$8 and up… Million, That Is

By Mark Hunt   |   June 25, 2020

To say it has been an active spring in the Montecito Real Estate market would be an understatement. Without even taking into considering the recent, national challenges, and even when comparing to most 45+/- day periods, regardless of market conditions in recent years, it has been a good six weeks in the Montecito Real Estate market. Up through June 19 of this year, 33+/- homes closed escrow since May 1 in Montecito and within the 93108 zip code (as reported in the Multiple Listing Service, the MLS).

From a fixer home on a smaller lot to a condo on Coast Village Road (both under a million dollars), to an estate just a few doors down from Oprah that closed for just over $11,000,000 (it had been listed much higher), the market is moving. As with most months, we saw multiple sales in the under $2,000,000 market, but also this past month we had a strong showing in the $4,000,000 to $8,000,000 and above range as well.

When most visitors, dreamers, and boomers think of Montecito, they often envision Butterfly Beach, Coast Village Road shops and restaurants, majestic Montecito Peak, and the San Ysidro Ranch. From those first thoughts, it’s straight to the dream of owning a significant estate here, preferably one with an ocean view, cherished privacy, a pool, yard, maybe a vineyard or a tennis court and guest house, a private drive and a big gate with extensive landscaping.

Right now, there are about 33 estate homes on the market to help you fulfill that dream, priced from $7,995,000 and up for you to choose from (with two homes in that price range in escrow as of June 19).

When you move up to the $8,000,000 and above range in our housing market, one can expect either a prime acre or multiple acres (less if beachfront). Usually these larger lots provide gated, private drives, easy access, and parking. Then assume one will get over 5,000 square feet, with the potential of up to and above 10,000 square feet of living space along with amenities such as guest houses, tennis courts maybe, mature landscaping and in most every case (except homes on the beach perhaps), privacy.

With recent conditions and health restrictions, there are no open houses on the weekends, but estates in the $8mil+ range are rarely open on a Sunday anyway. Letting 100 looky loos loose in a 10,000 square foot home with a dozen rooms and valuables just does not lend itself well to public open houses. That said, virtual tours are common now, and when a buyer is more serious, they may have private tours and be allowed time in the homes they are interested in, to consider the features and amenities of each.

So, if you are in the market for a significant Montecito estate, do not be deterred by the conditions out there. Agents are taking precautions during showings and making listings available to qualified buyers and properties are selling, so don’t miss out on finding your dream home.

Here are a few estates to consider in the $7,995,000 to $29,000,000 range in Montecito.

3090 Hidden Valley Lane – $7,995,000

This Montecito retreat sits prominently on a 3.2-acre knoll overlooking Montecito. Tucked away, private, on your own, and yet just minutes to town. This Mediterranean estate was designed by renowned local architect Don Nulty and built by Rich Coffin in 2013 and with solid ocean, island, and mountain views, capped off with top of the road privacy.

A private drive leads to the 6,500+ square foot, 3 bedroom, 5 & 1/2-bathroom home that features a great room, formal dining room and chef’s kitchen opening to casual outdoor dining. There is an additional family room and a private office all on the first level.

Take the elevator downstairs to the movie theatre, wine cellar, and oversized 3-car garage with workshop. On the first level, covered terraces lead to paths down to the infinity edge pool and spa, seating area with fire pit and a 1-bedroom pool cabana with gym.

3007 Vista Linda Lane – $9,300,000

Just a short drive up Toro Canyon Road from East Valley Road, then left onto a private lane that serves a limited number of significant estates and you are nearly there. Through your private gate and down the long ocean view driveway that leads past an alley of mature trees, and arrive in the courtyard of this ocean view, Montecito compound.

Situated on over 10+ acres, the ocean and mountain views provide the backdrop for living life surrounded by an abundance of nature. Taking center stage in the home is an extraordinary kitchen with adjoining family and living rooms with both formal and informal dining rooms, all inviting you to experience the outdoors as well.

A stone lined ocean view courtyard offers fireside dining, and the patios, pool and pool area offer additional room and opportunities for outdoor entertaining. With over 7,200 square feet of living space, enjoy 5 bedroom suites and a private 2nd floor master bedroom in the main house. Additionally, tucked into the hillside, find and enjoy the 1-bedroom guest house.

1398 Oak Creek Canyon Road – $9,950,000

Expansive ocean and mountain views are yours from most rooms when you move into this Mediterranean villa that was recently built in 2014. Set on a substantial 53+/- acres of land on private and prestigious, Oak Creek Canyon Road, this estate offers 5 bedroom suites in over 7,100 square feet of living space.

Set above East Mountain Drive and in the Montecito Union School District, this estate includes open and light interior spaces that flow to outdoor entertaining terraces. There is a pool, spa, lavish pool house, grassy areas, and access to hiking trails.

In this Oak Creek Canyon Road area, the homes are generally on lots of 6 acres or more I believe, so in most cases, there is significant separation from your neighbor’s home. This property sits above the road and is just a 2-minute drive down your shared, private road, then just a few blocks to the upper village in Montecito.

578 Toro Canyon Park Road – $14,500,000

This incredible vineyard estate set on over 55 acres in the hills just above Montecito, Summerland and the beaches at Padaro Lane. Enjoy owning and working in your own vineyard while taking in the commanding ocean views. This private hilltop location is one of the only vineyards facing the coast with a 93108 address.

According to the listing information, this home is only a 6-minute drive to East Valley Road, or 10 minutes to the beaches at Padaro Lane, and just an 11-minute drive to Montecito’s Upper Village… A significant vineyard estate on 55 acres, 10 minutes to town.

The 6,600+/- square foot home sits 1,200 feet above sea level on a ridge and the vineyard is planted with 3 acres of grapes, producing the award-winning wine, bottled as, ”Paredon”. The Italian Villa-style home includes, 4 bedrooms, 5 & 1/2 bathrooms, 7 fireplaces, an office, multiple terraces, a 3-car garage, and more.

900 Knollwood Drive – $16,250,000

A sense of grandeur hits you as you roll up the long, private drive that brings you to this multi parcel, 9-acre estate, surrounded by other significant estates, Knollwood Drive in the Montecito Union School District. Ocean views and ultimate privacy. Bask in the history and vastness of this legacy estate.

A long, oak-lined drive leads to the 7,500+/- square foot main residence. Gracious spaces open to multiple view terraces and lush rolling lawns. A guest house, detached office, pool, cabana, and tennis court round out this compound and offer wonderful destinations to explore.

Originally designed by Edwards & Plunkett and renovated by Lutah Maria Riggs, the current estate spans 4 parcels and maintains much of the same spirit as it did when it was conceived and originally built back in the 1930s. From the vantage point of this estate home, the ocean and island views and the mountain and ridgeline views stand stoically and expansive. The usable grounds offer room to roam and of course… privacy.

848 Hot Springs Road – $29,000,000

Inspired by the Alhambra palace in Granada, Spain, the recently-built ”Villa Tragara” blends Moorish, Spanish and Italianate architecture to create a harmonious balance between history, and the comforts of modern living at every turn.

Spanning 12,000+/- square feet, the home features grand living spaces filled with abundant light, as well as impressive scale, proportion and volume. Seamlessly merging Old World design and architecture with New World conveniences and technology, the home was built incorporating time-honored materials.

Ocean and island views, a pool, spa, tennis court, a lush 2.4-acre lot with manicured grounds, a close in location in the heart Montecito, and being one of the largest homes on the market featuring new (2014) construction, are all top selling features of this bold architectural estate compound.

For more information on any of these listings or to have me arrange a showing with the listing agents, please contact me directly, Mark@Villagesite.com or call/text 805-698-2174. Please view my website, www.MontecitoBestBuys.com, from which this article is based.

 

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