Real Estates Summer 2017 by Montecito Journal

REAL ESTATES

Cover photo: www.hoperanchmarinadrive.com â&#x20AC;¢ listed by Terry Ryken

SUMMER 2017

Create Lasting Memories GRACIOUS CALIFORNIA COASTAL OCEAN VIEW ESTATE

4215 MARIPOSA DRIVE | HOPE RANCH NEWLY OFFERED AT $10,995,000 Showcasing its timeless elegance with sweeping ocean and island views, this dreamy Hope Ranch estate is privately situated on nearly 4 usable acres. A home perfectly suited for entertaining, the approx. 6,778 square foot residence is elegant, yet casual and inviting. Additionally, there is a separate guest cottage with exercise studio and 2 bathrooms, a tennis court with viewing pavilion, and a sparkling pool, spa and pergola. Mature oaks, verdant lawns, roses, and sculpted gardens lace the lush grounds, along with a 3-stall horse barn, 3 corrals, tack room, and paddocks. Properties of this caliber with ocean and mountain views, usable acreage, convenient access to bridle trails, and private tennis court are a select few.

MARSHA KOTLYAR & MICHELE WHITE 805.565.4014 visit

MONTECITOFINEESTATES.com Associates@MarshaKotlyar.com

Consistently Ranked in the Top 1/2% of Agents Nationwide ©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. Buyer is advised to independently verify the accuracy of that information. CalBRE# 01426886, 01930309, 01317331

MONTECITO JOURNAL

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SUMMER 2017

YOUR ONE-IN-A-MILLION HOME DESERVES THAT ONE-IN-A-MILLION BUYER.

How do you ensure the two meet?

#1 Real Estate Team at Berkshire Hathaway Montecito with over $55 Million sold in 2017, year to date!

2740 SYCAMORE CANYON ROAD

1966 EAST VALLEY ROAD

117 CRESTVIEW LANE

184 TIBURON BAY LANE

1933 MISSION RIDGE ROAD

796 BUENA VISTA DRIVE

1570 BOLERO DRIVE

1290 PEPPER LANE

2027 STATE STREET

1389 OAK CREEK CANYON ROAD

2255 FEATHERHILL ROAD

2420 GOLDEN GATE LANE

222 ADAIR DRIVE

5207 BARWICK ROAD

401 EAST PEDREGOSA STREET

MARSHA KOTLYAR & MICHELE WHITE 805.565.4014 visit

MONTECITOFINEESTATES.com Associates@MarshaKotlyar.com

SUMMER 2017

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MONTECITO JOURNAL

“Recognized as one of the top 100 most influential real estate agents in Southern California for 2016 & 2017”

Contemporary Masterpiece |$24,000,000

Mediterranean-Style Gem | $5,450,000

Birnam Wood Traditional Elegance | $5,650,000

SOLD

40 acres | Toro Canyon | $5,375,000

Montecito Spanish Estate | $4,450,000 SOLD

Toro Canyon Ocean View Compound | $3,975,000

San Ysidro Style Cottage | $3,795,000

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. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal Housing Opportunity.

MONTECITO JOURNAL

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SUMMER 2017

CRISTAL CLARKE

805.886.9378 | CalBRE#: 968247 | cristal@montectio-estate.com

www.Montecito-Estate.com

NEW LISTING | Granada Bldg 7th Fl Penthouse | $5,250,000

NEW LISTING | Montecito Modernism | $3,500,000 NEW PRICE

Montecito Mid-Century Ranch | $1,895,000

Country In The City | $1,775,000

Big Sur in Santa Barbara | $1,675,000

Mid Century Modern Riviera Estate | $1,599,000

SUMMER 2017

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MONTECITO JOURNAL

MARKETING AND EXPERIENCE MAKE A DIFFERENCE Eleven significant estate sales in the past year and another pending while so many homes did not sell.

Call today to plan the sale or purchase of your home.

Operated by Sotheby’s International Realty, Inc. CalBRE License #00714226

MONTECITO JOURNAL

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SUMMER 2017

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MONTECITO JOURNAL

$900,000,000

#1 BROKERAGE

CLOSED VOLUME $800,000,000

$700,000,000

SERVING MONTECITO, S A N TA B A R B A R A & LOS OLIVOS

$600,000,000

$500,000,000

$400,000,000

$300,000,000

MARKET SHARE BY VOLUME

$200,000,000

$100,000,000

1.1.2017 - 7.20.2017 $0

BHHSCP

Company 2

Company 3

Company 4

Company 5

Company 6

$37,500,000 | 1104 Channel Dr, Montecito | 5BD/7½BA Phyllis Noble | 805.451.2126

$32,750,000 | 4347 Marina Dr, Hope Ranch | 5BD/7½BA Nancy Kogevinas | 805.450.6233

$16,900,000 | 2692 Sycamore Canyon Rd, Montecito | 7BD/8BA Mary Whitney | 805.689.0915

$13,500,000 | 1050 Cold Springs Rd, Montecito | 7BD/8BA Nancy Kogevinas | 805.450.6233

$10,995,000 | 4215 Mariposa Dr, Hope Ranch | 3BD/2BA MK Properties | 805.565.4014

$10,500,000 | 1174 Glenview Rd, Montecito | 5BD/6BA Daniel Encell | 805.565.4896

$9,995,000 | 2600 Bella Vista Dr, Montecito | 4BD/3½BA Daniel Encell | 805.565.4896

$8,900,000 | 2775 Bella Vista Dr, Montecito | 5BD/6BA Mermis/St. Clair | 805.886.6741

$8,750,000 | 1711 E Valley Rd, Montecito | 5BD/6½BA Nancy Kogevinas | 805.450.6233

$5,995,000 | 700 Riven Rock Rd, Montecito | 2.49± acs (assr) Calcagno & Hamilton | 805.565.4000

$3,695,000 | 4066 Sonriente Rd, Hope Ranch | 4BD/4½BA MK Properties | 805.565.4014

$2,575,000 | 1395 Greenworth Pl, Montecito | 5BD/3BA Calcagno & Hamilton | 805.565.4000

Let us help you

MONTECITO | SANTA BARBARA | LOS OLIVOS

FIND YOUR PERFECT

bhhscalifornia.com

©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. Buyer is advised to independently verify the accuracy of that information. Market Penetration Report, Total Sales by Volume, from 1/1/17 to 7/20/17, as reported by Santa Barbara MLS, based on data available on 8/14/17. CalBRE 01317331

MONTECITO JOURNAL

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SUMMER 2017

NEAR THE BEACH & DOWNTOWN

PICTURE-PERFECT CORNER SAN ROQUE

CARPINTERIA $1,199,000

$1,245,000

SPACIOUS HOME & GUEST WING

MONTECITO RIVIERA

PICTURESQUE GARDENS, GUEST HOUSE, STUDIO

MONTECITO

$1,675,000

JAW-DROPPING OCEAN VIEWS

$1,875,000

ON THE SAND LOT SANTA BARBARA MESA

VENTURA BEACHES

$999,999

MOUNTAIN VIEWS

$1,875,000

TWO BLOCKS TO THE BEACH CARPINTERIA

CARPINTERIA,

$1,995,000

$1,250,000

GARY GOLDBERG

(805) 455-8910 mobile | (805) 969-1258 ofﬁce www.garygoldberg.net | gary@coastalrealty.com BRE #01172139

1086 Coast Village Road, Montecito, CA 93108 SUMMER 2017

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MONTECITO JOURNAL

REAL ESTATE (Continued from page 10)

1570 EAST VALLEY ROAD, MONTECITO | OFFERED AT $8,700,000

A short film of its details: http://bit.ly/SomersetEstate

805.895.0789 | Eric@EricStockmann.com | www.EricStockmann.com ©2017 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. Broker does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of property provided by seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals. If your property is currently listed for sale, this is not intended as a solicitation.

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SUMMER 2017

Oceanfront on Miramar Beach

Upper East Colonial Revival

1558 Miramar Beach

2232 Santa Barbara Street

$4,050,000

Nick Svensson 805.895.2957 nick.svensson@compass.com

3 Bed | 2 Bath | 1,186 Sf

$3,995,000 8 Bed | 7 Bath | 7,524 Sf

Mesmerizing Ocean, Mountain, Lake & City Views

Sophisticated Upper East Mid-Century

410 Via Dichosa

1827 Anacapa Street

$3,400,000

$1,949,000

Adrienne Schuele 805.452.3960 adrienne@compass.com

4 Bed | 3 Bath | 4,021 Sf

4 Bed | 3 Bath | 2,012 Sf

Colleen Beall | Pamela Regan 805.895.5881 colleen.beall@compass.com

Jennifer Berger 805.451.5484 jennifer.berger@compass.com

Modern Masterpiece

Peaceful Shepard Mesa Ocean Views

1901 Gibraltar Road

6855 Shepard Mesa Road

$2,350,000 3 Bed | 2 Bath | 2,300 Sf Ocean & Island Views

$2,595,000

Suding Murphy Partners 805.886.1300

compass.com

4 Bed | 5.5 Bath | 4.74 Acres

805.253.7700

compass

compassinc

Susan Pate 805.895.9385 susan.pate@compass.com

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

SUMMER 2017

â&#x20AC;˘ REAL ESTATES â&#x20AC;˘

MONTECITO JOURNAL

Editorial

by James Buckley

The Price of a Real Estate

M OPEN SUN 1-4 434 NICHOLAS LANE, MONTECITO Spectacular Ocean View Master Suite Overlooking a Private & Spacious Yard

4BD/3BA

3,185 sq.ft.

.84 acres

OFFERED AT $2,345,000

TONYMILLER 805.705.4007 TonyMillerSB@gmail.com AnthonyMiller.bhhscalifornia.com ©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. Buyer is advised to independently verify the accuracy of that information. CalBRE#: 01979251

RECOGNITION | WADE HANSEN

Sotheby’s International Realty proudly congratulates Wade Hansen on his distinctive service of representing Montecito homes for over 30 years and his successful sale of a Picacho Lane estate offered at $5,995,000.

ontecito has never been what one could describe as “inexpensive.” Even during the worst of times, prices here stayed above those of most other places. However, an anomaly has developed over the past... decade? ...to have turned that equation on its head. Yes, Montecito has continued to attract high prices, but the rest of the world seems to have slowly and inexorably caught up to our price range. For example, having recently returned from a three-week foray to Idaho to visit relatives and help celebrate a friend’s wife’s birthday, I took the opportunity to check out real estate prices in some of the areas through which we passed. Jackson and Jackson Hole, Wyoming are beautiful places. They are known for their winter sports and summer attractions in and around the Grand Teton mountain range. Jackson is also a very expensive place to live. More expensive, I venture, than Montecito. A three-acre lot with a 3,500 sq ft home on it can run as much as $6 million and more. In Coeur D’Alene, Idaho, a small home on a 1/4acre lot begins at $500,000. We saw a handsome 4,400 sq ft home on the north end of Boise, Idaho on a little more than an acre for $1.67 million. Okay, that would likely be close to $4 million in Montecito, but Boise’s weather is, well, let’s just say it isn’t as pleasant as Montecito’s. I drove the entire trip, putting some 3,000 miles on my car. Other places where real estate was examined include St. George, Utah and Las Vegas, Nevada. St. George was nice and prices there are not cheap but not as expensive as Montecito. I had planned to play golf at a nearby course but since I enjoy walking, passed up the opportunity because of the 103-degree temperature. I do believe Montecito or Santa Barbara experienced a day over 100 degrees, maybe three years ago. St. George and Las Vegas lay claim to plus-100-degree days pretty much from June through September. Okay, you say good living isn’t just about weather and you’d be correct. If you have school-age children, Montecito’s two elementary schools AGNOLIA – Cold Spring and W W W. M O N T E C I TO M A G N I F I Montecito Union – are among the highest rated such learning institutions in the state of California. If that doesn’t satisfy your requirements, any one of the nearby private schools – Our Lady of Mt. Carmel, El Montecito, Crane Country Day School, and Laguna Blanca – are all within walking distance of much of Montecito. Worried about your stomach? There are more top-notch eateries between the upper village and Coast Village Road than you’ll find anywhere, including the always popular (for both its food and for its bar) Lucky’s, the elegant Trattoria Mollie, whose standard Spaghetti with Turkey Meatballs (featuring raisins and spice) draws foodies – including Oprah Winfrey and Katy Perry – from far and wide; Via Vai’s pizzas are second to none and the quiet intimacy of Pane é Vino... You get the picture. So based upon Montecito’s near-perfect year-round climate, the soothing influence of the Pacific Ocean, the proximity of our back country, the available profusion of art and culture, and the sheer beauty of our surroundings, one would be hard-pressed to find a more inviting place to live. Welcome home! •MJ

FOR RENT - MONTECITO 1BD/1BA

Elegant & gated house located at 751 Via Manana on one acre, at end of private drive. One bed, one bath, two car garage, pool. Furnished and fully equipped, all expenses included. Walking distance to the San Ysidro Ranch.

6 month Nearly lease, five glorious $5,000/month landscaped acres • Sweeping coastal views • Gracious Rob 805.689.9682 | CalBRE #511980

wade@wadehansen.com

www.wadehansen.com

MARY WHITNEY

805.689.0915 MarWhitSB@gmail.com www.MaryCWhitney.com

FINE HOMES & LUXURY ESTATES

12 MONTECITO JOURNAL

LLC.Properties BHH Affiliates LLC and BHHSCP do not guarantee accuracy ofsystem all data including and features of ©2017 Berkshire Hathaway HomeServices California (BHHSCP) is a member of the franchise of BHH measurements, Affiliates LLC.conditions, BHH Affiliates LLC and property. Information is obtained from various sources and will not be verified by broker or MLS. CalBRE 01317331 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. Buyer is advised to independently verify the accuracy of that information. CalBRE# 01144746

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SUMMER 2017

DISTINCTIVE SANTA BARBARA PROPERTIES

w w w. S U Z A N N E P E R K I N S . c o m

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MONTECITO JOURNAL

a N o t h e R f I N e P Ro P e Rt Y R e P R e s e N t e D b Y

D aniel e ncell

Real Estate Snapshot

Kelly Mahan Herrick

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. She can be reached at kelly@montecitojournal.net.

Montecito’s Housing Market

Dan Encell “The Real Estate Guy” Call: (805) 565-4896 Email: danencell@aol.com BRE #00976141 • #2 Berkshire Hathaway Agent in the Nation • Wall Street Journal “Top 100” Agents Nationwide (out of over 1.3 million) • Graduate of UCLA School of Law and former attorney (with training in Real Estate law, contracts, estate planning, and tax law) • Dedicated and highly trained full-time support staff • An expert in the luxury home market

RemembeR, It Costs No moRe to WoRk WIth the best (but It CaN Cost You PleNtY If You DoN’t) Visit: www.DanEncell.com for market information & to search the entire MLS WATCH ME ON CHANNEL 8, MONDAYS AT 8:30PM!

ummer is on its way out, and second quarter numbers are in! Montecito saw a decrease in number of transactions, average sales price, and median sales price from the second quarter of 2016. The total number of transactions for homes, condos, and land sales in January through June in 2017 was 107, compared to 122 in 2016. The most significant dip in transactions occurred in January, which this year saw 13 sales in Montecito versus 28 in January 2016, a decrease of 54%. Likely related to both the November presidential election – January closings often occur after escrow is opened in late November/early December– and the rainy weather of last winter, the dip leveled off in the spring and early summer, with June showing a 31% increase in number of transactions (21 versus 16). Not surprisingly, the average and median sales price in the first quarter of the year was down, followed by three months (April, May, and June) of increased numbers. The spring saw an uptick in sales prices, likely due to a natural recovery from the election and winter weather. Last year’s market softening corrected itself come spring, with the second quarter showing increases on both

REAL ESTATE SNAPSHOT Page 174

Each year, Dan spends over $250,000 in marketing and advertising!

REDUCED!

• MONTECITO •

A charming Montecito cottage behind a white picket fence sold on Romero Canyon for $1.5M in May (listed by Ryan Malmsten of Santa Barbara Brokers; sold by Nigel Copley of Sotheby’s)

1414 LA VEREDA LANE

A Tradition of

NOW OFFERED AT $2,495,000 This spectacular 4 Bed/4.5 Bath classic 1920’s Mediterranean estate features timeless Santa Barbara architecture - in MUS! The property is in the desirable Hedgerow neighborhood, and is gated and has the feel of being in its own private oasis surrounded by tropical landscaping and custom water fountains. The master bedroom enjoys a large dressing room with built-ins, as well as a walk-in closet, private bath, a brick patio with views of the backyard, and a small balcony with views of the mountains and front yard. Each bedroom features its own private balcony and private bath. This home has a lot to offer! ©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. Buyer is advised to independently verify the accuracy of that information. CalBRE 00976141

ExcEllEncE

805.565.8822

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CalBRE 00878065

SUMMER 2017

Team Ryken At Your Service

. .

Sweeping Ocean Views

HopeRanchMarinaDrive.com

French Country Manor MontecitoGrandeur.com

SOLD Resort Style Living

M RYKE

A N TA

A RB

Santa Barbara Charmer SantaBarbaraCharm.com

PENDING Exquisite Estate HopeRanchAlisaLane.com

Terry Ryken 805.896.6977

Sweeping Ocean Views HopeRanchMarinaDrive.com

Fabulous Opportunity

. . . . . .

HopeRanchSB.net

TerryRyken.com | Terry.Ryken@compass.com

ECITO .

ResortLivingSB.com

. . . .

A R A. M

©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.

SUMMER 2017

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MONTECITO JOURNAL

PROGRAMS WE OFFER: • Conventional • FHA • VA • Jumbo Loans to $15 Million • First Time Homebuyer Programs • Self Employed Programs 14 Business Day Close Guarantee* 24 HR Credit approval by Sr. Underwriters

With our access to a variety of programs, our competitive rates and our rapid turnaround times, we simply deliver more.

24 HR Underwriting turn time for Purchase loans

BLAINE PARKER

BROMI KROCK

ADAM BLACK

KRISTI BOZZO

Cell: 805.705.6535 Blaine.Parker@nafinc.com

Cell: 805.705.6669 Bromi.Krock@nafinc.com

Cell: 805.452.8393 Adam.Black@nafinc.com

Direct: 916.716.5673 Kristi.Bozzo@nafinc.com

Loan Consultant NMLS #460058

Senior Loan Consultant NMLS# 254423

branch.newamericanfunding.com/ Montecito

Branch Manager NMLS# 266041

Loan Consultant NMLS #447941

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

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SUMMER 2017

REAL ESTATE SNAPSHOT (Continued from page 14)

average and median sales prices from the first quarter of this year. Adding July to the list of first and second quarter sales, 87 homes (not including condos or vacant lots) sold in the 93108 ZIP code from January 1 through July 31. Here’s a snapshot of these sales, using data supplied by the Santa Barbara Multiple Listing Service:

Sun Valley, Ketchum, Stanley and beyond! A Great Place to Wake UP!

Under $2M

Twenty-six homes sold in Montecito under $2M; three of these sold for less than $875K in the 93108 ZIP code, but not within Montecito’s two school districts, Cold Spring and Montecito Union. Those homes, all three located on Sycamore Canyon Road, sold for $760K, $787K, and $864K. The least expensive

REAL ESTATE SNAPSHOT Page 274

Luxury real estate options - for all of your needs! Alexandria ‘Alex’ Hughes Sun Valley Real Estate, LLC

CHRISTIE’S INTERNATIONAL REAL ESTATE (208) 720 7444 cell (208) 726 6000 office alexsunvalley@gmail.com www.alexsunvalley.com This vintage Hedgerow home, never before on the market, sold for $1,870,400 in July (listed by Gay Milligan of Keller Williams; sold by Gamberdella & Timmerman of Village Properties)

www.MontecitoCharm.com A rare find in move-in condition. This beautiful Montecito cottage is shaded by majestic oaks on a 1/3 acre parcel. Tastefully updated and maintained, the three bedroom, two bathroom residence is a sunny retreat. Close to the Upper Village for convenient shopping, dining and in the Montecito Union School attendance area.

675 ROMERO CANYON RD | $1,745,0000

Santa Barbara Luxury

Linda Lorenzen (805) 886-1842 Sally Dewan (805) 895-7177

www.LorenzenPartners.com Team@LorenzenPartners.com

www.HopeRanchOasis.com

Come discover the beauty of Hope Ranch and its fine estates. Surrounded by miles of equestrian trails and a privately accessed beach, the Ranch will fufill your every desire.

©2017 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. Broker does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of property provided by seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals. REALTORS® CalBRE 00583737 & 01904629

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260

South County Market Trends Santa Barbara JULY 2017 South County Yearly Market Trends

160

143 114

112

148

164

152

110

Number of Transactions

210

209

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2013

131

130

170

173

244

178

186

189

155

136

111

137

2014

107

102

122

168

185

150

169

162

151

149

122

142

2015

123

199

187

204

182

188

182

134

106

132

2016

114

110

135

152

175

173

147

166

153

126

148

140

2017

114

112

143

148

164

209

152

Chicago Title & Escrow

Fidelity National Title & Escrow

www.chicagotitlesb.com

www.ﬁdelitysb.com

Looking to Refinance? Rates are still low!

Time to fix your Adjustable Rate Mortgage? Refinance now to save! Primary Residence, Second Home and Investment Properties Conforming or Jumbo Nancy Enholm, Residential Lending Processor, Lori Murray, Senior Vice President and Residential Lending Manager, Crystal Quintero, Vice President and Residential Lending Officer, and Barbara Zirretta, Residential Lending Underwriter.

Call us to find out what you could be saving each month! Santa Barbara

Montecito

Goleta

Paso Robles

Online/Mobile

AmericanRivieraBank.com | 805.335.8150 | NMLSR# 808293

18 MONTECITO JOURNAL

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SUMMER 2017

ENCHANTING

MARY CRAIG ESTATE ~ Montecito Hedgerows Gracious & enchanting Spanish Revival Estate located down a private tree-lined lane ~ Listed at $5,650,000 www.1574GreenLane.com

BARBARA KOUTNIK

805.565.8811 BCKoutnik@aol.com www.BarbaraKoutnik.com CalBRE 00809916

❖

SUSAN S. CONGER 805.565.8838 susconger@aol.com www.SusanConger.com CalBRE 00545024

Cool Factor

$1,999,000 Here’s a rare opportunity to acquire a bright, sunny Mid-Century Modern home around the corner from Cold Spring School. Featured in the 3rd Edition of Santa Barbara Architecture, the split-level design has 5 Bedrooms + Den, 3 Baths (inc. a separate guest unit), and sits on a private, .37 acre lot. It’s definitely worth a look. Please call us for a private showing, or take an interactive walkthrough tour at www.735Chelham.com. Download the most accurate, easiest to use search app to help you find your next home. Information is local and timely. Keep notes about, save and share your favorite homes. Interactive map search function shows homes for sale, and open houses around your location.

Ashley ANDERSON & Paul HURST Berkshire Hathaway HomeServices Luxury Collection 805.618.8747 805.680.8216 Both@AndersonHurst.com | www.AndersonHurst.com

Type “SantaBarbaraHomeSearch” (all one word) in the App Store or Google Play, and look for this icon.

“Top 1% of Berkshire Hathaway Agents Nationwide”

SUMMER 2017

CalBRE#s 01903215 & 00826530

• REAL ESTATES •

MONTECITO JOURNAL

S PA N I S H O A K S SIMPLIFY LIFE IN A NEW CUSTOM LUXURY HOME

Now Starting at $2,195,000 www.HeartOfSanrOque.cOm 805.563.4054 direct

Team@BartronGroup.com

20 MONTECITO JOURNAL

• REAL ESTATES •

SUMMER 2017

HISTORIC EstateS

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.

Name Dropping

ontecito is now, and always has been, home to many artists and professionals who function at the highest levels of their craft. Among those are architects, focused on here today. Sometimes, the importance of a home is not about the size of the estate or the value, but in who designed the home. Many modern-day architects are referred to by name when a home is for sale, and that was certainly the case 90 and 100 years ago, with some of those early names still carrying weight today. Currently, there are only a handful of homes on the market that are promoted based upon the architect who designed the home. Plunkett, Craig, Sauter, Cramer – names that if one does the research, one will discover that many of these architect and others of their time designed significant public buildings in Santa Barbara, as well as numerous homes and estates around town. Here are four properties that will allow you to step back in time the moment you cross over the threshold.

165 La Vereda Road: $3,500,000

“El Cedro”, as it is named, was designed by Joseph Plunkett (El Encanto Hotel & Gardens, original Santa Barbara Airport). The home is set on about an acre in Montecito’s Hedgerow District, just a few blocks to the beach or to Montecito Union School. Completed in 1921, the home includes five bedrooms, six fireplaces, and staff quarters. The grounds include a patio and gardens with a lawn for games and parties; an oversized three-car garage with workshop completes this offering. The estate’s name “El Cedro” commemorates the numerous cedar trees and redwoods guarding the entrance and perimeter. The home, once one of only three structures located on the original 28-acre Spaulding estate, boasts a unique Californian version of formality with a large living room, extensive windows opening to the mature gardens on the property. There is a den or library with French doors to a side patio and formal gardens, and a dining room with a wall of glass and French doors that open to the rear formal gardens.

1574 Green Lane: $5,650,000 This 1926 Spanish Revival Estate was designed by Mary Craig (Casa De Maria, Plaza Rubio), and is on a private 1.3+/- acre lot on a prime Hedgerow location on a low-traffic lane, also in the Montecito Union School District. The home maintains its original character and design, and over the years owners have made upgrades throughout. The gated entry opens to a spacious motor court,

ESTATES Page 364 SUMMER 2017

• REAL ESTATES •

MONTECITO JOURNAL

Treasure

AWAITS

Dra ma t ic I nt e rio r s / E xce p tion al Ar ch ite ctu r e / H op e Ran ch - $1 1 ,5 0 0 ,0 0 0

D e s i gn e d f or Art - $ 6 , 7 5 0 , 0 0 0

Inv i t i n g D e s i gn w i t h O ce a n V ie w s - $ 6 , 9 50, 000

D ANA ZE R TU C HE

Classic Italian Ar ch ite ctu r e / 6+ Ocean Vi ew Acres - $1 3,5 0 0 ,0 0 0

SU SA N BU R N S

LO R I CL A R I D G E B OW L E S

805.565.8822 | Associates@SUSANBURNS.COM | www.SUSANBURNS.com ©2017 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. Broker does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of property provided by seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals. CalBRE 01465425

22 MONTECITO JOURNAL

• REAL ESTATES •

SUMMER 2017

C. Scott McCosker

Offering Extraordinary Properties, In-depth Market Knowledge and Successful Negotiating Skills for Over 30 Years

E AL

MONTECITO MEDITERRANEAN CONTEMPORARY Remodeled with Style for Creative Entertaining. Two Master Suites. Brand New 55 Foot Pool. Dual Zoned Central Air Conditioning $2,398,000

C. Scott McCosker

582 Freehaven Drive Montecito JENNIFER PLANA Broker Associate | 805.895.2112 BRE# 01145050 | Jennifer@ Plana Partners. com

805.687.2436 | Scott@ScottMcCosker.com | www.ScottMcCosker.com

SUMMER 2017

Spectacular, Panoramic Ocean Views

Offered for $4,995,000

Text 805.451.1721 for More Photos & Details

Thinking of Selling?

I ND

• REAL ESTATES •

MONTECITO JOURNAL

Open Sun 2-4

Incredible Value in Montecito!

Charming single level board & batten home in Montecito’s Hedgerow! Spacious five-bedroom, three-bath home boasts gorgeous creekside backyard with heritage oaks and multiple entertaining spaces.

Listed for $2,575,000

Calcagno & Hamilton

Consistently ranked in the top 1/2% of agents nationwide, the Calcagno & Hamilton team has closed over $1 billion in local real estate markets. Each and every transaction is rooted in C&H’s core mission: to provide unparalleled service and expertise while helping clients achieve their real estate dreams.

(805) 565-4000 Info@HomesInSantaBarbara.com www.HomesInSantaBarbara.com

24 MONTECITO JOURNAL

• REAL ESTATES •

SUMMER 2017

Open Sat & Sun 2-4

1395 Santa Clara Way

Newly Priced at $2,195,000

n INCREDIBLE value in the coveted Montecito Oaks neighborhood and MUS district, this beautifully remodeled ranch-style home offers easy living with a flexible floor plan. The current owners have graciously updated the home with a brand new, expanded kitchen with large island, breakfast nook, and gourmet appliances. White Carrera marble countertops complement original dark wood floors, while new moldings, beadboard paneling, and built-ins add thoughtful architectural elements to the 1956 home. A spacious 2,670 sq. ft., the house has three large bedrooms, including an oversized master with sitting area and bay window overlooking the lush backyard. There is also a large living room with vaulted ceiling and fireplace, a cozy family room or flex space, office, and three-car garage. All three bathrooms have been remodeled, and a new, convenient laundry room has been added. The .43-acre property has multiple entertaining spaces in both the front and back yards, studded by mature oaks and plentiful fruit trees including avocado, citrus, peach, and plum.

Calcagno & Hamilton

(805) 565-4000 Info@HomesInSantaBarbara.com www.HomesInSantaBarbara.com

SUMMER 2017

• REAL ESTATES •

MONTECITO JOURNAL

BREATHTAKING VIEWS

178 CORONADO CIRCLE Now Offered at $3,050,000 | OPEN SUN 1-5

Most desired location in the coveted Coronada Circle enclave. This impeccable home has been enlarged and expanded, most recently by Giffin & Crane with a remodel addition in 2005. Charles Schmandt custom designed this home for original family.

TIM WALSH 805.805.259.8808 | tim@villagesite.com | TimWalshMontecito.com

All information provided is deemed reliable, but has not been verified and we do not guarantee it. We recommend that buyers make their own inquiries. CalBRE #00691712 All information provided is deemed reliable, but has not been verified and we do not guarantee it. We recommend that buyers make their own inquiries. CalBRE #00914713

OPEN SUNDAY, AUGUST 20, 1-4PM

IN ESCROW

3233 Serena Avenue - $1,250,000

2979 Eucalyptus Hill Road - $2,750,000 SOLD

SOLD

747 San Ysidro Road asking price $5,250,000 Represented Buyer

IN ESCROW

SOLD

1715 Eucalyptus Hill Road asking price $2,175,000 Represented Seller

1402 Grand Avenue asking price $2,995,000 Represented Seller

430 APS - $1,795,000

SOLD

709 Chelham Way asking price $1,950,000 Represented Seller

611 E. Sola Street asking price $1,099,000 Represented Buyer

www.MontecitoAndSantaBarbaraHomes.com Sheela Hunt

Exclusive Affiliate of

Mark Ashton Hunt

(805)698-3767

(805)698-2174

DRE 01103376

DRE 01460852

1250 Coast Village Road, Montecito, CA 93108

26 MONTECITO JOURNAL

• REAL ESTATES •

SUMMER 2017

REAL ESTATE SNAPSHOT (Continued from page 17)

Stunning Montecito Contemporary

home to sell in the more central area of Montecito was a 3-bedroom, 2-bath cottage on East Valley Road for $916,125. We saw a nice mix of homes that sold under the $2M mark; 26 in total. These included a handful of homes on the west end of Montecito – think Barker Pass, Cedar Lane, Chelham Way, Westmont Road – to the Hedgerow, Montecito Oaks, and beyond. In this segment, we saw a mix of small cottages, larger “fixers” with lots of potential, and some turnkey properties. Three gems in this price point include an exquisitely decorated 3-bedroom, 3-bathroom cottage on Romero Canyon, which sold for $1.5M in May. The charming cottage features hardwood floors, three fireplaces, an open concept kitchen, and a gorgeous deck for entertaining. Two properties in the Hedgerow, on Greenworth Place, sold for $1,675,000 and $1,870,400; both homes have endless potential to reflect the buyers’ own tastes and style in a fantastic, quintessential Montecito neighborhood.

$2M to $4M 2775 Bella Vista Drive

A large Ennisbrook estate with pool and bocce ball court on more than two acres sold in March (listed by Calcagno & Hamilton of Berkshire Hathaway Home Services; sold by Susan Conger of Coldwell Banker)

A rarely available Ennisbrook Casita on Meadowbrook Drive closed in June (listed by Kendrick Guehr and Epstein Partners of Keller Williams; sold by Ann Rasmussen of Coldwell Banker)

Half of Montecito’s home sales so far this year have been in this segment, with 43 homes being sold January through July. This seems to be Montecito’s current sweet spot, attracting buyers who are no longer looking for the large, private estates in the higher price brackets. The $2M to $4M range tends to offer either “fixers” on larger properties, turn-key homes farther out from town (usually boasting ocean and/or mountain view), smaller “done” properties within walking distance to amenities including shopping and the beach, stylish beach getaways close to Butterfly Beach, and even a few properties behind the gates of Ennisbrook. Some neighborhoods saw multiple sales in this price point, including

SUMMER 2017

Open Sunday 1-4PM

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!

Offered at $8,900,000 www.montecitocontemporary.com ww

JO ANN MERMIS & WES ST. CLAIR

805.895.5650 | 805.886.6741 joann@mermis-stclair.com wes@mermmis-stclair.com www.mermis-stclair.com BRE: 01173714 & 00891742

REAL ESTATE SNAPSHOT Page 324 • REAL ESTATES •

MONTECITO JOURNAL

Fidelity National Title & Chicago Title

South Santa Barbara County ➤ INDICATES NON-MLS SALES

➤

➤ ➤ ➤

INDICATES CONDOMINIUM

July 2017 Sales

Carpinteria

$393,000 $400,000 $450,000 $510,000 $535,000 $535,000 $569,000 $575,000 $585,000 $660,000 $750,000 $750,000 $757,500 $890,000 $1,060,000 $1,230,000 $1,300,000 $1,525,000 $1,920,000 $3,900,000 $14,200,000 $1,594,976 $750,000 21 $33,494,500

5986 BIRCH ST 4 5941 HICKORY 4 1035 PALMETTO WAY C 1280 FRANCISCAN CT 5 5446 EIGHTH ST 7 1054 PALMETTO WAY A 5455 EIGHTH ST 1 1054 PALMETTO WAY C 4418 CATLIN CIR B 1215 FRANCISCAN CT 2 4880 SANDYLAND RD 61 4902 SANDYLAND RD 141 1166 VALLECITO RD 1381 VALLECITO PL 4184 VENICE LN 1141 CHURCH LN 5815 CASITAS PASS RD 4874 EIGHTH ST 457 CONCHA LOMA DR 4885 SANDYLAND RD 4 200 LAMBERT RD Avg Price Median Sales Total Sales Volume

$346,000 $410,000 $429,000 $450,000 $514,500 $535,000 $540,000 $639,000 $660,000 $692,000 $710,000 $715,000 $725,000 $739,000 $750,000 $760,000 $805,000 $810,000 $825,000 $835,000 $855,000 $859,000 $889,000 $890,000 $910,500 $930,000 $930,000 $1,017,000 $1,038,000 $1,130,000 $1,250,000 $1,300,000 $1,310,000 $1,585,000 $1,650,000 $1,995,000 $873,000 $817,500 36 $31,428,000

41 DEARBORN PL 73 405 ELLWOOD BCH DR D 350 MORETON BAY #1 135 MAGNOLIA AVE 331 NORTHGATE DR D 5004 PONDEROSA WAY 345 KELLOG WAY #25 342 LA SALLE RD 4740 CAMINO DEL REY 5052 CALLE REAL B 498 MAGNA VISTA ST 7134 PHELPS RD 141 ATLANTIC COURT 750 WALNUT LN 6218 CATHEDRAL OAKS RD 39 CARLO DR 6260 PARKHURST DR 244 CORONADO DR 655 WINDSOR AVE 5135 SAN VICENTE DR 7277 GEORGETOWN RD 5148 SAN LUCAS WAY 117 SANTA PAULA AVE 7621 PINETREE PL 7166 ARMSTRONG RD 165 VIA LEE 5483 PAREJO DR 5101 CALLE ASILO 7952 WINCHESTER CIR 5300 ORCHARD PARK LN 8409 VEREDA DEL PADRE 1022 VIA BOLZANO 288 ROYAL LINDA DR 8424 VEREDA DEL PADRE 1173 CAMINO ANDALUZ 5220 PASEO CAMEO Avg. Price Median Sales Total Sales Volume

INDICATES CASH SALE

Hope Ranch

$1,379,000 $3,387,500 $5,620,500 $3,462,333 $3,387,500 3 $10,387,000

➤

Goleta

$1,525,000 $1,650,000 $1,820,000 $1,870,500 $1,895,000 $2,600,000 $2,850,000 $2,974,000 $3,464,000 $3,600,000 $4,000,000 $4,650,000 $4,900,000 $5,700,000 $5,900,000 $7,500,000 $3,556,156 $3,219,000 16 $56,898,500

4610 VIA VISTOSA 960 CANON RD 4099 CRESCIENTE DR Avg. Price Median Price Sales Total Sales Volume

Montecito

17 AUGUSTA LN 1396 DANIELSON RD 74 SEAVIEW DR 1404 GREENWORTH PL 709 CHELHAM WAY 2885 HIDDEN VALLEY LN 171 CORONADA CIR 1520 SAN LEANDRO LN 607 COWLES RD 130 SANTA ISABEL LN 605 COWLES RD 1319 PLAZA DE PACIFICA 511 LAS FUENTES DR 620 STONEHOUSE LN 655 EL BOSQUE RD 805 AYALA LN Avg. Price Median Price Sales Total Sales Volume

Santa Barbara

➤

➤ ➤ ➤

$277,500 $459,000 $489,000 $495,000 $525,000 $530,000 $537,000 $560,500 $594,000 $600,000 $623,000 $635,000 $639,000 $640,000 $645,000 $685,000 $700,000 $710,000 $710,000 $730,000 $753,000 $775,000 $790,000 $790,000 $815,000 $815,000 $849,000 $850,000 $860,000 $875,000 $875,000 $895,000 $896,000 $908,000 $909,500 $915,000 $919,500

Santa Barbara CONT'D

➤

➤ ➤

➤

211 W GUTIERREZ ST 2 3651 EILEEN WAY 412 W SOLA ST 8 W CONSTANCE AVE 8 429 DE LA VINA ST 325 LADERA ST 6 ➤ 812 SPRING ST 1701 ANACAPA ST 24 22 S ALISOS ST 718 CASTILLO ST ➤ 447 POR LA MAR CIR 2316 DE LA VINA ST UNIT B 1031 CASTILLO ST 407 W PEDREGOSA ST 15 1078 MIRAMONTE DR 8 1134 CHINO ST 827 CHELTENHAM RD 407 E ALAMAR AVE 2206 CLIFF DR 517 W QUINTO ST 1 355 PALISADES DR 1902 CASTILLO ST 4400 SHADOW HILLS CIR J 608 CALLE DE LOS AMIGO 375 N HOPE AVE 3625 SAN JOSE LN 3929 LA COLINA RD 2611 CLINTON TERRACE 833 KENTIA AVE 281 CALLE ESPERANZA 531 GROVE LN 332 E VALERIO ST 215 PALISADES DR 2920 HERMOSA RD 226 W YANONALI ST 215 CALLE PALO COLORADO 533 CONEJO RD

$940,000 $945,000 $949,000 $955,000 $980,000 $985,000 $990,000 $1,050,000 $1,100,000 $1,110,000 $1,145,000 $1,150,000 $1,155,000 $1,175,000 $1,190,000 $1,210,000 $1,245,000 $1,250,000 $1,259,000 $1,277,500 $1,280,000 $1,285,000 $1,340,000 $1,395,000 $1,400,000 $1,450,000 $1,535,000 $1,633,000 $1,749,000 $1,750,000 $1,795,000 $1,970,000 $2,000,000 $2,347,500 $2,350,000 $2,350,000 $2,489,000 $3,375,000 $4,200,000 $1,140,920 $945,000 75 $85,569,000

839 VIA GRANADA 632 CALLE RINCONADA 1016 E HALEY ST 1477 LAS POSITAS PL 4400 SHADOW HILLS CIR G 5635 W CAMINO CIELO 1518 LAGUNA ST 3 206 NORTHRIDGE RD 415 STANLEY DR 3075 PASEO TRANQUILLO 1613 SANTA ROSA AVE 1237 E DE LA GUERRA ST 333 VISTA DE LA CUMBRE 212 SANTA BARBARA ST #B 722 UNION ST 1340 CLIFTON ST 1264 BEL AIR DR 218 LAS ONDAS 2307 WELLINGTON AVE 45 RUBIO RD 2555 CALLE GALICIA 2808 CLINTON TERRACE 530 RICARDO AVE 729 CHIQUITA RD 45 LA FLECHA LN 407 VISTA DE LA PLAYA 729 E ANAPAMU ST D 3515 CHUPAROSA DR 2031 CIELITO LN 1642 SHORELINE DR 1420 SANTA ROSA AVE 1654 SHORELINE DR 562 LA MARINA DR 1816 GARDEN ST 20 CEDAR LN 222 LA MARINA DR 1229 MANITOU LN 1830 MISSION RIDGE RD 1223 GARDEN ST Avg. Price Median Price Sales Total Sales Volume

Summerland

$1,662,500 2420 GOLDEN GATE AVE SOUTH COUNTY TOTAL 151 SALES $1,451,404 Avg. Price $930,000 MEDIAN 68 SALES OVER 1 MILLION SOUTH COUNTY TTL (Excluding Luxury) 132 SALES $1,150,580 Avg. Price $890,000 MEDIAN SFR Only (Excluding Luxury) 91 SALES $1,324,187 Avg. Price $985,000 MEDIAN Condo ONLY (Excluding Luxury) 41 SALES $676,902 Avg. Price $635,000 MEDIAN ALL SFR Only 108 SALES $1,678,856 Avg. Price $1,147,500 MEDIAN All CONDO ONLY 44 SALES $866,432 Avg. Price $639,500 MEDIAN

28 MONTECITO JOURNAL

• REAL ESTATES •

SUMMER 2017

Coming Soon! Golden Quadrangle

$4,495,000 High quality remodel Amazing mountain views 2 bedrooms + oﬃce/bedroom Detached guest house

805.565.5816 team@insitesre.com $5,888,000 ($573/sq.ft) Gated 2 acre lot 10,278 sq.ft. Residence 6 Beds / 6 full + 2 half baths Private Tennis Court

Amazing Hope Ranch Investment insitesre.com/listing/4170Mariposa SUMMER 2017

• REAL ESTATES •

MONTECITO JOURNAL

$1,147,500 (-11%) Median Sales Price

JULY

$866,432 (+21%) Average Sales Price $639,500(-.8%) Median Sales Price

month to month

July 2017 SALES

June ’17 to July ‘17

44 Condos Sold (+29%)

June ’17 to July ‘17

Condominium 2016 v 2017

Single Family 2016 v 2017

30 MONTECITO JOURNAL

SINGLE

Carpinteria 8 Goleta 25 Montecito 15 Hope Ranch 3 Santa Barbara 57 Summerland 1

Carpinteria $22,882,500. Goleta $25,017,500 Montecito $50,428,500 Hope Ranch $10,387,000 Santa Barbara $70,938,500 Summerland $1,662,500

Sales Volume by Area Carpinteria $10,612,000 Goleta $6,410,500 Montecito $6.470,000 Hope Ranch n/a Santa Barbara $14,630,500 Summerland n/a

Total Sales

152

July 2017 SALES

CONDOMINIUM

108 Homes Sold (-32%)

Sales Volume by Area

CONDOMINIUM

$1,678,856 (-2%) Average Sales Price

CONDOMINIUM

SINGLE FAMILY

www.ﬁdelitysb.com | www.chicagotitlesb.com

SINGLE FAMILY

RESIDENTIAL STATISTICS

Carpinteria 13 Goleta 11 Montecito 1 Hope Ranch 0 Santa Barbara 18 Summerland 0

(+3%) 2016 to 2017

Average Days on Market SFR

CONDO/PUD

29% 2017 44 Total Sales 2016 34 Total Sales

2017 108 Total Sales 2016 113 Total Sales

Inventory 4.68 month supply

18%

41%

2017 $639,500 Median 2016 $541,000 Median

2017 $866,432 Ave. Price 2016 $616,441 Avg. Price

-4%

8% 2017 $1,678,856 Avg. Price 2016 $1,559,032 Avg. Price

2017 $1,147,500 Median 2016 $1,058,000 Median

• REAL ESTATES •

2017

SOUTH SANTA BARBARA COUNTY

SUMMER 2017

Realtors Making A Difference

Supporting Local Charities Featured Charity

Chris Agnoli 805.895.0313 Sun Coast

Louis Manzo

805.570.7274 Village Properties

Jim Scarborough 805.331.1465 Berkshire Hathaway

Ryan Malmsten

805.444.7926 Santa Barbara Brokers

Omid Khaki

Angela Moloney

Chris Palme

Marcy Bazzani

805.451.1553 Berkshire Hathaway

805.565.8823 Coldwell Banker

805.698.1616 Insites

805.717.0450 Village Properties

The Breast Cancer Resource Center of Santa Barbara is committed to serve as a community resource center; act as an informational clearinghouse, and provide free educational and support services for all who are concerned about breast cancer and breast health. FOR MORE INFORMATION ABOUT BREAST CANCER RESOURCE CENTER, CONTACT AN AGENT ABOVE OR VISIT WWW.BCRCSB.ORG

Supported Charities SUMMER 2017

Friendship Paddle Teacher’s Fund Santa Barbara Zoo United Way Natural History Museum • REAL ESTATES •

Breast Cancer Resource Center Foodbank Angel’s Foster Care Lotus Land Storyteller Children’s Center MONTECITO JOURNAL

REAL ESTATE SNAPSHOT (Continued from page 27)

NANCY NEWQUIST-NOLAN Going the Distance Above & Beyond The Sale

Providing start to finish real estate including: • Advice for Special Senior’s Needs • Organizing & Downsizing

Montecito Oaks, which saw two sales on Santa Elena Lane, one on Santa Clara Way, and one on Santa Isabel Lane. These homes sold between $2,225,000 and $3.6M. Nearby in the Hedgerow, five homes sold located on Lingate Lane, La Vereda Road, San Leandro Lane, and Ramona Lane, and ranging from $2,250,000 to $3,200,000. Both neighborhoods enjoy close proximity to Montecito Union School, Coast Village Road, and the beach, which are all attractive selling points to buyers. Two homes in this segment sold behind the Ennisbrook gates; a large, single-level home on more than two acres on Gould Lane (sold for $3.4M), and a smaller, meticulously maintained Ennisbrook Casita on Meadowbrook Drive, which are rarely available for sale (sold for $3,425,000).

$4M to $6M

• Relocation • Assessing Your Property & Its Contents • Estate Liquidations • Preparing Your Home For Sale

NancyNewquistNolan.com 805.570.1015 Marketing & Selling fine Santa Barbara properties for over 15 years

A single level home on Pepper Lane sold in April for $4.2M (listed by Maureen McDermut of Sotheby’s; sold by Chris Palme of Coldwell Banker)

Within the $4M to $6M price segment, buyers purchased beautiful homes with many amenities, including open concept kitchens, little-to-no necessary remodeling, and within ideal locations throughout Montecito. Four homes have sold in Montecito in this price point between January and July. Two of these were on the market for more than 300 days and sold well below their asking prices. The four sales were located on Sycamore Canyon Road (a 3,300-sq-ft home with impeccable updates), Pepper Lane (a private single-level on two acres), Hodges Lane (a 3/3 on three acres in Montecito’s “Golden Quadrangle”), and Featherhill Road (a 6,400-sq-ft, East Coast style home with pool and guest house). Originally listed for $6,750,000, this home was on the market on and off for several years, eventually selling for $5,889,761 after close to a year actively in the MLS. This price point currently offers 34 homes for sale, and 16 of these have had price reductions. The average days on market for these 34 is 219 days, which supports the ongoing trend that properties over $4M typically do not move as fast as homes in the lower-price segments and often see one or more price reductions. However, there are currently five homes in escrow in this price point, which will bring up the number of transactions later in the year. The property on Pepper Lane, which closed in April for $4.2M, is a single-level, updated home within close proximity to both the upper and lower villages. With a lap pool, guesthouse, and separate office/auxiliary building, the home offers its new owners a flexible floor plan for spacious living.

$6M to $8M

Coast 2 Coast Collection Luxury Dinnerware ~ Wedding Registry ~ Gifts & Jewelry La Arcada Courtyard ~ 1114 State Street, Suite 10 ~ Santa Barbara, CA 93101

805.845.7888 ~ www.C2Ccollection.com

32 MONTECITO JOURNAL

Across the board, this segment’s inventory boasts what one would expect: gourmet kitchens, functional floor plans, spacious interiors, and large lot sizes with amenities including striking ocean views, sparkling pools, and impeccably manicured grounds. Encouragingly, this segment held as strong as 2016 year-to-date; both years boasted 10 sales in this price point January through July. As expected, the average number of days on the market for these sales was 445, with a high of 947 days. (Note: Two sales added to the MLS after being sold off market were removed from the calculation of average DOM). The 10 sales averaged a decrease in original list price to sold price of $2M, which again further supports the trend that

REAL ESTATE SNAPSHOT Page 384

• REAL ESTATES •

SUMMER 2017

Real Estate View Montecito Heat Index

by Michael Phillips

Contemporary on Buena Vista with ocean and island views

he Montecito Heat Index is a snapshot of demand for single-family Montecito homes in five distinct price sectors. Rather than a measurement of completed sales which became pending or under contract at least a month ago and referred to as lagging data, the Heat Index looks at homes currently under contract resulting in leading data and a more accurate picture of today’s market demand. The precise formula is pending sales (homes under contract and not yet “closed” or sold) divided by active listings x 100. And since real estate markets are seasonal, and often vary

Michael is a realtor at Coldwell Banker, and is a Montecito Planning Commissioner. He can be reached at 969-4569 and info@ MichaelPhillipsRealEstate. com

monthly, today’s demand is compared to this date last year. All data are from the Santa Barbara MLS and deemed uniformly reliable. Today’s Heat Index registers a collective 141 for the five price sectors measured. Last year on this date, the score was a remarkably low 27. Last

month, the index measured 110, and in June the score was 84. The low-end $1-2 million group, struggling of late, today takes the honors as most in demand with a huge showing of 57, more than doubling last month’s score of 23 and over five times higher than last year’s score of 11. As the above chart demonstrates, from here the data continues to impress with all sectors but one, the $5M and up group, easily outperforming last year. So how does our market look compared to last year? The total number of sales for the year is up just 1%, and the median sales price is up just 2% to $3,015.00. Not much to show for ourselves, yet these numbers will soon significantly improve. With homes currently near closing escrow increasing by an extraordinary 448% over last year, our sales numbers should soon explode as the fall season begins. There is no doubt that sellers are enjoying a hot market here in Montecito. This in spite of the California Association of Realtors recently reminding everyone that Santa Barbara County, (with a median sales price of $750,00) is the least-affordable (along with three other counties) in the entire state. That makes our buyers facing our $3M median sale price a rare and pretty special group indeed. Arguably the most special might be the buyer who chose an extraordinary $7M-plus dramatic 6,500-sq.-ft. contemporary on Buena Vista with a pool and staggering ocean and island views. Welcome to Montecito. •MJ

Mortgages & Home Financing

10/1 ARM Rate for months 1-120

Rate for months 121-360

APR

3.500%

4.000%

3.678%

Variable Rate

Payment Example Initial Monthly Principal & Interest Payment

$3,367.84

For months 1-120

Fully Indexed Principal & Interest Payment

$3,496.28

For months 121-360

Pleaste note: • Rates shown based on index and margin in effect 8/8/17. Your rates may be different and may increase after initial 10 years. Payment amounts shown do not include required property taxes and insurance. Your total monthly obligation will be greater. Lifetime cap 5%, first adjustment cap 5%, 2% annual caps thereafter. • Example based on typical loan of $750,000 with loan-to-value (LTV) of 70% and excellent credit history. Maximum LTV 75%. • All rates and terms subject to credit approval and may change at any time.

homeloans@montecito.bank montecito.bank/mortgage • (805) 963-7511 NMLS ID#: 472185

SUMMER 2017

• REAL ESTATES •

MONTECITO JOURNAL

Q2 Montecito 2015-2017 Price Range Statistics

Year

0-2,000,000

2015 2016 2017

41 43 35

Q2 Price Range: Volume

2,000,001-4,000,000 4,000,001-6,000,000 6,000,001-10,000,000 10,000,001-Up 42 41 44

19 27 17

11 6 9

7 4 2

Montecito Price Range Statistics: Volume 50 45 40 35 30 25 20 15 10 5 0

0-2,000,000

2,000,001-4,000,000

4,000,001-6,000,000

2015

2016

6,000,001-10,000,000

10,000,001-Up

2017

Year

Jan

Feb

Mar

Apr

May

Jun

2015 2016 2017

16 28 22

14 17 20

22 20 15

22 15 17

23 26 25

26 15 21

123 121 120

Q2 Montecito Sales Volume 140 120 100 80 60 40 20 0

Jan

Feb

Mar

Apr

2015

34 MONTECITO JOURNAL

2016

May

Jun

2017

• REAL ESTATES •

SUMMER 2017

Luke says, "Wow, luxury penthouse living in fabulous Montecito Shores. All at a below market price...!"

$1,865,000

Presented byPamela Taylor 805 895-6541

BRE# 01236656

TaylorinSB.com

Each Ofice Is Independently Owned & Operated

MONTECITO OFFERING AT $4,750,000 OPEN 1-4 SUNDAY 1417 East Mountain at Picacho Lane 5,144 SqFt. Main House w/ Live-in Quarters. Pool w/ 1,100 SqFt. Cabana

620 Rockwood Drive Offered $2,075,000 620rockwood.com

116 Northridge Road Offered $1,795,000 116northridge.com

618 Anacapa Street #7 Offered $1,695,000 sbluxuryvilla.com

MICHELLE COOK

Gabe Venturelli 805.680.5141

www.VenturelliGroup.com

Luxury Property Specialist 805.570.3183 Michelle@MichelleCook.com MichelleCook.com

SUMMER 2017

Bruce Venturelli 805.448.3644

• REAL ESTATES •

MONTECITO JOURNAL

ESTATES (Continued from page 21)

with passage through the nearly 100-year-old landscaping to a three-car garage compound area and separate two-bedroom guesthouse. The residence has three bedrooms on the main floor and three bedrooms upstairs. For entertaining, there are grand public rooms with French doors that open to the patio and terraces, gardens, and pathways. As advertised, the property is served by both Montecito Water and private water sources.

Montecito Lifestyle

801 Alston Road: $14,750,000

Close to the Beach and Restaurants

MARCUS BOYLE

R E A LTO R ® (805)452-0440 ~ M A R C U S.B OY L E @C A M O V E S.C O M W W W. 8 0 5 R E A LT Y.C O M ~ C A L B R E 02013666 ©2017 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo service marks are registered or pending registrations owned by Coldwell Banker Real Estate LLC. Broker does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of property provided by seller or obtained from public records or other sources, and the buyer is advised to independently verify the accuracy of that information through personal inspection and with appropriate professionals.

Congratulations to Kelly Mahan Herrick

Berkshire Hathaway HomeServices California Properties is pleased to congratulate Kelly Mahan Herrick and the Calcagno & Hamilton Team on the successful representation of the buyer at 1016 E. Haley Street, a charming duplex in downtown Santa Barbara. Offered for $999,000, sold for $949,000.

Kelly Mahan Herrick 805.208.1451

Kelly@HomesInSantaBarbara.com

36 MONTECITO JOURNAL

“Graholm” is one of the original Santa Barbara hilltop estates from the last century, taking full advantage of expansive Pacific Ocean views, Santa Barbara Harbor, and Montecito Valley from its approximately 7.43-acre hilltop perch. The home was designed by architect Roland Sauter (Cabrillo Pavilion, improvements at the Old Mission) for David Gray, whose family was one of the original shareholders in Ford Motor Company. Construction of the approximately 18,150-sq-ft grand Spanish Colonial Revival estate began in 1918. The restored and remodeled home now enjoys modern amenities. The new features of the estate with 8 bedrooms, 9 full baths, and 3 powder rooms, include a center-island kitchen with 28-ft vaulted beamed ceilings, classic Spanish-style patterns and finishes, rich textures, massive wood-beamed ceilings, arched French doors and windows, and Batchelder Spanish-tile floor throughout the public rooms, along with custom wrought-iron balustrades. Additionally, there are 7 fireplaces, two 4,000-bottle wine cellars, a pub room, estate office, craft room, media-game room, arcade room, staff bedroom, and several balconies and terraces all opening to dramatic ocean views, plus landscaped grounds accented with fountains and towering eucalyptus and redwood trees. The mid-century 2,800-sq-ft, 3-bedroom, 3-bath guesthouse features a large den with fireplace, full kitchen, another upstairs den, a game room, laundry, its own pool area, and decks with ocean, island, and Santa Barbara Harbor views. This home is in the 93108 ZIP Code, but is not within either of the Montecito school districts.

1599 East Valley Road: $16,800,000

Located down a long, gated drive, past a significant private pond with manicured lawns, is this impressive, notable, Montecito estate. Featured on the cover of the autobiographical Montecito Boy, written by Nevill Cramer, this home represents a cherished piece of local area history. Grand mountain views and ocean vistas surround this 1931 Cape Dutch estate designed by noted architect Ambrose Cramer. This 10,000+ sq-ft home is on a 3.5+/- acre lot, just a block from Montecito’s upper village, on estate row along East Valley Road, just a few doors down from Oprah Winfrey and another estate that is on the market for $48,500,000. This grand renovated residence retains the charm and architectural details from Montecito’s golden era while offering modern conveniences and amenities, including 6 bedrooms, 9 bathrooms, a substantial and bright chef’s kitchen, pool, pathways, entertaining patios, parking for many guests, and is within the Montecito Union School District. ••• For more information on any of these listings or to have me arrange a showing with the listing agents, please contact me directly, Mark@Villagesite.com or call/text (805) 698-2174. Please view my website, www.MontecitoBestBuys. com, from which this article is based. •MJ

• REAL ESTATES •

SUMMER 2017

BUILDING ZONE

by Jock M. Sewall, AIA

Jock Sewall, a fourth-generation Californian, has been a practicing architect in Santa Barbara for 25 years. He can be reached at www.jocksewall.com

The Accessory Dwelling Unit (ADU)

iven their druthers, nearly everyone would prefer to age in place; the hard part is finding the place. Moreover, not all can afford nor desire to be in an assisted living facility. An ADU provides an alternative to being forced into leaving the area and friends they love, and being warehoused with a group of “seniors,” waiting for the end. Extended family living, which is at the root of the granny-flat concept, provides convenient family support, close help in emergencies, and personal independence as long as possible at a reasonable cost and shared expenses. An accessory dwelling unit is also a good investment, not a horrific drain. There are no relocation expenses or the headaches that go with them. The transaction costs of sales, staging, commissions, property tax reset, paying capital gains tax, and trying to qualify for a new loan with reduced income can all be a traumatic shock for seniors when everything they ever worked for is on the line and then seems to go up in smoke. A lot has been said about these benefits, so here are the action steps to take under the new statewide guidelines:

Getting Permits

1. Find out if you are eligible. Current state rules provide for the ADU to be possible, but these rules are going to be modified soon. For instance, allowable maximum size will be reduced. Also, no ADUs are allowed in coastal or agricultural zones; it is for residential only. 2. Is the ADU size you want allowed? Is your site big enough? Right now,

1,200 sq ft is allowed everywhere, but that will be reduced soon based on site size. For example, sites one to two acres will be permitted for 1,000 square feet maximum. 3. Save time and money, obtain your old plans. Visit the county before you get too involved. Really good counter people, up to speed with today’s rules, will lay out the procedure, costs, and show you existing files on your site. 4. Don’t expect miracles: processing is still slow but steadier and more predictable than usual – eight to 12 weeks should do it. 5. Get ready for fees from all sides. They are substantial even if you are only legalizing existing work. This remains a mystery but it is the only game in town. The mantra: this creates value… equity over costs. 6. Do it in two phases to protect your approval. Get a Land Use Permit (LUP). (Planning) separately from the building permit (Building Department) – if you combine the two, it leaves you exposed to a possible rule change until you are done. If you get the LUP, you have two years to obtain the building permit and start the construction work… and meanwhile, your ADU approval is locked in.

drop on site a foundation that is prepared while your unit is being built and delivered to your home. 2. Expand and/or legalize existing work – Many unpermitted additions in Montecito can now be legalized with this process. One of the fine benefits of this new law is you can get right with the authorities by having your kitchen, bath, bedroom, and so forth retroactively approved, permitted, and on title. This beats living in fear of zoning officials (the scary kind with neighborhood drones) showing up and starting to issue violations

Jerry Adams, Broker 805.657-0102 SUMMER 2017

3. New construction – Last but not least, add new construction, built from scratch to your taste up to 1,200 square feet with a full kitchen plus porches. This turns out to be a very livable downsize, vastly different from camping out in 800 sq ft with a wet bar and micro. That is it in a nutshell. The goose has laid the golden egg; the rest is up to you to use it wisely. •MJ

“SELLING SANTA BARBARA 8 DAYS A WEEK”

Building it out

Construction ADU installation occurs primarily in three ways: 1. Drop-on at the site – Many small pre-manufactured units that look like cottages (not mobile homes), are coming online and you can bet more will be coming. They are built off site with kitchen, bath, and living area, ready to

Summerland Beach Cottage

'new price' $2,780,000

because a neighbor turned you in. As one sage local resident said, “It changes the dynamics of your situation.”

200' to sand. Adjoins Lookout Park, walk to Summerland stores. Dog friendly beach. Built 1986, 1919 sf on 10,454 sf lot. Parking for 7 cars. Very private, 16x31 great room. No HOA. 2311Finney.com

Larry S. Martin, Associate Managing Director www.sbviewhomes.com 805 895-6872 CalBRE #01372928

1255 Coast Village Road Suite 201 B, Montecito, CA 93108

Experience the TELES advantage at telesproperties.com

• REAL ESTATES •

MONTECITO JOURNAL

REAL ESTATE SNAPSHOT (Continued from page 32) A lower village jewel: perched right above Coast Village Road, this 1930s estate boasts expansive ocean views; it sold in June for $6,445,000 (listed by Riskin Partners of Village Properties, sold by Randy Solakian of Coldwell Banker)

many buyers want smaller properties, less environmental impact and water usage, and less maintenance. The 10 sold homes were located in various areas of Montecito, including Ennisbrook, Birnam Wood, the Golden Quadrangle, Toro Canyon, and both the west and east ends of the 93108 ZIP code. A striking home on Middle Road was one of the gems of this price point, perched high above Coast Village Road yet walking distance to the road’s many amenities. The 1930s estate, with 3 bedrooms and 6 bathrooms, boasts endless ocean views from almost every room, and has thoughtful period touches and

Montecito

Q2 Market Comparison 2016 to 2017 Jan Feb Mar April May June Q2 Total

Trans # % Change 2016 2017 2016-2017 28 13 -54% 17 15 -12% 20 16 -20% 15 17 13% 26 25 -4% 16 21 31% 122 107 -12%

Average % Change 2016 2017 2016-2017 $3,790,982 $3,344,462 -12% $5,023,765 $2,700,533 -46% $3,261,225 $3,135,875 -4% $2,681,267 $3,021,912 13% $3,112,481 $3,484,200 12% $2,979,750 $3,599,690 21% $3,474,912 $3,214,445 -7%

Median % Change 2016 2017 2016-2017 $3,167,500 $2,250,000 -29% $4,000,000 $2,536,000 -37% $2,612,500 $2,312,500 -11% $1,979,000 $2,405,000 22% $2,377,500 $3,200,000 35% $2,545,000 $2,800,000 10% $2,780,250 $2,583,917 -7%

Avg/Median Price 2016 v 2017 $6,000,000

$5,000,000

Axis Title

$4,000,000 Average 2016 Average 2017

$3,000,000

Median 2016 Median 2017

$2,000,000

$1,000,000

Jan

Feb

Mar

April

May

June

Transactions 2016 v 2017 140 120 100 80

Trans # 2016

Trans # 2017

40 20 0

Jan

Feb

38 MONTECITO JOURNAL

Mar

April

May

June

Q2 Total

Santa Barbara

• REAL ESTATES •

SUMMER 2017

A contemporary home on Park Lane with ocean views and 2-story guest house sold for $6,312, 293 in June (listed by Dan Encell, sold by Calcagno & Hamilton, both of Berkshire Hathaway Home Services)

A tropical beach estate on Hill Road sold for $12.5 million in March (co-listed by Suzanne Perkins of Sotheby’s and Phyllis Noble of Berkshire Hathaway Home Services; sold by Nancy Kogevinas of BHHS)

many high-end upgrades. It sold for $6,445,000 in June, more than $2M less than its original asking price back in November 2016. Another ocean-view property on Park Lane also sold in June in this price point; this one a contemporary villa with clean lines, open floor plan, large main house, and 2-story glass pool house.

As expected, homes over $8M are cream of the crop, attracting buyers looking for A+ amenities, stunning views, expansive properties, and decadent finishes. A gorgeous home on 3.45 acres sold in January for $8,100,000 on Meadow Wood Lane. Reminiscent of a European Country Manor, the 11,687-sq-ft home boasts 6 bedrooms and 7 bathrooms, as well as a guesthouse, pool, cabana, and 7-car garage. A four-acre estate on Hot Springs Road sold in April after 633 days on the market. Sold for $8,350,000, the spacious home boasts oversized living areas, expansive outdoor entertaining terraces, dual master bedrooms, and pool, all in close proximity to the lower village. For $12.5M, we saw the sale of a tropical beach estate on Hill Road, which closed in March. The extensively remodeled, 4,600-sq-ft home was built around

Over $8M

Four homes have sold over $8M between January and July of this year. This is down slightly from last year-to-date, when six homes sold over $8M. The four properties that have sold this year in this segment sold on average $4.7 million less than original asking price, with an average number of days on market of 405 days. This is expected, as higher-priced homes historically sit on the market for many months, and sometimes years, awaiting discerning buyers.

REAL ESTATE SNAPSHOT Page 424

Fidelity National Title Group

27-Year Price Trend

Santa Barbara-South County

SUMMER 2017

$1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000

Avg Price • REAL ESTATES •

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

$0 1998

$838,000 $936,500 $980,000 $929,500 $800,000 $700,000 $702,500 $666,396 $659,250 $800,000 $860,000 $899,000 $936,458 $961,357

$1,400,000

1997

$667,750

$1,600,000

1996

$253,000 $260,000 $265,000 $315,000 $349,500 $417,500 $456,250 $535,000

$1,800,000

1995

$468,085 $502,424 $558,359 $815,132 $1,216,368 $1,261,578 $1,733,700 $1,514,428 $1,455,236 $1,118,698 $1,120,227 $1,074,837 $1,025,906 $1,185,541 $1,283,202 $1,421,840 $1,394,559 $1,406,933

$265,000

$2,000,000

1994

$480,892

$271,500 $279,500 $250,000 $252,750

1993

$286,375 $335,881 $274,051 $279,521 $294,875 $301,005 $297,017 $305,749 $356,432

1992

Avg Price Med Price

1991

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017

Med Price MONTECITO JOURNAL

Upcoming Developments

by Kelly Mahan Herrick

Coming Soon to Coast Village Road

10,000-sq.-ft. apartment building, carport, and hardscape, as well as remove 10 mature canary island pine trees on the site. The new project includes a 1,000-sq.-ft. stone façade commercial building facing Coast Village Road, as well as a subterranean garage with six commercial parking spaces and

ond conceptual review of the project, which is in its preliminary design phase. Landscape designer Bob Cunningham told the ABR the landscape plan includes eight different species of trees, including replacement pine trees, magnolia, jacaranda, California sycamore, Queensland

A preliminary rendering of John Price’s mixed-use building on the corner of Coast Village Road and Olive Mill (courtesy Jeff Gorrell)

wo new condo projects slated to be built on Coast Village Road in the coming months and years will add 14 luxury condominiums to Montecito’s housing market. Slated to be finished at some point next year, the mixed-use project on the corner of Olive Mill and Coast Village Road will offer five condominiums: two 3-bedroom units, and three 2-bedroom units. The condos will be located on the second and third floors of the 3-story building, with 4,800-sq-ft of commercial space on the ground level. The project also calls for a subterranean parking lot with 36 parking spaces. In front of the Santa Barbara City Architectural Review Board (ABR) earlier this week, design revisions are

A rendering of another mixed-use condominium project, this one slated for 1062 Coast Village Road (courtesy Brian Cearnal)

still in the works, despite more than 12 years of countless meetings, years of litigation, and several project iterations. The development is owned by John Price and the architect is Jeff Gorrell. Another new condo undertaking also in the works: this one is located on the other side of the road, at 1062 Coast Village. Property owner David Back plans to demolish the current

one commercial bicycle space. It also includes nine residential condominiums, including private subterranean 2-car garages which include private elevators into the units. The roughly 2,100-sq.-ft., 2-bedroom condos include living space on the ground floor, bedrooms on the second floor, and rooftop decks. Architect Brian Cearnal was before the ABR in July, for a sec-

“BUILD ONE HOUSE OR TWO” EXPERTISE AND DEDICATION YOU CAN COUNT ON Montecito - Coast Village Road Brokerage 1106 Coast Village Rd | Montecito, CA 93108 805.705.7125 | jenny.hall@sothebyshomes.com CalBRE: 1937474

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.

40 MONTECITO JOURNAL

On two flat acres +/- in the heart of Montecito. Offering consists of two contiguous one acre parcels with rental homes. Build two new homes or one large home with guest house. Intriguing Property - call for details.

GREGORY TICE | 805.886.0121 | CalBRE #00462018 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. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal Housing Opportunity.

• REAL ESTATES •

umbrella trees, and others. Cearnal, who also designed the Plaza Montecito building and two condos on the former property of Turk Hessellund Nursery, told the ABR he has had multiple meetings with neighbors, including three who were in attendance and spoke at the meeting. Those neighbors voiced concern over potentially losing privacy in their homes and yards, as well as the height of the buildings. In addition to many more ABR meetings, the project will need environmental assessment because of its location in the Coastal Zone, as well as review by the Santa Barbara Planning Commission and courtesy review by the Montecito Planning Commission. Members of the ABR positively commented about the Spanish style of design, as well as the broken-up massing and the thoughtful placement of the buildings. •MJ SUMMER 2017

Understanding Real Estate by Steve Decker Steve Decker is the Owner/Broker of Decker Realty, Inc., a company doing business as NextHome Preferred Properties and T3 Property Management. A boutique, technology based real estate brokerage serving Santa Barbara and San Luis Obispo Counties. As a 46-year veteran of the real estate industry, he has successfully pursued many areas of the industry, including brokerage, investing and development. He can be reached through NHDR.net or 805 565-3400.

Cave Venditor... Let the Seller Beware

e’ve all heard the adage: In real estate it’s all about location, location, location! While location truly affects the value of a property you are selling, there is another little understood maxim affecting real estate sales and, ultimately, its value: Disclose, disclose, disclose! And, a failure to disclose a material fact, which can affect the value of the real property you are selling, can come back to cause you grief, aggravation and, worse, financial loss. This is not an exciting subject. The excitement in real estate transactions usually comes to sellers successfully gaining the sale of their home and the buyers’ happiness over acquiring their new home. The trauma comes when a buyer honestly discovers something after the transaction closes that he or she believes, if known before closing, would have adversely affected the buyer’s perception of the property’s value. This trauma can come back to bite the seller and their broker, as well, in the form of a “failure-to-disclose” lawsuit. Buyers, of course, don’t complain if something is discovered that increases their perception of the property’s value. Like that huge, beautiful field and view of the hills behind your new home was just dedicated as open space in perpetuity. It’s learning, after closing, that the city had recently changed the zoning of the open field

over to commercial development. Real Estate professionals carry what is called an Errors and Omissions insurance policy. Such a policy protects, up to its policy limits, against claims alleging a negligent act, error, or omission in the rendering of or failure to render the insured services. And, just what are these services? They are the many different types of real estate brokerage services: residential sales, property management, leasing, referrals, and even when a broker gives an opinion about the value of a property, to name a few. Services where a broker or agent are representing the interests of a client in a real estate transaction. Disclosing known material facts that may affect a residential property’s value is a responsibility of the broker and the seller. There is a lengthy list of disclosure topics that, by statute, must be made by sellers to buyers. But disclosure requirements can also be set by agreement between the principals (buyer and seller; borrower and lender; lessee and lessor, et cetera). In the case of statutory disclosure requirements, there are 22 listed by the California Bureau of Real Estate. They range from the seemingly mundane disclosure of the existence of window security bars on the building to methamphetamine contamination and the location of Registered Sex Offenders in relationship to the prop-

Village Pool Supply

erty. Was there a death on the property within the last three years? If so, it must be disclosed. But here is the rub in all this: just what constitutes a material fact affecting the perceived value of a property? Is there a limit to what could be claimed by an aggrieved buyer? The short answer is, no, not really. This is where honesty, integrity, and fairness is tested in the world of residential real estate transactions. Because, notwithstanding that the real estate industry has a myriad of disclosure forms that try to cover all conceivable disclosure possibilities, a buyer can come up with just about anything they claim, if they had known, they would have either not bought the property or offered a lesser price. And the claims can be seemingly ridiculous to the average person. Buyers can claim that if they had known that there was dog in the area that barks, they would not have bought the property. If they had known that their neighbor, two doors down, has periodic visitors that appear to be untrustworthy or dress provocatively (in the opinion of the buyer), they would not have bought the property. Or that a neighbor, in a rural area, has chickens. No rooster, just clucking chickens, they would not have bought.

It can be pretty much anything, regardless of how ridiculous it seems, because it is an entirely subjective test. If the situation or condition factually exists, it can stand as a claim in court. However, claims of these types are not common. And most legitimate claims in California are settled in the $25,000 to $50,000 range. With all the disclosure forms and information provided to buyers today, it is difficult to come up with plausible claims by an honest buyer who does not want to game the system. However, a buyer who wants financial gain by trumping up a fabricated claim against a good-faith seller can cause financial and personal chaos. So, what are sellers to do to protect themselves in a transaction? First and foremost, be forthcoming and candid on all disclosure forms presented to you by your broker. Ask questions of your broker about what things might be a material fact affecting value. Also, ask your broker if they carry Errors & Omissions insurance coverage for their listing clients. Not all brokers have this coverage, which can provide for legal expenses and damage awards that are held to be the responsibility of the seller. So, it’s not only caveat emptor, let the buyer beware, it is also cave venditor: let the seller beware. •MJ

Beachfront Perfection

Spectacular ocean, island, coastline and mountain views are savored from this casually elegant home. Comprising of three separate lots totaling over 2 acres, with more than 250 feet of premier coastline frontage with which to enjoy privacy and seclusion. Price Upon Request Video here: https://vimeo.com/214898956

ANDREW TEMPLETON Estates Director 805.895.6029 FSGroup@cox.net CalBRE 01397847

SUMMER 2017

• REAL ESTATES •

MONTECITO JOURNAL

REAL ESTATE SNAPSHOT (Continued from page 39)

its Channel Island views, with massive floor-to-ceiling nano doors, which lead to a loggia on which to enjoy the salty air and pool. The highest-priced sale in Montecito this year closed in May for $15,925,000. Located on Hot Springs Road, this magnificent 19.5-acre estate with nearly 10,000-sq-ft residence offers 6 bedrooms and 6.5 bathrooms, with attached guest cottage, music studio or theater, caretaker’s cottage, pool, and 2-bedroom guesthouse.

This year’s highest-priced sale thus far: a 19.5-acre estate on Hot Springs Road, which sold for $15,925,000

What’s on the Market Now

There are currently approximately 148 single-family homes on the market in the 93108 ZIP code. Fourteen of those are currently in escrow. Fifteen are priced under $2M, ranging from a 3/2 fixer on Canon View Road for $995K, to two homes on Westmont Road ($1,199,000 & $1,299,000), several MUS homes on the east end of town (Romero Canyon and Orchard Lane, both around $1.7M), and several Cold Spring School homes on Canon View, Sycamore Canyon, and Chelham Way. Between $2M and $4M, there are 41 active listings, with several offerings in Montecito Oaks, the Hedgerow, and neighborhoods near Montecito Country Club, the upper village, Butterfly Beach, Toro Canyon, and within the Golden Quadrangle. The $4M to $6M segment offers 29 active listings, ranging from beach and beach-near houses on Miramar Beach and Hill Road, Hedgerow homes on Miramar Avenue and Green Lane, several homes on East Valley Road, homes above the upper village (think Picacho Lane, El Bosque, Oak Grove Drive), and properties in both Ennisbrook and Birnam Wood. Between $6M and $8M, there are eight homes on the market, with an average number of days on market of 247. Between $8M and $10M, there are 11 homes on the market, and over $10M, there are 30 homes currently listed. The highest-priced listing in Montecito continues to be Rancho San Carlos, a 237-acre property that has been on the market for 924 days. This legacy estate has been under the same family ownership for nearly 100 years, and boasts a sprawling hilltop manor home with 12 bedrooms and 13 bathrooms, in addition to 10 residential cottages, expansive orchards, and equestrian facilities. It is listed for $85 million. •MJ

With 156 homes currently on the market in the 93108 ZIP code, Rancho San Carlos, a 237-acre property on the east end of Montecito, is the crown jewel, with an asking price of $85 million (co-listed by Suzanne Perkins and Harry Kolb of Sotheby’s)

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• REAL ESTATES •

SUMMER 2017

On Friday Evening, September 15, 2017 We Honor Our 2017 Legends On Stage at The Granada Theatre. Anne Towbes and Michael Towbes (In Memoriam) Philanthropists Marilyn Horne Artist Music Academy of the West Institution

A Gala with captivating surprises. Unexpected bursts of talent to thrill. Enchanting visual experiences. Music and song to delight. Anecdotes from the heart. Experience the 2017 at The Granada Theatre.

Tickets are available. For more information call 805.899.3000 or email Hayley Firestone Jessup, Vice President of Advancement, The Granada Theatre, hjessup@granadasb.org. * The proceeds of the Legends Gala support the Santa Barbara Center for the Performing Arts and the Granada Theatre.

Granada_Montecito_Journal_Ad17_0815.indd SUMMER 2017

â&#x20AC;˘ REAL ESTATES â&#x20AC;˘

8/15/17 9:56 AM MONTECITO JOURNAL

SANTA BARBARA POLO & RACQUET CLUB Summer 16 Goal Series July 9 - August 27 Sundays at 3:00 PM

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General Admission Cost: $10 / $20 (shaded seating) To purchase tickets, please visit www.sbpolo.com

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For sponsorship information, Contact Charles Ward at (214) 995-5584

ENGEL & VÖLKERS POLO STADIUM SANTA BARBARA POLO & RACQUET CLUB 3300 Via Real, Carpinteria, CA 93013 For more information, please call (805) 684-6683 or visit www.sbpolo.com

Polo Action Photos by Kim Kumpart Photography

Santa Barbara Polo & Racquet Club

44 MONTECITO JOURNAL

@therealsbpolo

• REAL ESTATES •

@sbprc

SUMMER 2017

Steve Decker, Owner / Broker 805 708-6400

Bobbie Combs, Agent 805 888-9397

Andy Cook, Agent 805 835-5600

National & International Reach International Buyers Up 49% In U.S.

Dakota Bailey, Agent 805 931-9101

Pamela Taylor, Agent 805 895-6541

A Boutique Brokerage e Montecito & Santa Barbara Properties e Members California Regional MLS e Our lisitngs can be seen by over 600K California REALTORS CA BRE # 01280302 | Each office is independently owned & operated

SUMMER 2017

Renier Dresser, Broker 805 776-3313

• REAL ESTATES •

www.nhpp.re MONTECITO JOURNAL

MONTECITO RESOURCES

by Journal staff

Following is a list of e-mail addresses, websites, phone numbers, and names of people and institutions you should always have handy: All Saints by-the-Sea Episcopal Church 83 Eucalyptus Lane 805-969-4771 allsaintsbythesea.org All Saints by-the-Sea Parish School (3-year-olds to pre-K) 84 Eucalyptus Lane 805-969-4946 school@allsaintsbythesea.org

Das Williams First District Supervisor Board of Supervisors, 4th Floor 105 East Anapamu Street 805-568-2186 dwilliams@countyofsb.org El Montecito Early School (2-year-olds through pre-K) 1455 East Valley Road 805-969-3566 elmontecitoearlyschool.com

City of Santa Barbara Mayor Helene Schneider 735 Anacapa Street 805-963-0611 santabarbaraca.gov

Laguna Blanca Lower School (K-4th) 260 San Ysidro Road 805-695-8143 lagunablanca.org

Cold Spring School (K-6) 2243 Sycamore Canyon Road 805-969-2678 office@coldspringschool.net

Montecito Association (also Montecito Planning Commission) 1469 East Valley Road 805-969-2026 montecitoassociation.org

Crane Country Day School (K-8) 1795 San Leandro Lane 805-969-7732 craneschool.org

Montecito Board of Architectural Review 123 East Anapamu Street sbcountyplanning.org

Montecito Covenant Church 671 Cold Spring Road 805-969-0373 office@mcchurch.org

Montecito Water District 583 San Ysidro Road 805-969-2271 customer service@montecitowater. com

Montecito Family YMCA 591 Santa Rosa Lane 805-969-3288 ciymca.org

Our Lady of Mounty Carmel (K-8) 530 Hot Springs Road 805-969-5965 info@mountcarmelschool.net

Montecito Family YMCA Preschool (2.5 to 5-year-olds) 591 Santa Rosa Lane 805-969-3288 ciymca.org/montecito

Read ‘N’ Post 1026 Coast Village Road 805-969-1148

Montecito Fire Protection District 595 San Ysidro Road 805-969-7762 montecitofire.com Montecito Library 1469 East Valley Road 805-969-5063

MontecitoLibrary@SantaBarbaraCA.gov

Montecito Sanitary District 1042 Monte Cristo Lane 805-969-4200 staff@montsan.org

Santa Barbara County Sheriff 5775 Carpinteria Avenue Carpinteria 805-684-4561 U.S. Post Office 1470 East Valley Road 800-275-8777 U.S. Representative, 24th District Salud Carbajal 202-225-3601 carbajal.house.gov

Montecito Union School (K-6) 385 San Ysidro Road 805-969-3249 montecitou.org

Westmont College 955 La Paz Road 805-565-6000 westmont.edu

INTRODUCING A FREE REAL ESTATE APP JUST FOR SANTA BARBARA COUNTY THIS NEW APP ALLOWS YOU TO: • Pull real-time information from the Santa Barbara MLS • See what your home is worth • See what has sold in your neighborhood • See what’s available for sale or for rent • Find open houses

GO TO YOUR APP STORE AND DOWNLOAD “HOMES IN SANTA BARBARA”

46 MONTECITO JOURNAL

• REAL ESTATES •

SUMMER 2017

$7,085,404

SUMMER 2017

• REAL ESTATES •

MONTECITO JOURNAL

Cold East Valley SpringsRoad Road||$8,750,000 $13,500,000

Featherhill Road | $5,495,000

Gobernador Canyon Road | $3,295,000

West Mountain Drive | $3,149,000

Nancy Kogevinas | 805.450.6233 | MontecitoProperties.com BRE: 01209514

ÂŠ2017 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. Buyer is advised to independently verify the accuracy of that information. CalBRE 01317331