Estate View
By Michael Phillips
Since the first of the month, 18 Montecito properties have come to the market. 69 new properties have been listed since the 1st of the year; last year for this same period, there were 57, an increase in new listings of 21%. There are currently 247 properties of all description and prices actively for sale in Montecito, an increase of 32% over last years. Buyers today have much to consider.
In a community of extraordinary properties, two estates new to the market are special indeed. On Cima Vista Lane just above East Valley beyond Birnam Wood and past Ortega Ridge Road is an eleven-acre estate with a five-bedroom house and dramatic ocean and island views. Built in 2004, this property has been on the market for twelve days at $19,500,000. And above San Ysidro Ranch is a very formal, classical eight-bedroom estate on over three acres offered for $17,500,000. And if these aren’t special enough, there are 23 others competing for attention in the $15m and greater price range. None are under contract.
Just beyond the Biltmore Hotel on Channel Drive facing Butterfly Beach is a charming California cottage built in the sixties and all nicely redone for $7,900,000. It was unsuccessfully offered for sale in 1995 for $1.9m when we thought house values would never return to 1989 levels again, and sold last in 2004 for $4,599,000. Beyond Romero Canyon on East Valley is a two-story with three bedroom suites, eight fireplaces, and a penthouse tower wherefrom all can be seen. Described as an equestrian estate, it provides two lots totaling 5.8 acres. Listed two weeks ago, it is offered at $6,490,000. And on Picacho, a sixties-era redone 3-bedroom on a bit over an acre with an inviting Mediterranean courtyard entrance was just listed for $5,950,000. There are 47 others competing in the $4m-8m price range; only one is under contract.
A red tile roof house with a hacienda style entrance courtyard has come to the market on Eucalyptus Hill Drive, adjacent to Hale Park in the Northwestern section of Montecito. This property, on less than an acre, is nicely landscaped and offers five bedrooms for $3,900,000. Five years ago it sold for $3,000,000. Surrounded by tropical gardens is a 4-bedroom on Ashley off Sycamore Canyon for $3,695,000, and above the Upper village Fire House on Bolero is a 4-bedroom with a saltwater pool for $3,650,000. A contemporary designed 3-bedroom on Santa Rosa Lane built in 2000 also has a saltwater swimming pool. It is offered at $3,495,000 and last sold for $2,189,000 five years ago. Close by on Malaga, near Sinaloa, is a three-bedroom, single level house on a nicely landscaped acre built in the late seventies for $3,450,000. There are a total of 35 houses in the $3-4m range; one is under contract.
Should your ideal home be in the $2-3m sector, there are 4 new properties to consider in addition to the 34 currently available. On lower Hot Springs near Sycamore Canyon is a single level, remodeled four-bedroom Mediterranean with a separate guesthouse and nice oaks. It is offered for $2,695,000. Also with oak trees and guesthouse is a modernist, 1960s-era, 1,900 sq ft, two-bedroom, on an acre on Lilac offered at $2,395,000. Nice, close ocean view from a newly listed late fifties 3-bedroom on Rametto off Alston for $2,130,000. Could have been yours in 1984 for $260,000. And on Spring Road off Olive Mill is a townhouse condo with three bedrooms offered at $2,100,000. This last sold eight years ago for $909,000.
A five-bedroom, two-bath with an East Coast look in need of work has just been offered for $1,850,000 on Hot Springs at the 101. A lot split has been obtained and upon recordation would permit another dwelling. In the Upper Village is a condo cottage for sale. Although this quaint two-bedroom is part of a two-unit condo, you will have a 100% fee simple interest in the land and swimming pool. Listed 18 days ago, it is offered at $1,695,000. On Oak Road between Sycamore Canyon and Hot Springs where it turns to the mountains at Olive Mill, is a new offering at $1,395,000. It is a two-bedroom main house with a separate one-bedroom guesthouse both in need of some attention. It sold last in 1998 for $630,000. There are 28 active properties in the $1-2m range and two are presently under contract.
And up by Westmont College on Circle Drive is a 3/2 house on about a quarter of acre in the Cold Spring District that has just been reduced from $1,069,000 to $979,000. Presently, there are only two other houses for sale below $1m in Montecito.
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