Montecito Real Estate Sales Up

According to recent MLS data, Montecito had a 33% increase in number of homes sold in the 3rd quarter as compared to the 2nd 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!

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