Summing up Summer in Montecito’s Real Estate Scene

Dear Faithful Reader,

I do hope you have enjoyed a joyous summer and are ready for the fall, as we head into this next season in our lovely enclave of Montecito.

Although it is still summer on the tail end, the on-again, off-again love affair our area has with coastal low clouds and fog seems to stretch out month after month nowadays. First I believe there was May Grey, then June Gloom, recently we discovered No Sky July (also called, Cry in July), and now we have had a bit of Fog-ust. This writer is counting on clear and lovely days in fall, also known as the secret summer for local residents.

The Montecito Summer social season that is wrapping up has seen some wonderful community bonding gatherings. From the 4^th of July festivities (the firefighters’ pancake breakfast, parade, post party) to the Coast Village Road events for shopping, and even a day for doggies. The Rosewood at Miramar’s continued community engagement on the 4th, and the recent Best in Show doggy competition event (that was so well set-up and operated I can’t even begin…), and so much more.

In looking at our Real Estate market in Montecito’s 93108, sales for the summer were a mix of wow and whoa, what? From the earlier months and multiple more than $10mil sales in Montecito each month to now, only a few weeks ago, when the pending (in escrow) sales in the Multiple Listing Service (MLS) numbered just two. That’s right, only two homes were in escrow in Montecito in early August. Normal in the sales pipeline would be eight to 12 or more in escrow at any time. Then, over the course of a few days, another 10 homes went into escrow in all price ranges. We will see what closes and for how much as the weeks go on.

In general, this summer has been similar to last summer in terms of sales numbers and prices. While some homes are not getting their full ask, and Sellers may wonder if they missed the peak, I offer that we are still seeing high sales prices, regardless if there was a price reduction from the original high ask. Montecito’s 93108 has seen 25 sales between June 1 to Aug. 24, down a few from last year, and certainly down from previous years considerably. We had six sales above $10mil so far this summer, and a few condos and starter homes sold in that rarely available price range of under $3mil, but the prime center of the market seems to be the $5mil to $8million range.

As I prepared this article on the $7million market, I asked myself, is seven the new eight? Million, that is? Is what was $8million or more just a season ago now in the $7s? At this moment, it may seem so. Of the half-dozen or more homes on the market in the $7s right now, more than half have been reduced in price from at or above $8million. So, does this mean yesterday’s $7s are now in the $6s and so on? Maybe.

Here are four homes on the market in the $7s, of which a couple of them started in the $8s or higher. Enjoy the last weeks of summer, and remember to keep Montecito friendly.

2267 Featherhill Road – $7,450,000

This traditional Mediterranean home was built in 2002 and is set on just under an acre in the romantic Romero Canyon neighborhood in East Montecito, within the Montecito Union School District. An impressive approach leads to the palm tree entry. Once inside, the interior spaces blend warmth and sophistication with architectural details, while the expansive outdoor spaces provide endless relaxing, dining, and entertaining options.

A main feature of this home is the dual primary suite configuration, with a main-floor primary suite and an ocean-view primary sanctuary upstairs. The residence includes an additional four bedrooms, a richly appointed wood-paneled office, formal living room and dining room, alongside an inviting family room, ensuring ample space for both relaxation and entertainment. Additionally, there is a one-bedroom guest house, with full kitchen, living area, and large private patio offering an ideal retreat for guests or potential for further customization.

680 Cowles Road – $7,495,000

Nestled on one of Montecito’s scenic ridges, just a block from Cold Spring School yet private in the hills, find Villa Cortina, with breathtaking views of the mountains and/or ocean from nearly every room. Crafted by renowned architect Donald Sharpe and meticulously updated, the expansive living room with its inviting French doors opens onto a sheltered patio ideal for relaxation. A chef’s kitchen features custom cabinetry and premium appliances, while the primary suite is a retreat of its own, offering a sitting area with a cozy fireplace and picturesque views.

The property is designed for outdoor living with meandering pathways leading to an approximately 45-foot swimming pool, a putting green, fruit tree orchard, and tranquil oak groves. True to its Andalusian inspiration, Villa Cortina includes a wine room. There is a secluded guest room and off-street parking for guests as well as a 4-car garage. Conveniently located in West Montecito near Lotusland, just minutes to both Upper and Lower villages in Montecito, or just over the hill and into Santa Barbara.

920 Hot Springs – $7,775,000

Located on one of Montecito’s finest streets in the Golden Quadrangle and within the Montecito Union School District, this chic and charming home is a private, secluded residence, with room for expansion, or the addition of new guest quarters. 920 Hot Springs Road is surrounded by estates valued at more than $10million, and many at more than $20million. The home has been extensively renovated and combines both Mediterranean and modern styles. Flooded with an abundance of natural light with French doors from most rooms, the versatile floor plan offers two or three bedrooms, an office, sitting room, living and dining areas, kitchen, and three bathrooms.

The stone courtyard marries the past with the present. The outside entertaining area features a pool, hot tub, fireplace, multiple trellises and seating areas, all enclosed in gorgeous stone walls, creating the feel of a French or Italian villa. The home and property includes a wine storage room, gated driveway, and a two-car garage. Take full advantage of Montecito’s famous indoor-outdoor living in this unique and desirable property, and enjoy close proximity to the San Ysidro Ranch, Hot Springs hiking trails and Montecito’s upper and lower villages.

2347 East Valley Road – $7,995,000

This exclusive Montecito home offers over 7,000 square feet of living space, walled and gated for privacy, a pool with grounds and cabana and a unique approach to luxury living, all within the Montecito Union School District. The old-world vibe yet modern design of this estate includes a charming courtyard driveway with an outdoor fireplace as guests arrive. Step into a “wow factor,” formal living room, bathed in natural light with vaulted ceilings, an oversized fireplace and expansive doors that open to a lush, emerald lawn, seamlessly blending indoor & outdoor living.

The adjacent formal dining room features intricate wood-ceiling details and rich upholstered walls, creating a refined & luxurious ambiance. This estate includes five spacious bedrooms & five and a half bathrooms, including a primary suite that includes a generous walk-in closet, bathroom and an adjoining office or sitting room. Designed with entertaining in mind, the home offers a media/game room that opens to a stunning outdoor area, complete with swimming pool, spa & cabana. The home is reminiscent of a five-star resort and comes complete with a rich history and famed provenance.