Thankful for Montecito

Greetings neighbors and visitors to Montecito. Sending a hearty wish for a happy and healthy Thanksgiving and holiday season ahead for us all. The holidays are a busy time in Montecito like anywhere else; shopping, dining, gathering with family and friends… and all the recent work on the freeway and various streets around town is not helping us get around any easier, that’s for sure. At least they (the city/county/etc) seem to be doing every imaginable project at once, (phone pole replacements, repaving, sidewalks…) on top of what feels like a new house build or remodel on every other block. 

I have been enjoying (and am thankful for) our recent weather. These are the lovely fall days I promised in my last article, the months of September to November that find us with fewer crowds on weekends, mostly sunny skies, some billowing clouds, and even more stunning sunsets as the sun moves closer to her winter, ocean dipping position. With all this beauty and the constant buzz on Montecito, it is no wonder that people are still clamoring to move here. Accordingly, our available home inventory remains near all-time lows.

Recent Sales

Of the 33 homes that have sold in Montecito’s 93108 between September 1 and November 20 this year in the Multiple Listing Service (MLS), six sales were over $10 million, and five of those six larger sales were off-market, meaning they were not in the MLS or on Realtor, Zillow, etc. In contrast, just four homes out of the 27 sales under $10M were sold off-market. This average of between 12-15 homes selling per month is becoming more consistent. We are not seeing the big buying months like we did in 2020 – 2022 and even into 2023. 

Interesting fact I discovered about the past 12 weeks of sales:

Roughly 85% of all sales OVER $10M were OFF-market sales.

Roughly 85% of all sales UNDER $10M were ON the market sales.

There are plenty of amazing homes on the market in the over $10M range, but it seems many buyers are finding needles in haystacks off-market as well in that upper price point.

Although Montecito’s available housing inventory is low, I am finding homes in all price ranges that seem to be good opportunities, both when compared to recent sales prices and when looking at what is currently on the market. It may be that prices are beginning to really level off, and if you overprice a new listing by 20%, especially those under $10M, the market may let you know. That said, when it’s a done home or something special and the right buyer sees it on or off-market, many homes still fetch top sales prices each month.

Here are four homes to consider, at the $5, $6, $7 and $8 million price points. 

Until soon, Happy House Hunting and Happy Holidays.

440 Woodley Road – $5,850,000 

Nestled in the prestigious neighborhood of Pepper Hill, find this private, sophisticated, single level home on just over an acre, featuring three bedrooms, with two- and one-half bathrooms and an extensive recent renovation that will benefit a new owner. The home offers a functional open floor plan, flowing effortlessly from room to room and out onto the scenic terraces and manicured gardens. The luxurious primary suite provides tranquil seclusion and includes a re-envisioned private bathroom. 

Additional highlights of the home include a chef’s kitchen and a dining room / great room, that collectively enjoy natural light and panoramic vistas of the property’s lush landscaping. This location really is central to everything and the home sits on a low traffic street, surrounded by mostly more expensive homes, all within the Cold Spring School District.

840 Riven Rock Road – $6,995,000

Set in a serene, old-world Montecito setting with mature oak trees and glimpses of the ocean and Channel Islands, this reimagined contemporary estate combines a popular, timeless style with a modern and refined touch. Set on a sun-drenched 1.17-acre lot, this 4-bedroom, 3.5-bathroom home enjoys a coveted Riven Rock address, just two miles from the vibrant shops and restaurants of Coast Village Road and Montecito’s Upper Village. 

Framed by sculptural oaks, sandstone walls, and artfully designed walkways, the property showcases clean, contemporary architecture (hello art collectors). Expansive windows and high ceilings flood the interiors with natural light, creating seamless indoor-outdoor living spaces. Enjoy privacy and tranquility while being steps away from scenic hiking trails and surrounded by other equally and more expensive homes and estates… all within the Montecito Union School District. 

2267 Featherhill Road – $7,250,000

This traditional Mediterranean home was built in 2002 and rests on just under an acre on a less travelled street in the lovely Romero Canyon neighborhood, within the Montecito Union School District. The estate combines timeless grandeur and style with the luxury of a modern built home. The interior spaces blend warmth and sophistication with thoughtful architectural details, while the expansive outdoor spaces provide endless relaxing, dining, and entertaining options. 

Boasting a rare dual primary suite configuration, (a main floor primary suite, complemented by an ocean-view second primary sanctuary upstairs), the residence offers flexibility for modern living. There are four additional bedrooms, a richly appointed wood-paneled office, and formal living room and dining room alongside an inviting family room. Completing this offering is a charming one-bedroom guest house, with a full kitchen, living area, and large private patio.

207 Eucalyptus Hill Drive – $8,900,000 

This serene and elegant Mediterranean estate welcomes you with a magical Spanish-style courtyard, and the home is surrounded by lush gardens. Bathed in natural light, this single-story residence offers an open floor plan with refined interiors and exteriors. Complete with five bedrooms and four and a half bathrooms, the home is thoughtfully divided into two distinct wings and features spacious living, dining, and great rooms. Enjoy vaulted ceilings with chandeliers and a newly remodeled chef’s kitchen that features a large island and a butler’s pantry. Bi-fold doors throughout the home seamlessly blend indoor and outdoor living. 

The luxurious primary suite is complete with a large closet, an office, and an en-suite bathroom with a large glass window overlooking the garden. The backyard features a fire pit and lawn, perfect for outdoor gatherings. Additionally, the home is equipped with a state-of-the-art smart home system. The recent remodel included many upgrades, such as a new roof and HVAC systems. This estate is in a great location, near to both the Upper and Lower villages in Montecito, as well as being just over the hill from Santa Barbara.