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.

The Wall Street Journal has stated that Greenwich, Connecticut had a phenomenal end to 2009 with huge increases in sales volume in the luxury real estate market.  The west coast has also seen some large sales with a recent  Beverly Hills property selling to the tune of $35,000,000.  More specifically, in the Santa Barbara luxury real estate market we have seen 4 major estates go into escrow in the past month. The first property in Montecito is a recently built 8500 sf. Tuscan Villa with dramatic ocean, city, harbor, island and mountain views. Located at the end of a private lane off Hot Springs Road this luxury home on a 3 acre site also boasts a pool, spa, and guest house. This Montecito view home was offered at $11,900,000 when it went into escrow. The next Montecito estate to go under contract is an impressive Mediterranean in Ennisbrook with 6 bdrms and 11 baths in the main house. In addition to all the amenities of the previously mentioned estate this Montecito property also has a tennis court with pavilion and a garage for 9 cars. This luxury estate was offered at $14,750,000.The 3^rd Montecito estate that has just gone into escrow is a knoll top Tuscan Villa with captivating views and over 10,000 square feet of luxury. It offers the utmost in privacy being on approx. 40 acres. This estate’s current list price is $8,750,000. The 4^th estate is a 1929 Reginald Johnson on the Riviera which was listed at $8,900,000. It is the quintessential  old world charmer on 3 acres with gently rolling lawns overlooking the fabulous ocean, city, and mountain views. Yes, there is a pool and guest house, too! Quoted in the fore mentioned Wall Street Journal article a representative for residential real estate at U.S.Trust Bank of America Private Wealth Management commented that they have experienced an increase in buying over the past few months. It seems that the luxury real estate market overall may be starting to rebound! We will keep you posted on the Santa Barbara, Montecito, and Hope Ranch estate market. Watch for the closed sales prices in a future blog.

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.

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!

There are currently 19 oceanfront properties for sale in Santa Barbara in the area from Goleta to Carpinteria. The prices range from $1,399,900 for a 2 bedroom, 2 bath second floor condominium in Carpinteria to $29,950,000. There are 2 oceanfront estates for sale at $29,950,000. The first is an estate on Padaro Lane. This estate features 1.7 acres with sprawling lawns extending to the sandy beach, a beautiful 4 bedroom contemporary home with a separate 2 bedroom guest house, and a pool for when one tires of swimming in the ocean. The other is also a beachfront contemporary.           

 It is on Fernald Point in Montecito. It features a stunning 5 bdrm house with an oceanfront pool, decks, and lawn on just over 1/2 acre. There are 7 properties for sale priced above $20,000,000, 1 in Hope Ranch priced at $19,500,000 – this is an incredible 13,500 s.f. Italian Villa set on a bluff top overlooking the ocean & islands with a pool & horse facilities, 1 at $11,900,000 (a fantastic new home reminiscent of old Cape Cod which could be purchased fully furnished), 1 at $8,900,000, 5  oceanfront homes in the $5,000,000 to $8,500,000 price range and 2 exquisite condominiums in a gated Montecito Oceanfront complex. Santa Barbara’s oceanfront real estate market remains extremely limited in its number of available properties for sale and highly sought after. It continues to be a rare and desirable investment.Santa Barbara’s main waterfront is a long stretch of coastline that is mostly commercial including Leadbetter Beach adjacent to the marina,  West Beach to Stearns Wharf with its dolphin fountain sculptured by local artist Bud Bottoms, onto Chase Palm Park with its charming carousel, and to East Beach known for its volley ball courts & tournaments. Extending further into Santa Barbara is Shoreline Park with fantastic views of the city, harbor, ocean, islands & mountains and into Montecito is Butterfly Beach across from the world renown Biltmore Hotel – a perfect place to enjoy the sunset. There are restaurants, shops, a path for biking, rollerblading, jogging, or enjoying a leisurely stroll, a Sunday art show, museums, and of course the ocean with all its fun activities! Santa Barbara’s waterfront is bordered by palm trees with the sparkling blue Pacific in one direction and the glorious mountains in the other. It is one of the most beautiful coastlines to be found! Santa Barbara’s Oceanfront remains a favored destination for people worldwide!

Santa Barbara, Montecito, and Hope Ranch have some of the finest examples of George Washington Smith architecture as he spent many years living in the Montecito area. Born Feb 22, 1876  George Washington Smith was raised in Philadelphia & studied painting at Pennsylvania Academy of Fine Arts.  Later Smith attended Harvard University to study architecture.  

Around 1911, Smith married Mary Catherine Greenough and moved to Europe.  He traveled around the continent painting landscapes.  Just a few years later, Smith traveled to California where his paintings were on display in the Palace of Fine Arts at San Francisco’s Panama Pacific Exposition.   While in California he traveled south to visit friends in Montecito.  He loved the area so much, Smith decided to stay and build a home.  He modeled his Montecito Estate after farmhouses he had seen in Andalusia during a trip to Spain in 1914.
 
The home built in 1917 called Casa Dracaena was successful.  Neighbors were asking for him to design houses just like his.  Soon he stopped painting and took up architecture full time in Santa Barbara.  He remained in the Santa Barbara area until his death in 1930.  At that time George Washington Smith (GWS) designed over 80 estates in the Santa Barbara Area.   Since then Smith has been credited as being the father of Spanish Colonial Revival Style.   Many of the homes George Washington Smith designed are now a part of the National Register of Historic Homes. His “Casa Del Herrero” in Montecito was just designated a National Historic Landmark in January 2009. George Washington Smith’s vision has shaped Santa Barbara’s history and style. Estates designed by George Washington Smith are extremely limited in availability and quite coveted.

There are currently about a half dozen GWS estates for sale in the Santa Barbara area.

One particular estate currently for sale is Robledal. It was built in the early 1920’s for Milton Wilson. Wilson was one of the three partners credited for developing Hope Ranch Park.  Robledal is one of the finest homes created by George Washington Smith. It has incredible views of the Pacific Ocean & Channel Islands.  Robledal is a fantastic example of GWS architecture with his signature detailing such as wrought iron sconces, chandeliers, grates, tiled stairs, fireplaces, fountains, carved wood doors and ceilings. The beautiful oak studded estate (the Spanish translation of Robledal is oak grove)  In addition to the magnificent  main home there are two attached guest-apartments, and one detached guest cottage, a five car garage and staff apartment with two extra multi-use rooms. This rare offering consists of 8 acres with an adjacent parcel that could also be purchased. It is an equestrian’s dream as the trails lead right to the beach for oceanfront horseback riding! This is truly one of the prime Hope Ranch estates!For additional information on this exquisite George Washington Smith estate go to  http://estateinhoperanch.com

In yet another testament to the strength of the Montecito Real Estate Market, two properties across from Butterfly Beach have just entered escrow. One is a gorgeous Montecito Estate on Hill Road with 4 bedrooms, 6 baths and ocean, mountain and harbor views. The asking price was $18,800,000.

Also in escrow are the adjacent 2 lots that front Channel Drive – asking price of $8,000,000 for both lots together. This property (the house and lots) previously sold for $5,900,000 in 2003 prior to an extensive remodel. Overall about a 450% increase. Not bad for a 6 year holding period! Montecito Oceanfront real estate remains a rare and desirable commodity.

A brief analysis of the sales activity in Montecito shows twice as many pendings & solds for February as there were in January. March seems to be right on track with February in number of pendings and solds thus far however the average sold price for March is at $4,483,333 up from an average sold price of $3,035,714 for February! This positive Montecito Real Estate data is in line with the impressive statistics of 2008 where there was a substantial increase with the average sales price being 16% higher than in 2007.

Montecito remains a desirable destination for people from all over the world. Due to the geography of our area with it being bordered by the mountains on one side and the ocean on the other the number of properties are quite limited. Add to that the slow growth philosophy of the powers that be and one sees that Montecito Real Estate is a rare offering with ocean view and ocean front in even less supply. The desirability of our area for primary homes, luxury real estate, vacation homes, and investments remains stable. While many places in the country saw large decreases in property values, the Montecito Estate Market continues proving to be a solid investment. Santa Barbara Real Estate remains desirable and why wouldn’t it – we have ideal weather, breathtaking scenery, pristine beaches, fine dining, theatre, golf, boating, polo, wine tours, international appeal, and so much more. Whether vacation destination, primary residence, second home or pure investment, Montecito is a proven prime choice for the old real estate adage of location, location, location!

The Santa Barbara Association of Realtors recently held its Real Estate & Economic Review & Forecast for the Santa Barbara real estate market at the Montecito Country Club. This review of the recent Santa Barbara Real Estate market dynamics, including the luxury real estate market, shows the median price has come down over the last 12 months, yet upon an analysis of past years, the 2008 median price is higher than the median price of 2004. The recent increase in number of sales at the lower end of the Santa Barbara Real Estate market has had a downward effect on the median price. However, looking at the 10 year period from 1996-2005, there was an amazing 303% increase in the median sale price of homes in Santa Barbara real estate market!  Santa Barbara Real Estate has proven to be an excellent long term investment. Historically it has doubled approximately every 10 years, so to buy now when we have just experienced a short term median price correction may be the smart move particularly in light of recent historically low mortgage rates which cannot last forever.

 Looking at the Montecito Estate market in the $2,000,000 – $4,000,000 price range there are currently 43 active homes for sale with 4 in escrow. This is a 10 month + supply. A 6 month supply of homes for sale is considered a balanced market for buyers and sellers with less being a seller’s market and more translating to a buyer’s market. Thus, this 10 month supply of Montecito Homes for sale currently offers some tremendous opportunities for buyers. Again, add to that the historic low interest rates and it may very well be the most opportune time to buy a Montecito Estate! Indications are it is now a Montecito Buyer’s Market! Historically, a rare occurrence.