The luxury home segment in Santa Barbara has seen a very active spring! Fourteen estate properties have closed escrow at the $5,000,000 +  price since April 1. This compares to 8 properties closing in this price range for the same time period last year. That is an astounding 75% increase in closed sales! Perhaps the money is coming out of gold and into real estate again! The highest priced sale is an oceanfront estate which sold for $16,250,000. Located in a guard gated community this gorgeous 7000 s.f. Cape Cod style home has 5 bdrms, 7 baths and 190’ beach frontage on 2+ acres. And yes it has a guest house and a home theater! Originally priced at $32,500,000 when it hit the market in 2008 – it sold at an impressive 50% discount – I’d say well worth the wait!

Another notable luxury estate that recently closed escrow is a 1930’s Dutch Cape on 3.5 acres with dramatic mountain and ocean views in Montecito. Located just a stone’s throw from Oprah’s little place this property was written about in a previous blog about Montecito ocean view estates! It came on the market at $23,900,000 a year ago and just closed escrow at an even $15,000,000. Some great deals have been made in the Santa Barbara luxury market. Sellers are showing lots of motivation as can be seen by looking at the list to sales prices. Watch for an update on the Hope Ranch estate market next!

Rare opportunity to live in an exquisitely appointed Montecito luxury home  in a most desirable Montecito location. A stunning and very spacious 3 BR 3 bath restored French Country estate home in a prime location near Coast Village and all it’s wonderful shops and minutes to Downtown Santa Barbara, State Street, Stearn’s Wharf, and the beach. Recently restored with luxury appointments, beamed vaulted ceilings, and custom finishes, this home is a professional’s dream, with spacious rooms, high ceilings and exquisite, hard wood floors. There is a wonderful office suite or media room. There is also a spacious, well appointed guest suite as well on a floor of its own. The beautifully adorned, generous Master suite  with a elegantly marbled tiled bath and glass enclosed shower along with ample closet area, opens to a private patio with spa. Custom cabinetry adorns the high function,  updated kitchen with granite counter tops, marble tile and state of the art appliances, an informal breakfast/dining area flowing easily to a beautifully landscaped brick patio for entertaining and relaxation. This French Country home has a classic, vaulted roofline with stately fluted chimneys.  There are 3 bdrms and 3 full baths.This home is a perfect blend of casual elegance! A must see for those seeking a Montecito luxury home! Offered at $2,185,000.

I recently saw the movie “Its Complicated” , a romantic comedy set in Santa Barbara, directed by Nancy Meyers and starring a Santa Barbara resident, Steve Martin and a Classic Santa Barbara estate. In an interview in Santa Barbara Magazine, Nancy Meyers says she chose a Santa Barbara property for the locale in the movie due to its natural beauty and the peace of mind and calm she feels when she comes here. She further states “It feels as close to the good life as you can get”.  Yes, we feel rather the same way. Santa Barbara is not just a place – it is a lifestyle! There were lots of Santa Barbara property scenes in the movie such as the spectacular Santa Barbara Courthouse, the historic El Paseo, and several Montecito property locations, including the scene where Meryl Streep is having her morning jog – on one of the Montecito area’s charming country roads. Many Santa Barbara Estates were within steps including Oprah’s Montecito luxury property. The house in the movie is the quintessential Santa Barbara home full of charm and character with a red tile roof, adobe brick, archways, terra cotta tile, wrought iron, and a great indoor-outdoor flow to covered verandas and lush gardens. As a matter of fact, if you happen to be looking for a similar Santa Barbara property may we be so bold as to offer our considerable Santa Barbara estate expertise to acquire your Santa Barbara dream home. Its “not” Complicated – Its Simple – just click here.

The weather has been outstanding the past few days with the most incredible sunsets here in beautiful Santa Barbara. If you are considering purchasing a luxury home in Santa Barbara there may never be a better time with a great selection of properties for sale. There are approximately 180 properties for sale just in Montecito.The most expensive luxury home for sale in Montecito currently is a spectacular 1920’s Italian Mediterranean (click for details) estate on 7 fantastic acres listed at $29,000,000. Truly one of the finest Montecito Estates for sale. There also currently over 500  Santa Barbara homes for sale and many motivated sellers making this a wonderful opportunity to obtain your Santa Barbara dream home.

The numbers are in for Santa Barbara Estates that sold in the final quarter of 2009. The high end, luxury estate market in Santa Barbara includes the areas of  Montecito and Hope Ranch as well as Carpinteria(lots of oceanfront) and Summerland. There were a total of 7 properties that closed escrow above the $5,000,000 mark in the past quarter. The year ended with 5 luxury home sales in December above $5,000,000. My favorite house happens to be the most expensive sale for the last quarter at $17,500,000. This is an absolutely gorgeous oceanfront home on Padaro Lane. This Cape Cod home – and being from there myself I can attest that this is an authentic Cape Cod style home – is over 7000 s.f. of exceptional quality. This private gated, oceanfront home for sale features an expansive green lawn flowing down to the sandy beach on highly desirable Padaro Lane.  I believe this was a fantastic buy as comparable sales in past years for Padaro Lane oceanfront (or any Santa Barbara oceanfront homes for sale for that matter) have been substantially higher!

The yearly total of estate sales (above $5,000,000) of 26 is just about ½ of the total number of Santa Barbara estate sales in 2008. There may never be a better time to purchase that luxury dream home in Montecito, Santa Barbara, and Hope Ranch (to view homes for sale in Santa Barbara click on any of these links) as the competition for buyers is heated with many motivated sellers in the Santa Barbara high end home market! 

May 2010 bring peace, love, happiness, prosperity and good health to all!

According to recent MLS data, Montecito had a 33% increase in number of homes sold in the 3^rd quarter as compared to the 2^nd quarter.  There were some major Montecito Estates that closed escrow during this period. A fantastic, brand new Montecito ocean view estate sold for $18,500,000. This 12,000 s.f. estate had been on the market for over a year with the original price being $33,000,000 – a superb buy at $18,500,000 considering the incredible quality, square footage, unrivaled grounds (complete with pool & cabana, tennis court, guest house), incredible views & privacy! Another sale occurred in the hills of Montecito. This was a circa 1939 Edwards & Plunkett Monterey Colonial full of period detail blended with the finest amenities. In addition to the requisite pool, spa, courtyard, guest house, art studio, sprawling lawns, gardens, and spectacular ocean and mountain views there was also a putting green – a state of the art putting green (the owner was a world renowned PGA Professional Golfer). And for your 9 cars – garage space for all 9 cars! This Montecito estate sold for $9,560,000. A piece of Montecito Real Estate of  historical significance “The Val Verde Estate” sold in this past quarter, also. Built in 1915, it is a modernist house with Roman influences. The gardens were created by Lockwood De Forest with 17 ½ acres of incredible plantings. This is a place where time stood still. Visitors to Val Verde included the likes of Cole Porter, Gloria Swanson, Charles Lindberg, and Georgia O’Keefe. The previous owner, Dr. Austin, tried for many years to open Val Verde to the public like nearby Lotusland, but it was not to be as it was voted down numerous times. The property has been vacant for many years and is in need of major renovation. This Montecito estate changed hands in September for $15,300,000. The current owner has quite an undertaking however this ultimately could be “The Premier Montecito Estate” to rival even Oprah Winfrey’s estate. For 17.5 acres in this prime Montecito location the price of $15,300,000 is a bargain!  Another Montecito property to close escrow in September is a tropical beach house on Hill Road just a stone’s throw from The Biltmore and Butterfly Beach. This was part of a larger parcel on Channel Drive that was split. The main house is brand new and the original pool, pool house and guest house are all part of this lot now. It sold for $11,000,000 – a huge drop from the original asking price of $24,500,000 in the summer of 2008. With an impressive selection of properties in the Montecito and Santa Barbara Real Estate market and many motivated sellers now may be the best time to buy. Seems to me buyers are finding this is the time for some great deals in the Montecito Real Estate market!

Viewed several spectacular ocean view properties in Montecito this week!

The first is an estate which boasts a prime location – with Oprah as a neighbor. Buy this home and perhaps one day you will be invited to attend one of Oprah’s exclusive events!

Of course another reason to buy the property is to own a piece of history. Built for a prominent Chicago family circa 1930, this authentic Dutch Cape has impeccable craftsmanship & details with views that are breathtaking  – from the awe-inspiring mountain views above the reflecting pond to the magnificent ocean views in the opposite direction. There are plenty of bedrooms and baths in this manse however NO kitchen.  That’s right – the kitchen/ family room wing is under restoration and yet to be determined until the new buyer steps in.  However, due to its superior location and the incredible grounds with 3.5 flat acres (a rare Montecito offering) it is still a pretty good investment  – offered at $19,500,000.

Now if you want an estate that already has a kitchen AND a beautiful one at that, then you should have a look at a wonderful offering on Picacho Lane.  This luxuriously appointed Mediterranean has unsurpassed quality throughout and fantastic grounds with panoramic views of the mountains and ocean, a sparkling pool,  fabulous pool house, tennis court, lush lawns and children’s play area. Many recent renovations have gone into this quintessential Mediterranean classic with no expense spared.

Offered at $18,995,000 – this in my opinion, is the best estate currently on the market in Montecito!

Had a beautiful sunny day to view Montecito Oceanfront homes!

My first stop was Sea Meadow in Montecito. This is a security guard gated beachfront community near the Biltmore & Coral Casino. The exquisite Montecito oceanfront home that I viewed is in a French Country style and consists of over 7000 s.f.  The craftsmanship and detail are a perfect blend of old world charm with today’s modern amenities. The lush lawn flows to the beautiful sandy beach – a rare, highly desirable location – there are only a few homes in Sea Meadow that are oceanfront. This property is offered at $29,650,000. It was purchased  in 1997 for $1,100,000 -that is not a bad return on investment! Montecito Real Estate continues to perform well!

Two other beach homes present an interesting opportunity at Padaro Lane where one lucky person could purchase both and have a lovely oceanfront family compound! The home that is directly on the oceanfront is a 100 year old classic beach cottage that has been in the same family for many years. There are approved plans by a noted local architect to turn this into a wonderful 2 story beach home. It is offered for sale at $5,900,000. The back home  previously belonged to this family and was sold about 3 years ago for $3,800,000. Since that time it has been very tastefully remodeled and is now for sale for $5,900,000. This home has been a magazine feature property & boasts a celebrity owner. Both properties enjoy a buffer of privacy as they are adjacent to Arroyo Padaro Creek.

 Last of all  I went to an oceanfront Summerland home which I think is a great buy at$6,500,000. It was on the market last year for $10,000,000 and went into escrow right away near that price however the buyer could not perform so it never did close escrow. Someone’s loss is another’s gain. It is a quintessential beach house with soaring wood beam ceilings & huge windows that frame the captivating ocean views.

There may not be a better time to buy oceanfront property in the Montecito/Santa Barbara area than now! Watch for a future blog on major sales that have recently occurred. It seems buyers are ready to spend again!

Housing starting to show a recovery in Santa Barbara and Montecito? Some indicators sure do point in that direction. Existing home sales increased in July by 7.2% – this is the biggest single month increase on record. Two additional impressive items of note – July pending home sales increased to a 2 year high and home prices have also shown an increase. On a national level, home prices showed their first quarterly increase in 3 years. It seems that the demand for housing is starting to rise again. According to the National Association of Realtors the inventory of unsold houses rose 7.3% nationwide in July. However, in California the levels of unsold homes decreased to a 3.9 month supply vs 6.9 months one year ago. This is far below the long-run average.

As far as on the local level which includes the real estate market for Santa Barbara, Montecito, Summerland, Carpinteria, and Goleta, we are in the 2^nd consecutive month for 80 closed escrows for houses & PUDs(planned unit developments). This has not happened since August 2007. We have also seen the highest median price in the last 6 months with July’s median sales price at $885,000. Another positive note is that the last 2 months number of sales is almost equal to the 5 year average in both months so although it may be too early to tell if we are coming out of this housing downturn it certainly seems we are going in the right direction. I will be viewing Montecito oceanfront properties tomorrow and report back on those.