Montecito Under a Million

It may be difficult to imagine being able to own real estate in an internationally famous town such as Montecito for under a million dollars, but it is indeed very possible. From a studio condo near the beach and Four Seasons Biltmore Hotel, to a two-story townhouse or an ocean view, single level two-bedroom condo, there are options under a million all over Montecito at this moment. 

Some people choose to live in a city for the weather (we have that), or for the lifestyle and arts and opportunities (we have these as well), and others want a large home (of course there are many here), but some just want to be in a place they love, and they do not require a large home or cannot afford one. If one can be comfortable in a beachside studio or a townhome-condo in the 1,200+/- square foot range, we’ve got that.

If one has the down payment available for a purchase under a million, then forget about renting; your mortgage payment may be close to what the rental cost might be for the same dwelling. Additionally, the value of these purchases is not always visible during an open house tour. If one looks deeper you will find that the listings featured today are all within the Montecito Union School District and within a few blocks to the beach.

To explain further, an $850,000, two-bedroom condo will rent for about $3,500 per month. If you purchase that same condo with 25% down, then your mortgage payment may be somewhere around that same $3,500. Yes, there are homeowner fees and taxes to pay when owning, but by building your own equity, and with the tax deduction for property taxes paid, the difference in cost per month between renting and owning is likely very small.

This is just my (somewhat) educated guess, but it seems difficult to go wrong in the under-a-million market in Montecito. 

1936 North Jameson Lane A – $819,000

This is a prime location in Villa De Montecito, an end unit at the back of the development, but still close to the pool and clubhouse. 

This former model unit has 1,258 sq ft of living space, three bedrooms, two full bathrooms, vaulted ceilings, hardwood and Saltillo tile floors, a fireplace, dual-pane windows, private wrap-around patio, new stainless steel kitchen appliances, new water heater, private laundry, and a four-car garage (double tandem). 

There is guest parking within the complex and the amenities onsite include a pool, spa, gym, clubhouse, game room, and play area.

1220 Coast Village Road #302 – $820,000 

This two-bedroom two-bathroom condominium is located on the top floor, in the heart of Coast Village Road, seconds from all the charming nearby restaurants, bars, and shops and just a few short blocks to Butterfly Beach. 

This is one of the few units within the complex offering skylights (four throughout) and no neighbors living above. Facing north, the unit is private and overlooks the gardens and lawn at the back of the complex. This unit has been reduced in price to the current asking price.

1220 Coast Village Road #308 – $935,000

As with the previously detailed listing, this unit too is ideally located next to popular restaurants, shops, and the beach. This sun-filled top floor condo also features ocean views.

This Coast Village Road condo is on the top floor and includes two bedrooms, both with ocean views, two baths, storage space, and an outdoor patio off the living room. 

Building amenities include a secure building with elevator, designated parking, and large outdoor communal patio. This unit has also been reduced in price over time.

1394 Plaza Pacifica – $995,000 

Enjoy partial ocean views through the floor-to-ceiling windows that open fully to provide fresh ocean breezes and expansive views of the gardens outside. 

This studio unit is well located within the development and includes an updated kitchen, wood floors, and fresh paint. 

Additionally, this is the lowest priced unit at the Bonnymede complex, a guard-gated community that is steps to the sand, adjacent to the beach and the Four Seasons Biltmore Hotel and just two short blocks to Coast Village Road shops and restaurants. 

Complex amenities include a pool, hot tub, and tennis courts.

For more information on any of these listings or to have me arrange a showing with the listing agents, please contact me directly, Mark@Villagesite.com or call/text 805-698-2174. Please view my website, www.MontecitoBestBuys.com, from which this article is based.