A Rainy Yet Bright Start to 2024
In 2024, sales are up in Montecito – in both volume and prices.
What a whopping start to 2024 for the high-end real estate market here in Montecito’s 93108. As I type, just 40 days into the new year, we have seen a total of 17 sales in the Multiple Listing Service (MLS), with two of those going over $10M and another seven sales well over $5M. Not to repeat myself but… just five or so years ago we might only see four or five sales a year over $10M, whereas now there is one or more per month.
Montecito’s 93108 is now (post pandemic) – and likely will be forever – on the map of top destinations in which to own a trophy home. From what I hear, some home sales over $10M are not even intended to be used as a main residence. This could potentially create a mansion shortage for those who need a mansion-sized property and want to reside in Montecito full time. Who could have predicted a potential mansion shortage?
With only 11 homes currently on the market over $10M in the 93108 and only a few homes over 6,000 square feet to choose from, it seems that time is coming. With brisk sales, I could see this area of the market becoming very low on inventory; but for now, a nice variety of styles and conditions to choose from still exist.
The first week of February brought a lot of rain, and while the small creek at our house did flow full, it remained debris free, thus not clogging and overrunning our driveway as it did last year, on the Jan. 9, 5th anniversary storm in 2023. Along with many inches of rain, this first week of February also brought a few significant closed escrows in Montecito’s 93108, not to mention an impressive number of properties have gone under contract in the past few weeks as well, (end of Jan and start of Feb).
As of Feb. 10, 2024, of the 17 closed escrows in the MLS in Montecito’s 93108 since Jan. 1, the highest priced sale was for an elaborate compound on Park Lane with a sizable and enviable main home, pool, lawns, views, privacy, and acreage. That property was sold – along with an adjacent full residence with tennis court, additional parking and acreage – for $36.8 million; a great start to the new year for the over-$20M market.
Looking forward, we see a steady market – inventory depending – and we are seeing a number of new listings hit the market priced under $3M (condos, smaller fixers, etc.), which is rare these days. Get them while you can.
Here is a look at four properties on the market as of Feb. 10. From a remodeled opportunity in the “sweet spot” Montecito price range ($5 to $8M) to a few over $10M; properties for those who can dream big and see those dreams fulfilled. I am here to help if you want more information or need an agent to show you properties. For now, enjoy the break in the rains and please remember to keep Montecito friendly.
602 Parra Grande Lane – $6.2M
Nestled among the serene streets of Montecito, near the estates of upper Hot Springs and Riven Rock lies this historic carriage house that was recently transformed into a three bedroom, single-level home with a private studio. Enjoy this jewel as a main home (in the Montecito Union School District), a weekend residence (near beaches, hiking, shopping), or pied-à-terre (low traffic street, quiet, private). The well-appointed home exudes charm and inspires an ease of living.
The open floor plan with vaulted ceilings connects effortlessly to the large south-facing patio and its adjacent citrus orchard. The primary suite features a large walk-in closet and a designated office. Two additional bedrooms share a bath and a den. Tranquil outdoor spaces and beautifully updated finishes throughout provide the backdrop for your special moments indoor and out.
1514 East Mountain Drive – $11.75M
At the peak (and arguably the crowning lane) of Montecito’s Golden Quadrangle is this recently renovated Jack Warner contemporary home, offering breathtaking panoramic views of the ocean, islands, and mountains. This residence stands as a unique masterpiece of modernist architecture with skylights, walls of glass, and a great floorplan.
Nearly every room in the house incorporates sliding glass doors that open onto individual patios or balconies, creating a seamless indoor/outdoor living experience with breathtaking views. Boasting three bedrooms, 4.5 bathrooms, a chef’s kitchen, den, and grand living room, every aspect of the residence reflects meticulous attention to detail, from the high-end stainless appliances to the refined terrazzo floors.
Additional amenities include a stunning private pool with ocean views, beautiful gardens resting on about three acres, and impeccably landscaped grounds. The property is conveniently situated near the San Ysidro Ranch, hiking trails, beaches, and Montecito’s Upper and Lower villages, and within the Montecito Union School District.
375 Ortega Ridge Road – $12.8M
Embrace the California Coastal dream with sunset views to the west that take in the whole of Montecito. This captivating compound stands on over two acres at the crest where Summerland and Montecito converge, offering picturesque beaches, elevated dining, and nearby shopping. Immerse yourself in this 6,200 square foot retreat, where stunning ocean and mountain views stretch to the horizon from nearly every room.
High ceilings, view windows, and covered patios define this home. Enjoy the 1,100+ square foot GH residence as well, and when the afternoon sunbathes the property, you can choose between a game of tennis or pickleball on your private court, or strolling through the gardens, or taking a dip in the pool and spa. Sunsets paint the sky and hawks float gracefully by at eye level, creating a connection with nature in this private sanctuary.
There is a long, very private driveway, and off-street parking for numerous guests.
1104 Channel Drive – $38.5M
This “wow factor” oceanfront estate rests on a huge, 1.58-acre lot and is available for a fortunate new owner at this time. Nestled at the west end of Channel Drive, with its enviable Butterfly Beach location just a stone’s throw from the Four Seasons hotel, Coral Casino beach club, and the shops and restaurants of Montecito’s lower village, this premier oceanfront estate is the definition of a trophy property!
Sweeping 180-degree ocean and mountain views create a serene backdrop for the meticulously designed architecture and private, lush, sprawling gardens and lawn. An entertainer’s paradise, the property boasts a four-bedroom main house, an attached one-bedroom guest apartment, pool house and gym. The grounds feature a stunning swimming pool and expansive terraces that celebrate the best of Montecito’s indoor/outdoor lifestyle.
This magical oasis is an incredibly rare opportunity for beachside living on exclusive Channel Drive and the home is within the Montecito Union School District.
