Aahhh The Sweet Smells of An Early Spring in Montecito
By the time you read this, it might already be spring, (at least by the calendar). The jasmine is in bloom, and if you look up on the hills you can see the ceanothus blooming, creating pockets of bright color amongst the green. Additionally, we are still enjoying the clear skies and the lovely winter to spring fresh air we all share. The season of change that brings memories of so many springs past. Perhaps the most olfactory of months, March is truly a mix of all the best weather that Montecito has to offer (in my opinion). Though I do love the late summer months as well.
As many who came before me have put so well, “the rarified air we all share here in Montecito” – and in some cases the “rarified heir” – benefits also from our coastal location and the microclimates that exist here. When we would visit SB from Los Angeles before moving here 22 years ago, our daughter then four and five, would say as we hit the Sheffield off ramp at Fernald point, that it was the “smell good place.” She was so right.
On the Real Estate front here in Montecito, the eye-popping home prices and brisk sales activity continue to power forward into 2024. It was a booming February, and the first half of March looks just as big and bold, based on a few closings so far in the Pisces half of March (Happy Birthday to my wife, Sheela), and also based on the high number of top priced properties that are in escrow (as of this writing, March 15).
In Montecito’s 93108, the stats for Feb 1 to March 15, 2024, are impressive. The Multiple Listing Service (MLS) shows that a total of 18 homes closed escrow in this wintery and often rainy (lower home sales volume) time frame. Also of note were the five homes selling over $10M, and a few going way over. Additionally, even more than in many recent months, we saw a significant number of off market sales, meaning the homes were not actively on the market when they changed hands.
The five estate sales over $10M in a 44-day time frame is perhaps unprecedented, or at least up there, even when comparing to peak market months of 2021 and 2022. For this top end of the market in February and first half of March, two homes sold over $10M, one over $20M and two over $30M. Wow!
While the big numbers grab the press nationwide (and often here in this article), the $5 to $8M market has been overperforming as well, and should not be overlooked. We saw both on and off market closings breaking neighborhood price records; and as usual, new or newly remodeled and move-in-ready homes grabbed the highest prices.
Of likely interest to new residents of the area are these facts: an entry level home in Montecito was formerly defined (pre-pandemic, 2019 or prior) as ranging in price between $800,000 for a Coast Village Road or Jameson Lane condo to about $2.5M for a starter home. Now that segment of the Montecito market has moved into the $1.5M’ish (for those same $800k condos) to the $4+million range (homes) as an entry level 93108 play.
If you are looking at the under $2M market in Montecito, a couple of Coast Village Road condos in the mid to high $1M’s available now – and the occasional fixer or tear down on small lots (none available under $2M right now) – might be your only options at this point. Add in the double rate of interest over the past year or more and it’s nearly +/- 4x as expensive to buy a home in Montecito now than just five years ago if you are needing to finance most of it; that is, 2x more expensive and interest rates are 2x what they were. Have incomes doubled? Or quadrupled? Talk about difficult times for the next generation to imagine buying a home in the town they grew up in. Montecito deservedly and quickly became the land of the “haves”, not the “might have someday”.
Here is a look at a few options still on the market as of this writing. These four properties featured have been on the market two weeks or more (some longer), but no telling if they will be available by the time you read this. So, if you see something you like, act fast. And as I often say in closing… If you can afford to live here, why wouldn’t you? Here to help if you need an agent, and always remember to keep Montecito friendly. Happy Spring!
126 Loureyro Road – $4,995,000
Offering multiple rental units, this Montecito property presents a unique opportunity in a “close to the beach” location. Echoing the style of the San Ysidro Ranch, the board & batten cluster of cottages was recently remodeled and is currently used as a short-term rental with great income, per the listing information. Friends of ours stayed in one of the larger cottages last Fall and it was great. The property also offers an ideal setting for a family compound.
Located in the Coastal Zone, the fully fenced and gated property is permitted as a Single-Family Residence with a Guest House and Additional Dwelling Unit (ADU), and includes one 2-bedroom cottage, one 1-bedroom cottage, and three studio spaces with kitchens. Renovated with updated bathrooms, kitchens and landscaping, and within the Montecito Union School District, the light-filled spaces are punctuated by gravel paths, hot tubs and sunny courtyards, making Fern Grove a timeless and inviting Montecito destination.
1545 Ramona Lane – $7,495,000
This 1930s classic Montecito home is nestled in the highly desirable Hedgerow neighborhood on prestigious Ramona Lane, surrounded by other equally and more expensive properties. The nearly 1-acre listing (.85) features a crescent drive, separate garage access driveway as well, and great curb appeal.
Located just blocks from the Rosewood Miramar Resort, Montecito Union, Crane School, Laguna Blanca, and the Upper Village, as well as the charming shops and restaurants on Coast Village Road, this location truly has it all, which is why homes in this area are always at a premium and rarely available.
The main house features 5 bedrooms and 3 bathrooms, while the 1-bedroom, 800 square foot Accessory Dwelling Unit (ADU) offers the perfect space for guests, in-laws, or short/long-term rentals. With 10’ ceilings, the ADU sits completely private from the main house and offers its own entrance, a generous yard area, and dedicated parking.
The primary house works well as a single level home if desired, with 3 of the 5 bedrooms and 2 full baths on the main floor and features recent kitchen and bathroom renovations. Step outside and enjoy spacious patios, pathways and space for outdoor dining and relaxation. The lush landscaping and lawn are nourished by a shared private well, all within the Montecito Union School District.
1946 East Valley Road – $11,950,000
Newer to market is this Mediterranean Tuscan estate by renowned architect Don Nulty, located in the heart of Montecito. This timeless and romantic estate is an elegant retreat with a stunning design, featuring wide wood floors, vaulted ceilings, elegant arches, and an abundance of French doors that gracefully open to the beautiful grounds.
Situated on 1.03+/- acres, up a lovely, wide, shared lane off East Valley Road, the main residence encompasses 5 bedrooms, 8 full bathrooms, a grand living room with a stunning fireplace, a chef’s kitchen equipped with top-of-the-line appliances, and limestone floors complemented by an adjacent den. The primary suite is a private and peaceful retreat offering ocean views, a study, dual en suite baths, and walk-in closets.
An expansive lawn, immaculately manicured grounds, and a shimmering pool with spa offer a serene backdrop for relaxation and entertaining. Additional amenities include a temperature-controlled wine room, gym, a built-in outdoor BBQ, and a private studio. The location is convenient to the Upper and Lower villages, Birnam Wood Golf Club, hiking trails, and pristine beaches, all within the Montecito Union School District.
109 Rametto Road – $17,500,000
Reminiscent of Hollywood’s “Golden Era,” this impressive 1920s Montecito estate features breathtaking ocean/island views and embodies a rare blend of stunning, classic architecture. Originally constructed for C.K.G. Billings and designed by the renowned architect Carleton Winslow, this palatial property overlooks the Montecito Club and Andrée Clark Bird Refuge, seamlessly uniting seclusion with a close-to-town location, creating access to world-class restaurants, upscale boutiques, and pristine beaches.
Featuring grand bedrooms, libraries, offices, living and dining spaces, with 10 fireplaces and 14 bathrooms, every facet of this residence exudes regal splendor. The pool area evokes the ambiance of both the Beverly Hills Hotel and the legendary Neptune Pool at Hearst Castle, offering sweeping Pacific Ocean/Channel Island vistas, expansive terraces, and lavish dressing rooms.
Elevate your entertaining to unparalleled heights in a home that enjoys an envy-inducing game room, a remarkable home theater, and an exquisite wine cellar. “El Descanso” stands as a testament to luxury living from a bygone era.
