March Was Madness
A whopping half of all homes for sale in Montecito’s 93108 zip code are priced over $10,000,000
While I don’t follow March Madness basketball, I do follow the Montecito Real Estate market, house by house, sale by sale, and March was indeed Madness. While an average March might bring 18+/- sales, March 2022 showed strong with 26 solid sales, more than half of them being over $6,000,000. That is, in a word, incomprehensible to local agents.
All statistics quoted are from the Multiple Listing Service (MLS) and there were numerous other sales not reported in March, yet still changing hands “off camera” if you will, including the whopping $52,000,000 paid for (second time sold in a couple of years) originally the Rob Lowe family compound on Picacho. Let’s play, guess who bought the mansion in Montecito this week?
In the MLS this March, there were seven significant sales between $8 and $10 million. There were four sales over $10M with a high of $25,000,000 paid for an East Coast compound with views, tennis, privacy, couple of acres, etc… Only two homes sold in the under $3M market (which used to represent 50% of all sales just a few years back), and as of this writing there are only two available listings in the 93108 under $3M market to choose from.
Of the 24 listings right now on the market in the entire 93108 and Montecito area, only six homes are listed under $5,000,000 and the other 18 listings are over $5,000,000. That’s a $1.65M condo, up to the $39,995,000 sticker price for the multi-acre Scarface compound. Both listings seem worth the asking price for what you get and based on comps and sales ongoing. Condos in that same, centrally located Coast Village Road building for instance have been selling in the $1.6 to $1.8M range and many multi-acre mega estates are fetching between $20 and $50M these days, so $40M for the Scarface compound where Al Pacino and his tiger once roamed seems in line, yes? It’s all lotto money to most of us.
Anyway, there are the stats. It was great to see rain last week. We need more, that’s for sure. Happy house hunting. Here are four homes available as of the day I am writing about them.
590 Freehaven Drive – $5,375,000
Nested on a low-traffic street in the foothills off East Valley Road, and resting on nearly an acre, this contemporary single-level home offers solid, sweeping views of the Santa Ynez mountains. Entering through gates, you are led into a private oasis with lush landscaping featuring an abundance of fruit trees and permaculture inspired gardens.
Within the 3,000+/- square feet of single-level living space there are four bedrooms and three and a half bathrooms. Additional features include a chef’s kitchen with Miele appliances, an entertainer’s living room with sliding doors creating seamless indoor/outdoor living, a primary suite boasting mountain views, and a separate guest wing. The home was extensively remodeled in 2015 and is just minutes from the Upper Village and the beach, and offers private outdoor areas to enjoy.
2255 Ortega Ranch Road – $10,995,000
Impressive ocean views, privacy, and single-level living are top features of this estate, located alongside other impressive homes on a private road along the ridge separating Montecito and Summerland. Close in, vast ocean views span the horizon and offer an inspiring backdrop to this beautiful 5+/- acre property.
Indoor/outdoor living spaces, lush gardens, finishes, and furnishings by John Saladino combine to project Montecito’s coveted lifestyle. The spacious primary suite features dual walk-in wardrobes and a study. There are two additional en suite bedrooms, spacious public rooms that are ideal for entertaining, and a dedicated home office offers flexibility. Outside, an expansive covered patio creates a second living room with multiple seating and dining areas. There is a fountain, fire pit, and room for a gym.
1010 Cima Linda Lane – $11,250,000
Expansive ocean views bring in the horizon at this newly renovated, single-level, mid-century modern home on “the curve” at Cima Linda, where some of the best, close in ocean views are available for residents of the area. Step into an open floor plan that celebrates Montecito’s indoor/outdoor lifestyle and appreciate the upgrades and improvements done to prepare this stunning 1950s architectural home for the future.
Sliding doors open both to the ocean terraces and central patio, extending the lines of the house and blurring into the natural environment. Throughout the home, chic finishes coalesce with beautiful proportions and scale to create a sophisticated and welcoming home. Designer finishes, dual baths/closets, and a gas fireplace make for a dreamy primary retreat. Outdoor spaces offer entertainment, dining, and sun or shade areas.
1885 Jelinda Drive – $15,750,000
Showcasing impressive interior scale, inspiring ocean, island, and mountain views, and a jaw-dropping transformation, this turnkey Ennisbrook estate successfully pairs traditional Mediterranean architecture with contemporary refinement. The 1.77-acre estate boasts a six-bedroom-plus-office, seven-full and three-half bathroom residence, a pool cabana, pool and spa, built-in BBQ, dual gated entry, and gorgeous grounds flanked by hedges for added privacy.
The interior features a versatile, open floor plan with a media room, dining area, chef’s kitchen with a spacious double-edge waterfall marble island, separate butler’s kitchen, and walk-in pantry. Enjoy dual primary suites with one located on the main level and the upper one featuring dual baths, each with large walk-in closets, a bar, and a private ocean-view balcony. In addition, there are multiple flex rooms for added versatility.
This home is located within the prestigious, 24-hour guard-gated community of Ennisbrook, offering tennis, basketball and pickle ball courts, lap pool, and fitness facility all nearby. Homes at Ennisbrook are just minutes from the Upper and Lower villages, beaches, hiking trails, and are within the sought-after Montecito Union School District.