Montecito Real Estates by Montecito Journal

REAL ESTATES

SPRING 2017

Set on what may be the most dramatic and premier location within Birnam Wood Golf Club, this refined home of approximately 5,500 sq ft offers substantial mountain and lake views along with superior construction and design. The three-bedroom-plus-den home offers high ceilings, handsome moldings, carved stone fireplaces, warm parquet oak floors and generous marble baths. One of the largest and most inspiring homes in the club. Listed at $5,495,000 by Harry Kolb.

ITO CA

11 9° 37'

Ocean View Contemporary Villa

680 Ashley Road, Montecito

900 Park Lane, Montecito

$7,250,000

$7,700,000

5 Bed | 7 Bath | 2+ Acres Guest House | Art Studio | Pool & Spa

suding//murphy partners 805.455.5736

Colleen Beall 805.895.5881 colleen.beall@compass.com

3 Bed | 6 Bath | Glass Pool House

Classic Tuscan Estate on Private Lane

Prestigious Golf Club Lifestyle

3091 Hidden Valley Lane, Montecito

511 Las Fuentes, Montecito

$9,488,000

$5,495,000

4 Bed | 5.5 Bath | Pool Guest House | Ocean & Island Views

Terry Ryken 805.896.6977 terry.ryken@compass.com

Susan Pate 805.895.9385 susan.pate@compass.com

3 Bed | 4.5 Bath | 5,000 ± Sf Tennis Court | Club House

Kashmir in Montecito

A Montecito Best Buy

2084 Alisos Drive, Montecito

780 Rockbridge, Montecito

$6,500,000

$4,495,000

3 Bed | 5 Bath | Luxurious Moroccan Style Retreat

Colleen Beall 805.895.5881 colleen.beall@compass.com

compass.com

Pamela Regan 805.895.2760 pamela.regan@compass.com

4 Bed | 5 Bath | 5,161 Sf Ocean Views | 1Bed Guest Suite

805.253.7700

compass

compassinc

The Ogilvy Estate — Circa 1910

°26’12"

" W MONT

compass

Compass is a licensed real estate broker (01991628) in the State of California and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. To reach the Compass main office call 805.253.7700

MONTECITO JOURNAL

• REAL ESTATES •

SPRING 2017

117 Crestview Crestview Lane Lane 117

Offered $4,495,000 $4,495,000 Offered

Newer Built Montecito Tuscan Hilltop Estate with Sweeping Ocean and Mountain Views on 1 Acre in the Cold Springs School District

796 796 Buena Buena Vista Vista Drive Drive

2255 Featherhill Featherhill Road Road Offered Offered at at $4,995,000 $4,995,000 2255

Panoramic Ocean and Mountian View Fixer in Premium Montecito Location on 1.14 acres, Including Guest House and Pool

Offered at $3,250,000 Freesia Freesia Drive Drive Meticulous Attention and Superior Craftsmanship Summerland Home with Spectacular Ocean Views

Offered Offered at at $3,795,000 $3,795,000

2.2 Acre Mountian View Farmhouse Compound with Main House, Guest House, and Pool in the MUS District

4066 4066 Sonriente Sonriente Road Road Coming Soon! Renovated Hope Ranch Mediterranean Masterpiece with Incredible Mountain and City Views, Privacy, Theater and Wine Room

Representing Exceptional Properties of Montecito & Santa Barbara Marsha Kotlyar | MK Properties Chairmans Circle Diamond Top 1/2 of 1% of Agents in the Network

1170 Coast Village Road, Montecito MontecitoFineEstates.com 805 565 4014 Associates@MarshaKotlyar.com

SPRING 2017

• REAL ESTATES •

MONTECITO JOURNAL

Real Estate Snapshot

by Kelly Mahan

Kelly has been editor at large for the Journal since 2007, reporting on news in Montecito and beyond. She is also a licensed realtor with Berkshire Hathaway HomeServices, and is a member of Montecito and Santa Barbara’s top real estate team, Calcagno & Hamilton.

Montecito’s Housing Market

espite what felt to many as a softer housing market the last half of 2016, the year-end numbers are in, and we saw the sale of 203 single-family homes, condos, and vacant lots in the 93108. Ranging in price from $525,000 (an adobe studio on Coyote Road) to $28,850,000 (Seamair Farm’s 23 acres); the sales were across multiple price points, but the majority of sales were under $4M. Here’s a comprehensive look at what sold, and what it means for Montecito property owners and those looking to buy.

Under $2 Million

For the purpose of comparison, we’ll mostly look at sales of single-family homes that were included in Santa Barbara County’s Multiple Listing Service (MLS). Last year saw the sale of 167 homes, compared to 170 in 2015. Forty-eight of these were under $2M, and they ranged from a Santa Fe-style adobe studio on Coyote Road ($525K) to a remodeled 2,300-sq-ft single-level home on Alston Road

($1,995,000). In this price range, we saw a mix of “turn-key” homes on the smaller side, or original, livable homes ripe for a remodel, or complete fixers, some going for over-asking price. Many of these homes were purchased by buyers looking to get their feet wet in the Montecito market; we saw many out-of-state homebuyers Located in the Cold Spring School District, this four-bedas well as younger families, room, three-bath home on Circle Drive sold in August eager to get into the Montecito for $1,550,000 (listed by Nancy Kogevinas of Berkshire Hathaway, sold by Barbara Koutnik of Coldwell Banker) Union School or Cold Spring School districts. With both schools estimating that about half their enrollment is from students whose parents rent homes in Montecito rather than own, it’s not surprising that homes under $2M are a hot commodity. Two gems in this price point: a remodeled two-bedroom, two-bathroom cottage on Orchard Avenue (in MUS), which sold for $1,425,000, and a four-bedroom, three-bath home on Circle Drive, which sold at $1,550,000. Both homes featured light, bright, and remodeled kitchens and bathrooms, which tend to attract buyers who may not have the desire (or funds) to remodel a home themselves.

$2 Million to $4 Million

A remodeled cottage on Orchard Avenue sold for $1,425,000 in October (listed by Riskin Partners of Village Properties, sold by Calcagno & Hamilton of Berkshire Hathaway)

This segment of the market saw the highest number of homes, with 68 sold in this price range. This is the segment with the most variance in terms of condition and quality: closer to $2M we saw a few “fixers” on desirable, close-in properties, while homes closer to $3M tended to be modest-sized homes, less necessary to remodel, and possibly boasting either ocean views, golf course access, sparkling pools, or easy access to the beach or shopping to boost their purchase price. Near the $4M mark, we saw a range of larger, estate-type

REAL ESTATE SNAPSHOT Page 64

Fidelity National Title Group

14-Year Price Trend

Montecito 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Avg Price

Med Price

$2,122,573 $2,986,617 $2,921,686 $3,092,422 $3,345,281 $3,386,326 $2,814,635 $3,077,094 $2,428,436 $2,975,297 $2,810,283 $2,886,388 $3,615,674 $3,237,899

$1,606,542

$2,099,271 $2,223,271 $2,336,667 $2,560,417 $2,609,667 $2,186,104 $2,231,694 $1,915,887 $1,835,000 $2,050,000 $2,425,000 $2,550,000 $2,500,000

$4,000,000

Fidelity National Title & Chicago Title $3,500,000

Average Sales Price & Median Price

$3,000,000

$2,500,000

$2,000,000

Avg Price

MONTECITO JOURNAL

• REAL ESTATES •

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

$1,000,000

2003

$1,500,000

Med Price

SPRING 2017

STUNNING MONTECITO CONTEMPORARY

MONTECITO “GOLDEN QUAD” PARCEL

4BD/4.5BA | $5,600,000 Walled and gated, this exquisite contemporary style home is located in the private Riven Rock community in the heart of Montecito.

$5,300,000 Stunning ocean and mountain views abound from this nearly flat, approx. 2-acre parcel in the heart of Montecito’s Golden Quadrangle.

HISTORIC MONTECITO COMPOUND

LUSH GARDEN MONTECITO HOME

CUSTOM HOPE RANCH HOME

5BD/5.5BA | $5,125,000 This custom contemporary style home is located on the sought after Via Bendita/Via Roblada Loop within the confines of Hope Ranch, offering easy access to the private beach and More Mesa. Not in MLS*

SPACIOUS MONTECITO HOME

4BD/3BA | FULL GUEST HOUSE | $4,795,000 Fully restored one hundred year old farmhouse residence (“Casita”) along with a beautiful, quality remodeled 4 bedroom main house all set on 1.7 acres in the heart of town. Not in MLS*

4BD/3.5BA | $3,750,000 The epitome of indoor/outdoor living, every room overlooks or opens onto beautiful, natural landscaping with specimen oaks, fruit trees, native grasses, and patios.

5BD/5BA | POOL HOUSE | $3,750,000 Beautifully remodeled with excellent floorplan, resort style pool and sport court, quality finishes throughout.

ENTERTAINERS PARADISE

QUINTESSENTIAL MONTECITO COTTAGE

RINCON BEACH HOME

5BD/3.5BA | $2,895,000 Highly custom +/- 2900 sq.ft. house in East Mission Canyon area is an entertainers dream.

3BD/3.5BA | $2,595,000 This impeccable home is located within short blocks of Montecito’s Lower Village/Coast Village Road, Butterfly Beach, and the famed Four Seasons Biltmore hotel.

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc.

SPRING 2017

• REAL ESTATES •

3BD/2BA | $2,495,000 On Puesta Del Sol inside the gates at Rincon. Recently remodeled and renovated 3 bedroom, 2 bath home with large patio and yard. Under Contract*

805.689.1602 sandy@sandystahlhomes.com CalBRE#: 1040095

MONTECITO JOURNAL

REAL ESTATE SNAPSHOT (Continued from page 4)

homes that are easily livable but may need some updating, to “completely done,” smaller properties in the heart of desirable neighborhoods like the Hedgerow, Montecito Oaks, and near the beach. An Olive Mill Road home closed at $2M after just one day on the market. Originally listed at $2,075,000, the 3-bedroom, 2-bath home with an attached 1-bedroom, 1-bathroom studio was marketed as an excellent opportunity to remodel the existing home with already approved MBAR plans. A completely remodeled craftsman-type home near Miramar Beach closed at $2,800,000 after 200 days on the market and an original list price of $2,995,000. Despite this home’s single bedroom, loft floor plan, it attracted a buyer who was likely enchanted by its quality craftsmanship, completely finished basement space, and its obvious proximity to the sand.

Two million on the dot: this Hedgerow home sold with approved MBAR plans sold on Olive Mill Road after one day on the market (listed by Insites Team, sold by Marcy Bazzani of Village Properties)

A contemporary Craftsman on Humphrey Road sold for $2.8M in May (listed and sold by Michelle Damiani and Jennifer Johnson of Berkshire Hathaway)

$4 Million to $6 Million

Thirty-two homes sold in this segment, and across the board these homes have amenities one would expect to see at this price point: chef’s kitchens with

granite or marble counters, expansive lots (or, immediate access to the beach), exceptional architecture (whether new or historic), and spacious layouts. I’m pleased to report an increase in this price point from 2015, when just 20 homes sold between $4M and $6M. There was also a smaller percentage decrease between the original list price and the actual sales Ocean views on Cima Linda: this turnkey home with guest price. In 2015, the price change house boasts views galore, and sold in September for $4M was around -11% (average and (listed by Michelle Eskandari of Village Properties, sold by Thomas Johansen of Village Properties) median), and in 2016 that percentage decreased to -8.88% (average) and -6% (median). Three homes that sold right around $4M are a great reflection of homes in this category. A property on Cima Linda Lane sold at $4M on the dot, and features ocean views, 1.39 acres, and a completely renovated home of about 3100-sq-ft. Just above $4M, a four-bedroom, four-bath Sea Meadow home sold after almost a year A charming Sea Meadow home on Bonnymede sold for on the market, and for nearly $4,075,500 (listed by Harry Kolb of Sotheby’s and Gayle $675,000 less than the original Lofthus of Village Properties, sold by Mitchell Morehart of list price. And a recently reno- Compass) vated 5,246-sq-ft home on Penny Lane in Ennisbrook sold for $4,395,000. There were several homes around $5M that sold for significantly less than the original asking price, including a 1922 Spanish Colonial estate with a pleth-

REAL ESTATE SNAPSHOT Page 84

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Cell: 805.705.6535 Blaine.Parker@nafinc.com

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Direct: 916.716.5673 Kristi.Bozzo@nafinc.com

branch.newamericanfunding.com/Montecito | 1165 Coast Village Rd.Suite A, Montecito, CA 93018 *14 business day guarantee only applies to purchase transactions. This guarantee does not apply to Reverse Mortgages, FHA 203k, VA, Bond, MCC, loans that require prior approval from an investor, or brokered loans. The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that cannot be met by any party. The 14 day trigger begins when the borrower’s initial application package is complete and the borrower has authorized credit card payment for the appraisal. If New American Funding fails to perform otherwise, a credit of $250 will be applied toward closing costs. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License. NMLS ID #6606 All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. © New American Funding. New American and New American Funding are registered trademarks of Broker Solutions, DBA New American Funding. All Rights Reserved. Corporate Office is located at 14511 Myford Road, Suite 100, Tustin CA 92780. Phone (800) 450-2010. 11/2016

MONTECITO JOURNAL

• REAL ESTATES •

SPRING 2017

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Elegant French Country Manor Estate on prestigious Picacho Lane. MontecitoGrandeur.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mediterranean.. Estate Trophy Property with Views Ocean View Estate . . . . . HopeRanchAlisaLane.com SBOceanViewRanch.com VillaVistaBella.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TerryRyken.com | TerryRyken@aol.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ©2017 Terry Ryken. CalBRE# 01107300. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors,. omissions, . . changes . in. . price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed. . . . . . . . . . . . . . . . . . . . . . . . . SPRING 2017 • REAL ESTATES • MONTECITO . .JOURNAL . . . .

Old World Grandeur is Alive in Montecito’s Golden Quadrangle

Terry Ryken 805.896.6977

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

REAL ESTATE SNAPSHOT (Continued from page 6)

Hacienda Andaluz, a 1922 Spanish Colonial estate, sold for $4,500,000 in October (listed by Nancy Kogevinas and Thomas Schultheis of Berkshire Hathaway, sold by John Bahura of Village Properties)

A remodeled home with manicured gardens and sparkling pool sold in Ennisbrook on Penny Lane, for $4.1M (listed by Dan Encell of Berkshire Hathaway, sold by Crysta Metzger of Coldwell Banker)

ora of authentic details, as well as modern amenities such as a pool, spa, and cabana. The four-bedroom, five-bathroom home sold for $4,795,000 after 187 days on the market; it was originally listed at $5,950,000. Another property, on East Valley Road, sold for $5.1M after being on the market for 465 days. It sold for $750K under the original list price.

$6 Million to $8 Million

Fifteen homes sold in this segment, compared to 12 in 2015. On average, these homes sold for 12.76% lower than original asking price, and at this price point, that can translate to upward of a million dollars. Industry experts agree that this drop in actual sales continues to solidify what we’ve been seeing over the last few years: buyers

are asking for smaller, closer-in homes, with less maintenance, acreage, water use, and environmental impact. That being said, there are still homeowners who do want the larger estates, and it seems 2016 saw sellers of these larger homes willing to come down in price to make the sale. Many of the homes sold A board and batten beach cottage on Hill Road sold in this category were located for $6,750,000 (listed by Nancy Kogevinas of Berkshire Hathaway, sold by Scott McCosker of Coldwell Banker) in the most coveted areas of Montecito: the Golden Quadrangle, believed by some to be the sunny area above East Valley Road (and above the fog line) from Hot Springs to Park Lane and up above East Mountain Drive; other desirable areas include the Hedgerow, Ennisbrook, and the Valley Club. A Spanish Colonial Revival estate on Mimosa Lane sold after 63 days for $7,080,000. The home boasts six bedrooms, six bathrooms, a two-story guest cottage, pool and cabana, and tennis court, all on 1.8 acres in the heart of the Hedgerow. We also saw the sale of a beach cottage on Hill Road, which sold for $6,240,000. The board and batten home has direct access to Butterfly Beach.

More Than $8 Million A remodeled Spanish Colonial Revival estate on Mimosa Lane, complete with guest cottage, pool and cabana, and tennis courts, sold for $7,080,000 (listed by Calcagno & Hamilton of Berkshire Hathaway, sold by Josiah Hamilton of Berkshire Hathaway)

In this price category, six homes sold between $8M and $28,850,000. As one can imagine, these properties are the cream of the crop, leaving little

Seamair Farm is Montecito’s highest-priced property that sold in 2016; with more than 23 acres on two separate parcels, it sold for $28,850,000 (listed by Dan Encell of Berkshire Hathaway, sold by non-MLS member agent and brokerage)

REAL ESTATE SNAPSHOT Page 214

623 ROMERO CANYON, MONTECITO $1,749,000 OPEN HOUSE SUNDAY 2/19 2:00-4:00

C 1467 VINCENTI PLACE, MONTECITO $3,950,000

et in the highly coveted beachfront community of Sea Meadow in Montecito, this 3bd 3bth home offers exceptional craftsmanship surrounded by manicured landscaping. The French country design provides indoor/outdoor living with spacious exterior patios that are perfect for entertaining. Owners and guests in this private gated enclave may enjoy the Sea Meadow amenities including; a private clubhouse, heated pool, spa, tennis court and a landscaped path that leads to the beach. A great opportunity to be in one of the best locations in Montecito.

MONTECITO JOURNAL

harming Montecito Cottage with exquisite interior design. This light filled 3 bedroom, 3 bath home has spacious vaulted ceilings and an open kitchen with a center island that is perfectly suited for entertaining. It features beautiful hardwood floors and 3 fireplaces. A large master suite includes French Doors leading to a private deck. There is also a nicely finished separate room in the back of the house can make an excellent art studio or a 4th bedroom if needed. Mature Oaks and Redwood trees surround the tranquil gardens in the back yard. Montecito Union School District.

RYAN MALMSTEN Broker/Owner SantaBarbaraBrokers.com 805.444.7926

• REAL ESTATES •

BRE # 01867047

SPRING 2017

1 no.

RISKIN PARTNERS is the leading luxury real estate team with unsurpassed dollar volume sales in MONTECITO every year for over a decade. VILLAGE PROPERTIES congratulates the 5 partners and 2 marketing professionals on being the #1 TEAM in the Montecito Market for 2016. NATIONALLY RESPECTED, and recognized for their HISTORY OF EXCELLENCE and integrity, Riskin Partners has sales in excess of $2 BILLION.

t e a m @ RiskinPartners.com

cal bre 01206734

SPRING 2017

• REAL ESTATES •

805.565.8600

cal bre 00805720

MONTECITO JOURNAL

Real Estate News ALL Montecito 2016 Sales by Kelly Mahan

Potential Housing Impacts

wo other housing issues are at play in Montecito, both of which will be discussed at length in the coming weeks. Two pieces of legislation were recently adopted by the California State legislature and signed into law by governor Jerry Brown. Assembly Bill 2299 and Senate Bill 1069 reduce barriers, streamline the approval process, and expand the capacity to accommodate the development of accessory dwelling units (ADUs) in order to provide additional rental housing in residential areas. Santa Barbara County is currently amending the local ordinances in order to comply with the new laws, which preempt the County’s existing standards; public hearings on the amendments will take place later this month. The new State requirements allow property owners to have permitted ADUs (a.k.a. “granny units”) on their residential property, with restrictions. The ADUs may be up to 1,200 square feet in size and may be located within the existing residence or an accessory structure, such as a present garage or pool house. Property owners would be required to provide additional parking for such units: one additional parking space for each sleeping room in the ADU, unless certain criteria are met (i.e., the ADU is located within one-half mile of public transit, or other criteria.) There are also setback requirements, and the units may be subject to requirements set forth by special districts including the Montecito Water District and Montecito Sanitary District, according to senior planner Noel Langle, who told us as of press time, no permit applications had yet been filed for an ADU in Montecito. Langle also told us the ADUs would be under local jurisdiction when it comes to the ability to rent them out. This brings us to the second housing issue at play: the potential regulation of short-term vacation rentals in the County. The board of supervisors (BOS) will further discuss the issue on March 21, when the Long Range Planning Division of the Planning & Development Department will present its latest findings and potential solutions to the polarizing issue. In December, the BOS spent multiple hours hearing from dozens of residents who voiced their opinion about vacation rentals. While Montecito Planning Commission, Santa Barbara Planning Commission, and the Montecito Association support a ban on STRs, the BOS asked staff to gather more information on alternatives to a ban. “It will be interesting how these two issues impact one another,” Langle said. Stay tuned. •MJ

10 MONTECITO JOURNAL

$525,000

1035 COYOTE RD

$1,925,000

1041 CAMINO VIEJO

$3,200,000

3030 HIDDEN VALLEY LN

$600,000

545 TORO CANYON RD

$1,950,000

116 ARROQUI ST

$3,235,000

1394 SCHOOL HOUSE RD

$761,000

1353 SYCAMORE CANYON RD

$1,950,000

901 ALEEDA LN

$3,290,000

1741 GLEN OAKS DR

$765,000

1936 JAMESON LN C

$1,965,000

520 PASO ROBLES DR

$3,300,000

3 SEAVIEW DR

$772,000

1220 COAST VILLAGE 212

$1,975,000

48 SEAVIEW DR

$3,325,000

665 JUAN CRESPI LN

$797,000

1940 JAMESON LN B

$1,975,000

72 LA VUELTA RD

$3,350,000

90 BUTTERFLY LN

$797,000

1930 JAMESON LN A

$1,979,000

462 TORO CANYON RD

$3,450,000

1103 CAMINO VIEJO

$820,000

1220 COAST VILLAGE 213

$1,985,000

125 SANTA ISABEL LN

$3,475,000

1775 GLEN OAKS DR

$822,500

1220 COAST VILLAGE 205

$1,995,000

505 ALSTON RD

$3,500,000

132 POMAR

$850,000

1220 COAST VILLAGE 302

$2,000,000

371 ORTEGA RIDGE RD

$3,595,000

640 RANDALL RD

$863,000

1150 TORO CANYON RD

$2,000,000

220 OLIVE MILL RD

$3,595,000

365 HOT SPRINGS RD

$864,000

627 ROMERO CANYON RD

$2,015,000

525 PERIWINKLE LN

$3,625,000

1473 BONNYMEDE DR

$941,500

2121 SYCAMORE CANYON RD

$2,025,000

729 WOODLAND DR

$3,950,000

15 SEAVIEW DR

$970,000

1220 COAST VILLAGE 208

$2,050,000

1495 MONTE VISTA RD

$3,950,000

2355 EAST VALLEY RD

$1,025,000

520 PARA GRANDE LN

$2,050,000

724 WESTMONT RD

$4,000,000

1045 CIMA LINDA LN

$1,038,000

769 CHELHAM WAY

$2,085,000

1153 HIGH RD

$4,000,000

7 SEAVIEW DR

$1,048,000

1366 DANIELSON RD

$2,123,000

1781 SAN LEANDRO LN

$4,075,500

1464 BONNYMEDE DR

$1,150,000

2718 EAST VALLEY RD

$2,150,000

1907 SAN LEANDRO LN

$4,100,000

260 PENNY LN

$1,200,000

330 SIERRA VISTA RD

$2,200,000

1521 SINALOA DR

$4,125,000

6 SEAVIEW DR

$1,200,000

1399 SYCAMORE CANYON RD

$2,200,000

1201 CIMA LINDA LN

$4,200,000

167 POMAR LN

$1,250,000

615 ROMERO CANYON RD

$2,250,000

298 E MOUNTAIN DR

$4,200,000

417 ENNISBROOK DR

$1,254,500

62 OLIVE MILL RD

$2,300,000

30 LOS PATOS WAY

$4,200,000

2020 BIRNAM WOOD DR

$1,265,000

85 CANON VIEW RD

$2,300,000

1015 COLD SPRINGS RD

$4,300,000

1175 FIFE LN

$1,275,000

746 WESTMONT RD

$2,327,000

225 DAWLISH PL

$4,300,000

705 OAK GROVE DR

$1,275,000

654 CIRCLE DR

$2,350,000

1398 PLAZA DE PACIFICA

$4,330,000

705 PARK LN

$1,295,000

1410 N JAMESON LN

$2,355,000

309 AVILA WAY

$4,350,000

758 VIA MANANA

$1,300,000

608 COWLES RD

$2,383,000

455 NICHOLAS LN

$4,464,000

1564 RAMONA LN

$1,300,000

421 SEAVIEW RD

$2,400,000

1220 TORO CANYON RD

$4,500,000

470 HOT SPRINGS RD

$1,331,000

39 SEAVIEW

$2,410,000

1211 EAST VALLEY RD

$4,650,000

1385 PLAZA DE PACIFICA

$1,350,000

1067 E MOUNTAIN DR

$2,420,000

1469 LA VEREDA LN

$4,650,000

40 HAMMOND DR

$1,388,000

498 TORO CANYON RD

$2,450,000

633 CHELHAM WAY

$4,840,000

425 WOODLEY RD

$1,400,000

1395 SANTA CLARA WAY

$2,491,500

1337 PLAZA DE PACIFICA

$4,900,000

1948 TOLLIS AVE

$1,400,000

1356 EAST VALLEY RD

$2,500,000

230 HOT SPRINGS RD

$5,000,000

1640 SAN LEANDRO LN

$1,416,000

595 PASO ROBLES DR

$2,500,000

894 TORO CANYON RD

$5,000,000

570 TORO CANYON RD

$1,425,000

52 OLIVE MILL RD

$2,500,000

2775 EAST VALLEY RD

$5,000,000

420 TORO CANYON RD

$1,425,000

1511 E VALLEY RD #B

$2,542,000

193 E MOUNTAIN DR

$5,050,000

1987 BIRNAM WOOD DR

$1,425,000

650 ORCHARD AVE

$2,550,000

352 E MOUNTAIN DR

$5,100,000

1988 EAST VALLEY RD

$1,430,000

614 TABOR LN

$2,552,500

1128 DULZURA DR

$5,139,500

2796 BELLA VISTA DR

$1,440,000

305 SIERRA VISTA RD

$2,575,000

1502 MIRAMAR BCH DR

$5,225,000

1508 MIRAMAR BCH DR

$1,440,000

227 SIERRA VISTA RD

$2,600,000

157 RAMETTO RD

$5,250,000

1753 GLEN OAKS DR

$1,450,000

684 LADERA LN

$2,650,000

871 PARK HILL LN

$5,250,000

1420 EAST VALLEY RD

$1,460,000

859 SUMMIT RD

$2,660,000

2749 SYCAMORE CANYON RD

$5,465,000

1460 BONNYMEDE DR

$1,475,000

2775 SYCAMORE CANYON RD

$2,675,000

20 SIERRA VISTA RD

$5,500,000

2740 BELLA VISTA DR

$1,500,000

PARK LANE

$2,675,000

145 LA VEREDA RD

$5,600,000

790 BUENA VISTA AVE

$1,531,000

820 WOODLAND DR

$2,695,000

121 SUMMIT LN

$5,750,000

640 STONEHOUSE LN

$1,550,000

694 CIRCLE DR

$2,700,000

664 OAK GROVE DR

$5,800,000

616 HOT SPRINGS RD

$1,575,000

655 JUAN CRESPI LN

$2,700,000

1582 SINALOA DR

$5,837,500

848 PARK LN

$1,580,000

936 ALEEDA LN

$2,725,000

545 TORO CANYON

$5,895,000

1160 FIFE LN

$1,600,000

2320 SYCAMORE CANYON RD

$2,725,000

584 BARKER PASS RD

$6,000,000

773 PARK LN

$1,600,000

2948 TORITO RD

$2,750,000

876 TORO CANYON RD

$6,000,000

630 STONEHOUSE LN

$1,610,000

2727 EAST VALLEY RD

$2,750,000

925 LILAC DR

$6,142,500

859 PICACHO LN

$1,610,000

740 COYOTE RD

$2,750,000

2850 TORITO RD

$6,155,000

**803 PICACHO LN

$1,620,000

1625 OVERLOOK LN

$2,778,500

140 LA VEREDA RD

$6,240,000

1205 HILL RD

$1,625,000

4 SEAVIEW DR

$2,800,000

82 HUMPHREY RD

$6,750,000

1205 HILL RD

$1,640,000

1295 SPRING RD

$2,820,000

823 SUMMIT RD

$6,850,000

1850 JELINDA

$1,650,000

58 SEAVIEW DR

$2,825,000

1059 SUMMIT RD

$7,000,000

2929 EAST VALLEY RD

$1,659,000

802 CAMINO VIEJO RD

$2,900,000

111 CEDAR LN

$7,083,000

1522 E MOUNTAIN DR

$1,695,000

690 CHELHAM WAY

$2,930,000

1110 ORIOLE RD

$7,191,500

501 VALLEY CLUB RD

$1,700,000

435 NICHOLAS LANE

$2,945,000

815 ASHLEY RD

$7,200,000

2220 BELLA VISTA DR

$1,700,000

53 SEAVIEW DR

$2,980,000

1424 EAST VALLEY RD

$7,370,000

308 ENNISBROOK

$1,700,000

321 ENNISBROOK DR

$2,999,000

553 HOT SPRINGS RD

$7,725,000

735 PICACHO LN

$1,700,000

321 ENNISBROOK DR

$3,000,000

457 CROCKER SPERRY DR

$8,000,000

269 LAS ENTRADAS DR

$1,776,000

280 DAWLISH PL

$3,050,000

1141 GLENVIEW RD

$8,191,500

165 MIDDLE RD

$1,825,000

556 PERIWINKLE LN

$3,100,000

1988 INVERNESS LN

$11,450,000 1592 E MOUNTAIN DR

$1,831,000

165 SANTA ELENA LN

$3,100,000

456 MEADOWBROOK DR

$12,250,000 1260 E MOUNTAIN DR

$1,850,000

39 SEAVIEW DR

$3,135,000

211 RAMETTO RD

$13,250,000 811 ROMERO CANYON

$1,852,000

718 SANTECITO DR

$3,185,000

1930 JELINDA DR

$16,000,000 990 MARIPOSA LN

$1,875,000

258 CLOYDON CIR

• REAL ESTATES •

$28,850,000 380 SANTA ROSA LN

SPRING 2017

MAGNOLIA MAnor MAGNOLIA MA w w w. M o n t e c i t o M a g n i f i c e n c e . c o m

W W W. M O N T E C I TO M A G N I F I C E N C

Offered at $35,000,000 Nearly five glorious l andscaped areas • Sweeping coastal views • Gracious Robert Webb Designed compound • Golden Triangle privacy

Golf Road, Montecito $45,000/MO

oak creek canyon, Montecito

seaview drive, Montecito

Nearly five glorious landscaped acres • Sweeping coastal views • Gracious Robert We $35,000/MO $7,500/MO

©2017 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be verified by broker or MLS. CalBRE# 01144746

FINE HOMES & LUXURY ESTATES

MARYWHITNEY

Luxury Property Specialist 805.689.0915 MarWhitSB@gmail.com www.MaryCWhitney.com

©2016 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be verified by broker or MLS. CalBRE 01317331

SPRING 2017

• REAL ESTATES •

MONTECITO JOURNAL

LAND OF OPPORTUNITY

698 E. Mountain Drive, Montecito $49,000,000

9525 Calle Real, Goleta $30,000,000

Vista Oceano Lane, Summerland $12,500,000

An epic property of historic lineage. 340+ acres of enchanted ocean view hillside in Montecito. David Vartabedian - Parris Real Estate Group - 805.770.2766

1 mile Oceanfront, 64 acre Approved Home with Gst House. Randy Solakian - Previews International CB - 805.565.2208

Spectacular 360 Ocean, Island & Mountain Views on 11 acres. Randy Solakian - Previews International CB - 805.565.2208

*CGI rendering compliments of Studio William Hefner

669 Picacho Lane, Montecito $5,995,000

700 Riven Rock Road, Montecito $5,995,000

850 San Ysidro Road, Montecito $5,300,000

2 acre estate site on premier Picacho Lane, moments from Montecito’s “Upper Village.” Riskin Partners - Village Properties - riskinpartners.com

Picturesque, ocean view, 2.49-acre parcel in the heart of the Golden Quad. homesinsantabarbara.com Calcagno & Hamilton - BHHS - 805.565.4000

Stunning ocean and mountain views. Approx. 2-acre parcel in the heart of Montecito’s Golden Quadrangle. Sandy Stahl - Sotheby’s International Realty - 805.689.1602

2049 Boundary Drive, Montecito $2,150,000

2886 Hidden Valley, Montecito $1,995,000

2280 Bella Vista Drive, Montecito $1,995,000

0.91+/- acre parcel in BIRNAM WOOD GOLF CLUB w/ approved plans. Patricia Griffin - Village Properties - 805.705.5133

Exquisite 6± acre estate site in the desirable Montecito Foothills with utilities. Dena Chachakos - Keller Williams - 805.403.4104

4640 Via Bendita, Hope Ranch $1,950,000

380 Ortega Ridge Road, Montecito $1,800,000

1510 San Leandro Lane, Montecito $1,715,000

Level 2.5 acre Usable Parcel. Prime Hope Ranch Location. Randy Solakian - Previews International CB - 805.565.2208

Spectacular 1+/- acre buildable Montecito parcel. Patricia Griffin - Village Properties - 805.705.5133

Mtn views from a flat lot adorned with Oak Trees & walk to MUS. Gene Archambault Sotheby’s International Realty - 805.455.1190

780 Toro Canyon Road, Montecito $1,460,000

805 Park Lane West, Montecito $1,450,000

838 Toro Canyon Road, Montecito $1,200,000

Forest, Creek 12 acres. 780ToroCanyon.com Scott Westlotorn - Coldwell Banker - 805.403.4313

Near Famed San Ysidro Ranch. Approved Plans. Randy Solakian - Previews International CB - 805.565.2208

Ocean Views, Plans 5 acres. 838ToroCanyon.com Maurie McGuire - Coldwell Banker - 805.403.8816

Approx. 40+ acre Montecito hilltop w/ocean, island, coastline, harbor, mountain and city views. Gary Goldberg - Coastal Properties - 805.455.8910

cal bre 01206734 • cal bre 622258 • cal bre 01295316 • cal bre 01986728 • cal bre 1040095 • cal bre 00837659 • cal bre 01857343 • cal bre 01172139 • cal bre 00965663 • cal bre 01875690 • cal bre 01061042

12 MONTECITO JOURNAL

• REAL ESTATES •

SPRING 2017

Villa della Costa

Overlooking Santa Barbara’s Gaviota Coast 106 acres

The Premiere Estates of Montecito & Santa Barbara

RANDY SOLAKIAN (805) 565-2208 www.montecitoestates.com License #00622258

DEANNA SOLAKIAN (805) 565-2264 www.montecitoestates.com License#01895788

Exclusive Representation for Marketing & Acquisition Additional Exceptional Estates Available by Private Consultation

SPRING 2017

• REAL ESTATES •

MONTECITO JOURNAL

Over $1.4 Billion in Sales!

Real Estate

by Mark Ashton Hunt

Mark and his wife, Sheela Hunt, are real estate agents. His family goes back nearly 100 years in the Santa Barbara area. Mark’s grandparents – Bill and Elsie Hunt – were Santa Barbara real estate brokers for 25 years.

The Upper Threes (Millions, that is)

A Dan Encell

“The Real Estate Guy” Dan Encell is one of the few real estate agents in the world who has successfully closed over a billion dollars in residential sales. This tremendous achievement is a result of over 28 years of creative marketing, extensive advertising, nationwide networking, unique deal making and problem solving abilities, and consistent hard work.

Advice you can rely on... Results you can count on! Put Dan’s 28+ years of experience and success to work for you Call Dan Encell at 565-4896

Remember, it costs no more to work with the best (but it can cost you plenty if you don’t!)

Daniel Encell Director, Estates Division Berkshire Hathaway HomeServices Call: (805) 565-4896 DanEncell@aol.com Visit: www.DanEncell.com

14 MONTECITO JOURNAL

few weeks ago, it was the mid-$5-million range that caught my eye as offering a number of diverse listings. This issue, I want to shine a spotlight on the upper $3-million property market, which offers listings closer to the average price point in Montecito, where single-family homes run from the low $1-million price range up to $20-, $30-, $50-million, and more. Many of the homes on the market in Montecito are in the $2- to $6-million dollar range, and the upper threes sit just below the middle point of this inventory. From a real estate agent point of view, this upper-$3-million market is where you start to see amenities and more square footage for your dollar. It’s where you can find homes that started on the market asking more than $4,000,000 and perhaps have reduced into the higher $3s, a price change that is often an indicator of a motivated seller. Often, many of these properties are near or below replacement cost, after factoring in the lot value, structures, and amenities, and time and cost of building new.

Jelinda Drive: $3,650,000

This home offers a single-story floor plan with a Mediterranean style, with 4 bedrooms plus an office, 4 bathrooms, and a very open living room. This home is located on 1.71 acres in the private and guard-gated Ennisbrook that includes tennis court, swimming pool, and clubhouse. A long driveway with stone walls and mature landscaping offers grandeur and privacy. Large windows, skylights, and wood-beamed ceilings enhance the grand openfloor plan. Living room features oversized stone fireplace, warm natural light, and access to the back patio and lawn area overlooking an oak grove. Kitchen is equipped with updated appliances, granite countertops, limestone floor, and sunny breakfast area. The master suite enjoys a fireplace, views, and access to the backyard. There is a 3-car garage and mature landscaping.

Via Mañana: $3,695,000 This single-level, Spanish-style home is located just a few doors from the San Ysidro Ranch Hotel in a private setting off Park Lane West on a private lane near hiking trails. A discreet driveway leads to the security gate and the entrance courtyard of this creekside hacienda. The home includes archways in the interior, 4 bedrooms, and 5 bathrooms in more than

• REAL ESTATES •

REAL ESTATE Page 184

SPRING 2017

Real Estate View Market Heats up

Stunning Montecito Contemporary

by Michael Phillips

Montecito Heat Index 80

Heat Index

60 50

2016

2017

30 18

19 12

10 0

1-2M

2-3M

3-4M

Breathtaking views across ocean, islands, harbor, and city are just the beginning! This quiet, five acre private paradise holds a commanding position above Montecito. There is seven thousand square feet of air conditioned space with five bedrooms and five-and-a-half baths including a first floor master bedroom and two master baths. Outside amenities include an infinity pool, putting green, and tennis court. Make plans to see this extraordinary residence today!

9 0

4-5M

4 5+ M

$$ in Millions

he Montecito Heat Index measures demand for single-family houses within five price sectors and shows us which are presently most in demand. As leading data, as opposed to trailing sales data, it also predicts future sales. And since real estate activity is seasonally variant, scores are compared to a year ago today. All data are from the Santa Barbara MLS and are uniformly deemed reliable. So how hot is the Montecito market? Today’s total Heat score is 104, nearly reaching last year’s score of 119. This is a dramatic recovery from last month’s dismal mark of 48. A major contributor to last month’s poor performance was the $1 million market. Since the Heat’s inception in 2007, the $1-2M sector has led demand. Last month, it scored a zero. Not one house was in escrow. Today, this sector scored a 42. A nice recovery but far from last year’s February score of 73. With a total of 46, our hottest sector is the $2-3M group far surpassing last February’s score of 18 and the $3-4M group increased by an impressive 33.3%. Here, the music changed. The $4-5M and the $5M and above sectors both significantly under performed. Looking more closely at this January compared to last, we find new listings up a significant 33%, the number sold is down by 56%, and the median sales price is down 11%. All in all, our market strength is in the 2-4M area with some activity returning to the $1-2M sector. The high end remains cool. The California Association of SPRING 2017

Offered at $8,900,000 www.montecitocontemporary.com ww Michael is a realtor at Coldwell Banker, and is a Montecito Planning Commissioner. He can be reached at 969-4569 and info@ MichaelPhillipsRealEstate. com

Realtors believes we ( California) will have a solid 2017; a 4.3% median price increase, in fact. Fitting Montecito into California parameters is never easy, however. Our market is just far too different. Yet should the increased inventory we presently see continue, things could get interesting. With so little to look at, buyers have been walking away weary and disappointed for a long time. The “problem with small numbers” suggests that it is too early in the year to suppose much of anything. I’d bet, however, there are a lot of sellers, particularly in the high end, who might forego 4.3% for a fast, clean sale. In any event, should more inventory come to the dance, buyers should come as well with the hopes of a better-priced market. And more activity is generally good for everyone. In the meantime, buyers may not need to look beyond Montecito for “affordable” opportunities. We don’t measure condo performance in the Heat Index, yet should January’s performance continue, a condo play could become the answer. Compared to last January, sold volume is down 93%, and the average and median sales prices are each off 55% to $1,037,500. There is presently only one single-family house in Montecito listed for under $1.4M. •MJ

JO ANN MERMIS & WES ST. CLAIR

805.879.5033 | 805.879.8097 joann@mermis-stclair.com wes@mermmis-stclair.com www.mermis-stclair.com

T WO G E N E R AT I O N S O F H O M E TOW N S E RV I C E A N D I N T E R N AT I O N A L R E AC H

• REAL ESTATES •

Bruce Venturelli

805.448.3644 Bruce@VenturelliGroup.com

Gabe Venturelli

805.680.5141 Gabe@VenturelliGroup.com

www.VenturelliGroup.com CalBRE 00683076 ©2015 Coldwell Banker Residential Brokerage Coldwell Banker is a registered trademark licensed to Coldwell Banker Residential Brokerage. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage office is owned by a subsidiary of NRT LLC.

MONTECITO JOURNAL

Montecito

Market Comparison 2015 to 2016

ontecito

Trans # % Change Average % Change 2015 2016 2015 v 2016 2015 2016 2015 v 2016 Jan 16 28 75% $4,269,500 $3,790,982 -11% rket Comparison 2015 to 2016 Feb 14 17 21% $3,610,036 $5,023,765 39% %20 Change Average $3,261,225% Change Mar Trans # 22 -9% $3,322,182 -2% 2015 2016 2015 v 2016 2015 2016 2015 v 2016 April 22 15 -32% $3,965,886 $2,681,267 -32% Jan $4,269,500 May 16 23 28 2675% 13% $4,222,696 $3,790,982 $3,112,481 -11% -26% Feb June 14 17 21% $3,610,036 $5,023,765 26 16 -38% $3,220,250 $2,979,750 39% -7% Mar 22 20 -9% $3,322,182 $3,261,225 -2% July 16 22 38% $5,278,321 $2,823,950 -46% April 22 15 -32% $3,965,886 $2,681,267 -32% Aug 23 14 -39% $3,157,500 $3,016,036 -4% May $4,222,696 Sep 23 13 26 1813% 38% $2,855,769 $3,112,481 $2,933,722 -26% 3% June 26 16 -38% $3,220,250 $2,979,750 -7% Oct 14 15 7% $2,947,286 $2,992,667 2% July 16 22 38% $5,278,321 $2,823,950 -46% Nov 10 13 30% $3,532,333 $2,583,654 -27% Aug 23 14 -39% $3,157,500 $3,016,036 -4% Dec 24 17 -29% $2,726,854 $2,804,735 3% Sep 13 18 38% $2,855,769 $2,933,722 3% YearTotal/ Avg 14 223 15 2217% -1% $3,592,384 $2,992,667 $3,167,020 -12% Oct $2,947,286 2% Nov 10 13 30% $3,532,333 $2,583,654 -27% Dec 24 17 -29% $2,726,854 $2,804,735 3% Total/ Avg 223 221 -1% $3,592,384 $3,167,020 -12%

AVERAGE & MEDIAN PRICES 2015 v. 2016

Median % Change 2015 2016 2015 v 2016 $3,995,250 $3,167,500 -21% $2,410,000 $4,000,000 66% Median % Change $2,275,000 $2,612,500 15% 2015 2016 2015 $1,872,500 $1,979,000 6% v 2016 $3,995,250 $3,167,500 -45% -21% $4,300,000 $2,377,500 $2,410,000 $4,000,000 66% $2,787,250 $2,545,000 -9% $2,275,000 $2,612,500 8%15% $2,325,000 $2,500,000 $1,872,500 $1,979,000 11%6% $1,950,000 $2,167,500 $4,300,000 $2,377,500 -28% -45% $2,840,000 $2,037,500 $2,787,250 $2,545,000 $2,165,000 $2,575,000 19%-9% $2,325,000 $2,500,000 8% $2,734,500 $1,831,000 -33% $1,950,000 $2,167,500 11% $1,825,000 $2,778,500 $2,840,000 $2,037,500 52% -28% $2,623,292 $2,547,583 $2,165,000 $2,575,000 -3% 19% $2,734,500 $1,831,000 -33% $1,825,000 $2,778,500 52% $2,623,292 $2,547,583 -3%

$6,000,000

AVERAGE & MEDIAN PRICES 2015 v. 2016

$6,000,000 $5,000,000

Axis Title

$5,000,000 $4,000,000

$4,000,000

$3,000,000

$2,000,000

Average 2015 $3,000,000

Average 2016

$2,000,000

Average 2016 Median 2016 Median 2015

Average 2015 Median 2015

Median 2016

$1,000,000

Jan

Feb

Mar

April

May May

June June

SALES TRANSACTION VOLUME 2015 v. 2016

30 SALES

July July

Aug Aug

Sep Sep

Oct

Nov

Oct

Nov

Dec Dec

TRANSACTION VOLUME 2015 v. 2016

25 20 Trans # 2015

Trans # 2016 Trans # 2015

Trans # 2016

5 0 Jan

Feb

Jan

Feb Mar April May June July Aug Sep

Mar April May June July

16 MONTECITO JOURNAL

Aug

Sep

Oct

Oct Nov Dec Santa Barbara Nov

Dec Santa Barbara • REAL ESTATES •

SPRING 2017

KEITH C. BERRY R E A LT O R ® , C R B , C R S , G R I , A B R Previews Estates Director & Architectural Properties

More experience & local Knowledge, To geT You More! Connecting sellers to the most qualified buyers. Providing up-to-the moment Santa Barbara market knowledge. Greater exposure to sell your home in the shortest practical time with personal, tailored service to meet your specific real estate goals. Mobile: 805.689.4240 | Mail: PO Box 5545, Zip 93150

1482 East Valley Road, Suite 17 Santa Barbara, CA 93108

Keith@KeithBerryRealEstate.com

www.KeithBerryRealEstate.com facebook.com/KeithBerryRealEstate

linkedin.com/in/keithcberry

©2017 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Coldwell Banker Residential Brokerage office is owned by a subsidiary of NRT LLC. Coldwell Banker® and the Coldwell Banker Logo, Coldwell Banker Previews International® and the Coldwell Banker Previews International Logo, are registered service marks owned by Coldwell Banker Real Estate LLC. CalBRE 00363833

SPRING 2017

• REAL ESTATES •

MONTECITO JOURNAL

REAL ESTATE (Continued from page 14)

4,500 square feet of living space. Features include tile floors, fireplaces, skylight, wet bar, pantry, privacy, and a 3-car garage. Homes on Via Mañana are located in the Montecito Union School District, as is the above home on Jelinda Drive.

Rockbridge Road: $3,750,000

This single-level California cottage rests well above a seasonal creek in the Riven Rock enclave and is in the Cold Spring School District. The 3-bedroom, 3.5-bathroom residence boasts mountain views, terraced lawns and gardens, and a park-like setting on 1.7 +/- acres. Throughout the home, wide plank floors, tall beam ceilings, and paned French windows and doors echo the charm of a French country home. Expansive deck w/dining gazebo spans the entire west side of the house for entertaining at sunset and can be accessed from the kitchen, master suite, and family-dining rooms. The master suite includes a sitting area, while the kitchen includes a pantry and double oven. The living room is warmed by a fireplace and sunlight that beams through the walls of windows that look out on a serene setting.

Bella Vista Drive: $3,995,000 This single-level Mediterranean-style home features unobstructed ocean views. Step outside onto the expansive lawns of this private 2.5+/- acre property and take in the panoramic views that go clear down to the Santa Barbara Harbor. The home, designed with a center courtyard, includes 3 bedrooms with a fourth guest suite/office, 4 bathrooms, central air conditioning, and a 2-car garage with guest parking on site. The location is in the Montecito Union School District and also boasts substantial mountain views. A well permit adds to the sustainably of this unique property. •••

18 MONTECITO JOURNAL

For more information, or to have me arrange a showing with the listing agent of any of these properties, feel free to contact me directly: Mark@ Villagesite.com or call/text (805) 698-2174. Also, please visit my website, www. MontecitoBestBuys.com, from which this article is based. •MJ • REAL ESTATES •

SPRING 2017

Reimagined Monterey Colonial Revival Estate

KOGEVINAS

REAL ESTATE

2.6 Ocean and Mountain View Acres

730 Lilac Drive | Offered at $6,600,000

Nancy & Linos Kogevinas | 805.450.6233 | 730.MontecitoProperties.com

SPRING 2017

• REAL ESTATES •

MONTECITO JOURNAL

470 EASTGATE DRIVE

• Panoramic views of the surrounding Sedgwick Preserve & Los Padres National Forest • Impeccably designed modern-style farmhouse • 3 bedrooms, 2.5 bathrooms • Sits atop approx. 22 private acres in the Santa Ynez Valley • Open floorplan with floor to ceiling windows • Architecturally designed kitchen with custom cabinetry & top of the line appliances including Wolf, SubZero, & Miele • Master bedroom with walls of glass & luxurious master bathroom with steam shower, alabaster sinks, & a jetted two person tub • Elaborate laundry room with dog washing shower, custom cabinetry, & adjacent powder 1966room E VALLEY ROAD • Gated entry, low maintenance landscape, & beautiful brick patios

NEW LISTING! 4465 White Pine Lane S A N TA Y N E Z C A , 9 3 4 6 0 $2,775,000

www.4465WhitePineLane.com

LAURA DRAMMER! Uniting extraordinary properties with extraordinary lives.

lauradrammer.com laura@lauradrammer.com 805.448.7500 1170 Coast Village Road, Montecito

20 MONTECITO JOURNAL

• REAL ESTATES •

SPRING 2017

REAL ESTATE SNAPSHOT (Continued from page 8)

for more than $10M, compared to just four in 2016. This significant drop in the ultra-luxury market is likely to continue, and as of press time, 23 homes are on the market for more than $10M, with an average of 308 cumulative days on the market.

What to Expect This Year

Middle Road abode: a spacious six-bedroom, seven-bathroom home sold in the heart of the lower village of Montecito for $8,191,260 (listed by Riskin Properties of Village Properties, sold by non-MLS member agent and brokerage)

to be desired by their buyers. The homes range in areas from Ennisbrook ($8M), Middle Road ($8.2M), East Mountain Drive ($11.45M and $12.25M), Mariposa Lane ($16M), and Santa Rosa Lane (23 acres for $28.85M). This segment saw a significant decrease compared to 2015, when 16 homes sold between $8.14M and $27.5M. In 2015, 11 of the homes in this segment sold

The market seems to be slowly bouncing back after last year’s presidential election, followed by the holidays and a couple of rainy weeks. The softening of the market in the last quarter of the year is showing in our January numbers: just 13 sales (three of which were condos) were made in January of this year in Montecito, compared to 28 in January 2016. Average and median sales prices were also down: the average price of the homes sold in January was $3,344,462, compared to $3,790,982 in January 2016. The average sales price overall for single-family homes in 2016 in Montecito was $3,650,218, compared to $4,060,296 in 2015. This can be explained by what I touched on earlier: the significant stall in the higher-end segments has brought the average and median sales prices down. There is little doubt that interest rates will continue to rise in 2017, and some experts forecast that we can expect three more quarter point increases due to the following factors: a tighter labor market due to the steady creation of jobs throughout much of 2016, stronger wage growth, and the prospect of increased inflation. Buyers should expect rates to be in the mid-to-high 4s by the end of this year, which may cause a significant bump in sales in the first quarter. There are currently 146 homes on the market in Montecito, and of those, seven are in escrow. The current offerings range in price from $945,000 to $125M, and each week we are seeing more inventory come on the market. January saw 49 new listings, which is positive, but because of weather, sales in February may be lower than normal because buyers had fewer opportunities to see open houses. January also saw 114 sales, exactly the same amount as in January 2016. As spring approaches, it’s likely we’ll see a boost in both inventory and sales, and in general we expect 2017 to be a fairly neutral year, as buyers and sellers recover from the lull of the last quarter of 2016 and regain confidence in our local real estate market. •MJ

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