Real Estate News

In what was 2019’s largest residential real estate transaction in Santa Barbara County, filmmaker George Lucas closed escrow on a two-acre property adjacent to his existing property on Padaro Lane in December. The $28M off-market deal was sold by listing agent Susan Pate of Compass, with SB Brokers’ Troy Hoidal representing the buyer, according to the Santa Barbara County Multiple Listing Service. The beachfront property includes four structures: a Cape Cod-style home, a guesthouse, “tree house,” and a barn-type structure, which are very different than the ultra-modern home that Lucas owns next door. That property was sold in 2010 for $19,500,000, and includes 1.7-acres of beach frontage.

The sale comes second to the largest land deal of the year; Las Veras Ranch ­– 1,800 of oceanfront land located on the Gaviota Coast – closed escrow for $70M. Purchased by Charlie Munger, the land was gifted to UCSB.

In Montecito and Carpinteria, there were 10 sales over $15M, including a $27M property on East Valley Road, a $24M sale on Sand Point, three sales on Padaro Lane for $23M, $18M, and $17M, a sale on Edgecliff Lane for $17.8M, a sale on Cima Del Mundo for $17.5M, and a sale on Hot Springs Road for $15.5M. This is a significant change from the previous year; in 2018 there were just three sales in Montecito/Carpinteria over $15M.

We’ll have a more extensive breakdown of 2019’s real estate market in Montecito in an upcoming edition.