Homes Priced Just Under $5 Million

By Mark Ashton Hunt   |   December 20, 2018

If there was a question about whether home sales have been slowing in Montecito in recent months (and other higher end areas around the country), then the dismal five escrows that closed in November and the only one home so far through December 9, together make quite a statement. Additionally, very few Montecito properties went into escrow in November, and a good number of homes already in escrow have been pending for months, so there is also not a strong pipeline under contract. 

These periods of slower sales do not always mean drops in price or value. In fact, as inventory grows, options for buyers coming fresh into the market are increased. Properties on the market now, in many price ranges, provide solid opportunities regardless of a market slowdown. Their prime locations, cost-to-replace approach, comparable appraisals, all can give a buyer a sense of the value of a property. 

But in some cases, there are value-added elements that can be overlooked, especially in mid-ranged estate properties, where amenities need to be addressed one by one. 

One price point that usually shows value is the $4.9-million price point: homes that could be, or have been, priced over $5 million, but chose to indicate their owner’s incentive to sell by pricing just under that. For a buyer, a home sounds better at $4,995,000 than it does at $5,000,000. 

Right now, there are numerous homes in the mid-mansion compound range that are priced under $5,000,000. Most of these options include a larger home on +/- an acre or more, pool, views, prime location, unique style of home, or something more specific like six bedrooms or a one-level compound.

256 Santa Rosa Lane: $4,950,000

Located down a quiet country lane near Oprah’s place, this home offers mountain views and a close-to-town-and-beach location. Set back off a less traveled road near and within the Montecito Union School District, this home sits on a level lot in a popular location. 

The highlights of the listing include the prime location as well as the rare-to-find, in this price point, six bedrooms. The shingled home has been renovated throughout and is highlighted by white trim, mountain views, and gardens. 

There is a ground floor master suite, guest bedroom and expansive level grounds irrigated by a shared private well; the home also has Montecito Water. Other features include GFA and Central Air Conditioning, Pantry, library/office and more.

1567 East Valley Road: $4,995,000

A recent price reduction brings this 6,900+/- sq ft home under $5,000,000.

The home offers a European estate style of life on what I think of as Billionaire Row, just doors down from recent sales of $14,000,000 and $35,000,000, coincidentally, also near Oprah. The home is set down a private lane on a 1.49-acre level lot in the Montecito Union School District. 

This estate features five bedrooms and five full bathrooms, a private study-office, five fireplaces, two powder baths and an au pair quarters with separate entrance. The celebrity designer’s kitchen features a great room, walk-in pantry, stone fireplace, and hand-hewn beams from a 300-year-old European barn. 

There is a formal dining room, butler’s pantry, living room with fireplace that opens to the yard. The master includes a yoga-exercise room. There are two water meters plus a well, a slate roof, and a room left for a new owner’s imagination with room for a theatre or project room.

1422 East Valley Road: $4,995,000

Situated down a long-established lane in the Montecito Union School District and just a block to the upper village, is this 1.1-acre estate. This sprawling, single-level compound has established gardens and boasts expansive lawns, entry fountain, Zen gardens, and a creek bubbling beneath a bridge, all bound by impressive specimen trees. The multiple outdoor patios, swimming pool, and spa offer mountain views, privacy, and areas to entertain. 

The main home has a living room with fireplace and French doors leading to one of the outdoor patios. There is a formal dining room with wet bar, a master suite with sitting room, walk-in closet, and two bathrooms. 

In a separate wing of the house, there are two additional bedrooms with French doors and garden vistas. The attached guesthouse has three bedrooms, two bathrooms, kitchenette, and laundry.

1936 Jelinda Drive: $4,999,000

Here is an opportunity to live in an architectural statement, created by a noted contemporary architect and built in 1988. The home is within the guard-gated community at Ennisbrook yet is exempt from any Homeowners Association fees. The home includes three bedrooms, three-and-a-half bathrooms in just over 5,300 sq ft of art gallery style living. 

The estate rests on a one-acre property that features panoramic mountain views with custom designed landscaped terraced gardens. There is a pool, spa, private terrace, numerous fountains, and an outdoor fireplace. Additional features include GFA, Central Air Conditioning, den, library, study, butler’s pantry, etc.… all within the Montecito Union School District.

Please feel free to contact me regarding any Real Estate needs or to set up a showing with the listing agents of any properties featured here – or call/text 805-698-2174. Please view my website,, from which this article is based.


You might also be interested in...