The $7.9s… Million, That Is

When a seller lists their home for sale the most important question that must be answered is, at what price to offer the property. While some go with a flat number, say five or eight million, most agents and sellers might offer a home for just a bit less, perhaps to entice, to catch people doing range buying, etc… or maybe a seller is saying, “Hey, I’m selling my house for eight million dollars, but you can get it in the sevens.”

It is assumed that a buyer knows a home listed at $7,995,000 is essentially an $8,000,000 asking price home. However, it is an $8,000,000 asking price for a home that can be purchased (as advertised) in the $7s… and that’s the hook. In any price range, a home listed at $2,995,000 looks better in price than a home listed at $3,025,000 and it’s only a $30,000 (1%) difference in price but feels worlds apart.

Every now and then, as I review housing inventory, I keep coming back to the homes I find listed in the high $7s… million, that is. I find myself drawn to them, in that these homes offer so much for the dollar, considering the amenities, features, house size, lot size, and locations generally well above the $5mil range, and closer in comparison in some cases to homes for sale in the $10mil range.

Of the four listings featured here, three of them have had price reductions since being introduced to the market. Garden Lane is down about 6% from her original asking price and Bella Vista Drive has lowered their price about the same (though it was even higher a few years back). The estate on Lilac Drive was priced over $10,000,000 just a couple of years ago, and rounding out the four featured, the property on Park Lane is an exciting new listing that just hit the market recently and is offered for sale at $7,995,000.

Each of the properties featured here offer very distinctive locations within the Montecito 93108 area and all include over an acre of land, a significant sized home, a pool, ocean views and/or lovely private settings, landscaping, private driveways, etc… and all are on streets and in neighborhoods that include other significant properties.

2600 Bella Vista Drive – $7,950,000

This is an impressive, gated Montecito Mediterranean estate built on a significant and rare for being this close to town 32-acre lot, located between Romero Canyon Road and Ladera Lane. This ocean view estate offers privacy and manicured landscaping and I dare not speculate what it would cost to build just the driveway in today’s market. After reaching the motor-court and four-car garage, step inside and gaze at the truly jaw dropping ocean views.

Beyond the entry gates and long, cobblestone drive, the property includes a private well, four bedrooms and four and a half bathrooms in the main home and a combined 7,500+/- square feet as listed, as well as outdoor living spaces that take advantage of the unique qualities offered with this serene view site. The interiors exude a comfortable elegance and the floor plan complements the panoramic views.

Designed to appear as a natural extension of the home, the infinity pool brings the ”built to inspire” feeling one gets when touring a home, looking out over the pool to the city and ocean beyond. This home is in the Montecito 93108 zip code and is within the Summerland and Carpinteria school district attendance areas.

663 Lilac Drive – $7,950,000

Here is a unique, 2+/- acre property in the heart of Montecito, bordered on most sides by even larger estate properties, on a top street in the Montecito Union School District. This listing offers a larger private lot, mature landscaping, existing pool and larger home to enjoy or bring personal touches to and add value, etc.

The public rooms offer ocean/island views in the distance while the setting is made up of gardens that have been touched by landscape architects from all over the country. The home offers two-bedroom suites on the main floor and an expansive master suite on the second floor. The home boasts air conditioning and radiant floor and gas heating, six full and three half bathrooms and there is a guest room with half bath over the garage.

The grounds include both a guest house with its own bath and “secret garden” feel and a tree house that guests of any age may find enchanting. Completely fenced with two additional gates on either side of the stately entrance enhance access to the home and outline this very private yet close in and accessible estate property.

1130 Garden Lane – $7,975,000

After driving by multiple neighboring homes in the $10,000,000+ price range, turn up to and enter 1130 Garden Lane. Upon entering the impressive gates and after driving up the long private driveway of this estate, one is transported. This Mediterranean compound takes advantage of the great location and deep rectangular shape of the lot with the long private driveway running up one side of the property to the top of the lot, where you find the home and motor court at the top center of the lot.

Set on a secluded 1.75 acres in the highly desired Riven Rock enclave and within the Cold Spring School District, this property features indoor and outdoor living spaces. The main home and the rest of the estate opens to the sunny south, to the pool and guest cabana, that are both situated among manicured lawns, mature landscaping and fruit trees.

The front foyer opens into a spacious living room with wood-beamed ceilings, travertine floors, and an impressive limestone fireplace. Just off the living room is a chef’s kitchen. In the master bedroom, enjoy two private view balconies, dual walk-in closets and baths, as well as a marble fireplace.

830 Park Lane – $7,995,000

This home is new on the market and was built in 2004. To reach the estate, one arrives by driving through the alley of Eucalyptus trees lining and defining the prestigious Park Lane, leading up to this prominent 1.3+ acre estate. The home was envisioned to embrace the Pacific Ocean and Mediterranean climate, with French doors in almost every room opening out to terraces and private patios.

The home was sited to maximize the ocean and mountain views, and with attention to the other amenities offered, including the pool and guest/pool cabana which can be viewed in their prominent positions from the main home looking south over the expansive property to the ocean beyond.

The master suite, kitchen, formal dining, living and family rooms are all on the entry level with four bedrooms downstairs along with a home theatre, exercise room and more. There is air conditioning and a total of four full and one half bathrooms in the home. Once outside, a stroll through the terraced gardens leads to the yard, pool, spa, and pool house. Additionally, this home is within the Montecito Union School District attendance area.

Please contact me regarding your Real Estate needs, or to schedule a showing with the listing agent of any property mentioned here – Mark@Villagesite.com or call/text 805-698-2174. Or, please visit my website, www.MontecitoBestBuys.com, from which this article is based.