Montecito Real Estate Roundup 2019

REAL ESTATE

ROUNDUP 2019

956 Mariposa Lane Montecito CA 93108 Â Listed by Riskin Partners Estate Group and Patricia Griffin of Village Properties Offered for $14,500,000

RIVEN ROCK ROAD L I V E . L I F E . B E A U T I F U L LY.

4 Bedrooms / 6 Bathrooms / Ocean & Island Views Listed at $8,750,000

DANA ZERTUCHE & LORI BOWLES 805.565.8198 info@Montecito.Associates CalRE#01465425 CalRE#01961570

COLDWELL BANKER RESIDENTIAL BROKERAGE

The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved.

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MONTECITO JOURNAL

REAL ESTATES 2019

Just Sold!

SOLD OFF MARKET IN A QUICK 14 DAY ESCROW! 237 San Ysidro Road, Montecito CA 3 BD | 3.5 BA | 3,787 SQ FT | 1 ACRE POOL & SPA | CABANA | STUDIO/WORKSHOP

We Represented the Buyers

Sold for $4,975,000

Just Listed!

STRIKING MOORISH-STYLE ESTATE WITH LUSH, PRIVATE GARDENS 2084 Alisos Drive, Montecito CA 3 BD + BONUS ROOM | 4.5 BA | 4,093 SQ FT 1 ACRE | POOL | INCREDIBLE RENTAL HISTORY

FIRST OPEN this SUNDAY (9/15) 1-3PM

Newly Offered at $4,495,000

visit

MONTECITOFINEESTATES.com MARSHA KOTLYAR REAL ESTATE GROUP

MARSHA KOTLYAR, PATRICE SERRANI, & ALLIE BAXTER 805.565.4014 associates@marshakotlyar.com License # 01426886 ©2019 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.

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

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HollyOaks MONTECITO MOUNTAIN VIEWS Timeless Architectural Style World-class gardens, enduring architecture and mesmerizing mountain views are just the beginning at HollyOaks.

Designed in 1928 by a visionary architect, José Luis Curletti was inspired by grand European estates and crafted a residence of timeless appeal that stands today as one of Montecito’s most vibrant properties.

Combining intimacy with grand scale and every luxurious home amenity, this estate is for today’s modern family with a place for everyone to indulge in the art of living.

HollyOaks invites entertaining with a chef-friendly kitchen and generous, open living spaces where guests easily roam from the pub to the billiards, media and music rooms. In addition to the main residence, there are two original guest cottages each with its own distinct character and welcoming charm.

The property’s 3+ acre grounds are fed by a private well and provide a backdrop for occasions both large and intimate. The pool, spa, barbecue area and an extremely inviting pool cabana provide all the amenities needed for family fun and entertaining. The expansive grass area has hosted a family wedding, a 250 person charity event, musical performances and even a children’s carnival The peaceful and inspiring oak forest creates your own private park enhanced with numerous rock-lined walking trails, bridges over a seasonal creek, koi pond, waterfalls, benches and “secret garden” areas. It is a wonderful spot for kids of all ages to explore or to just relax surrounded by nature.

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REAL ESTATES 2019

2697 Sycamore Canyon Road $14,500,000

An unrivaled display of beauty and understated luxury, HollyOaks is ready for its next chapter. This is a property that will be lived in, loved, enjoyed and shared for generations to come.

HollyOaksMontecito.com

NANCY KOGEVINAS 805.450.6233

Berkshire Hathaway HomeServices California Properties DRE: 01209514 ©2019 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.

REAL ESTATES 2019

• The Voice of the Village •

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P R E S T I G I O U S PA R K L A N E MONTECITO | $28,000,000

9 0 0 K N O L LW O O D D R I V E MONTECITO | $19,250,000

Virtually Enhanced

691 PICACHO LANE MONTECITO | $16,500,000

705 RIVEN ROCK ROAD MONTECITO | $13,900,000

1 4 7 5 E M O U N TA I N D R I V E MONTECITO | $14,900,000

956 MARIPOSA LANE MONTECITO | $14,500,000

team@ RiskinPartners.com

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805.565.8600

REAL ESTATES 2019

1270 PEPPER LANE MONTECITO | $9,950,000

1575 ALISOS CANYON S A N TA Y N E Z | $ 7 , 7 5 0 , 0 0 0

Virtually Enhanced N

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Santa Barbara 2019 sales volume

808 SAN YSIDRO LANE MONTECITO | $6,250,000

7 9 6 PA R K L A N E W E S T MONTECITO | $5,750,000

2 5 6 S A N TA R O S A L A N E MONTECITO | $4,580,000

36 CANON VIEW MONTECITO | $2,695,000

Village Properties Realtors REAL ESTATES 2019

license #01954177 • The Voice of the Village •

MONTECITO JOURNAL

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Editorial

MONTERE Y C O LO N IAL ESTAT E Minutes to hiking trails, Rosewood Miramar, San Ysidro Ranch and Upper Village. MUS schools.

7BD/6.5BA | 7,000+/- sf | 1.653+/- acre | Offered at $4,999,000

by James Buckley

The Joys of Owning Montecito Real Estate

T Debbie Lee

805-637-7588 debbieleesb@gmail.com CalRE# 01297968

CO LDWE LL BA NKE R RE S I DE NTI A L BRO KE RA G E

The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 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 are registered service marks owned by Coldwell Banker Real Estate LLC.

EAST MEETS WEST 1147 HILL ROAD | MONTECITO

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ICK CHURTON of Village Properties Realtors, London Office, feels relaxed and lucky after visiting a contemporary home just seconds away from the beach at Montecito.

There is something about wind chimes.

Their melodies and broken chords reflect calm. In Feng Shui they are used to bring good luck. So wind chimes are the perfect accompaniment to living at 1147 Hill Road in Montecito, as they must remind the owner of the good fortune he or she has to live there.

There is a distinct Asian feel to the home.

All is simple, straightforward and serene.

Yet it’s only 30 seconds from the beach.

The accommodation has been reversed so that the living room is upstairs and opens to a generous ocean view deck.

This is open plan living at its very best with a fabulously fitted kitchen, breakfast bar and dining area.

805.969.8900

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villagesite.com

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Downstairs the accommodation borders, on two sides, an outdoor pool with beautiful hardwood deck and fire pit. Here the bedrooms are decorated in whites, creams and other natural colours. The bathrooms are marble, tile and pebble.

This is a barefoot home where one is in touch with the elements.

As a gentle sea breeze flows easily through the house and stirs the chimes to music, the air is filled with ozone and the smell of the sea. A feeling of tranquillity prevails. There is a sense of inner peace that can’t be found everywhere.

So take off your shoes and listen to the chimes. They are telling you what enormous luck has brought you to this unique home in one of the most wonderful of locations.

Listed by the Grubb Campbell Group of Village Properties Realtors.

1250 Coast Village Road, Montecito CA

MONTECITO JOURNAL

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DRE 01206734

here isn’t or wasn’t enough room in the above sub-title to add Santa Barbara, Summerland, Hope Ranch, the Mesa, or virtually anywhere along this golden little coast of ours. But, all those areas are included in the virtuous and valuable Circle of Friendship known locally as “real estate.”

Sitting around in the living room of my own special piece of Montecito one summer evening in 1991, friends and I spoke of the astounding rise in the value of what we had purchased a mere two or three years before.

After the “crash” that came just a few months after that conversation, the slogan among realtors, bankers, escrow agents and the like was “Stay alive ‘til ‘95.” By 1997, the market stabilized and began moving up again, and prices quickly reached the previous plateau.

Lucky us.

There were a couple other “blips” in that climb (Y2K, the dot.com bubble, 9/11/2001 World Trade Center attack, etc.), all of which are now seen in the rear-view mirror as having been “buying opportunities.” Then, on September 29, 2008, the Dow Jones Industrial Average took one of its biggest falls ever, losing 777.68 points intra-day and closing near its low.

For many, that was The Day The Earth Stood Still. If you were in escrow, it fell out. If you had made an offer on property, you pulled it. If you had been thinking of buying something, you stopped thinking about it. In came Dodd-Frank, tying the hands of banks and brokers and putting a halt on real estate sales of all sorts.

But, funny enough, real estate values came back yet again. Why? Well, were you here during this past glorious summer (that’s still going on, and will until the end of October)? We’ve got weather that would satisfy the gods on Mount Olympus. Flying, biting insects are rare to non-existent.

This little sliver of land between the 4,000 ft peaks (sometimes snowcapped for a winter day or two) of the Figueroa Mountains and the deep blue Pacific Ocean has changed little in the past half-century. All around us, growth shakes its often-ugly head, but one can sail offshore from Gaviota to the Rincon and gaze upon the same coastline your father, mother, or distant relative enjoyed fifty or more years ago.

Oh sure, there has been some growth, especially north of Goleta, but even there it has been restrained, and enhanced, for example, by the spectacular Bartron Real Estate Group’s San Marcos Preserve, where 14 ocean-view estate sites ranging from 3 to 27 acres have been sensitively developed. If you haven’t visited at least once during an open house, go.

The homes and sites are beautiful.

As a golfer, I can play mid-week walking Sandpiper, Rancho San Marcos, Santa Barbara Municipal, Glen Annie, Twin Lakes nine-holer, all of which are not more than a 15-minute drive. You’ll need friends to play on our private courses – Birnam Wood, Valley Club, and La Cumbre – but hey, what are friends for?

Add Montecito’s world-class Music Academy of the West, a vibrant opera, ballet, and symphonic presence, East Beach, West Beach, the Funk Zone, Coast Village Road’s influx of excellent eateries (the culinary center of the Central Coast), and, well, one question looms: if you can afford to live here, why wouldn’t you?

As for value, don’t forget that inflation has eaten away the worth of a dollar. Not only won’t $1.5 million buy you what you could have gotten for $500,000 20 years ago, but there are many millions more people in California; they’re making more money, and, lucky for you if you are a seller, they want – they need – to buy a home. Throw in 3.5% mortgages, negative interest rates around the world, and fiat currency, and all of a sudden it makes a whole lot of sense to own a home.

I remember writing, back in 1996, a short time after launching Montecito Journal, that though prices in Birnam Wood seemed high (you could still buy something there for under $1 million) that there’d come a day in the not too distant future in which every home in Birnam Wood would fetch at least $3 million-plus. It seemed an audacious prognostication, but here we are 23 years later and if you do happen to find something selling for less than $4 million among the 140-plus homes in Birnam Wood, my advice would be: buy it.

I hope you enjoy this, our annual Real Estate Issue.

•MJ

REAL ESTATES 2019

M O N T E C I T O E S TAT E S. C O M

1920’S GEORGE WASHINGTON SMITH

P R I VA C Y / A L L A M E N I T I E S / 5 + A C R E S / M O N T E C I TO

$27,5OO,OOO

RESIDENTIAL BROKERAGE

RANDY SOLAKIAN CAL BRE 00622258

805 565/2208

REAL ESTATES 2019

M O N T E C I T O E S TAT E S. C O M

The Premiere Estates of Montecito & Santa Barbara • The Voice of the Village •

DEANNA SOLAKIAN WILLIAMS CAL BRE 01895788

805 565/2264

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The Way It Was

by Hattie Beresford

Montecito’s Winter Residents

Ms Beresford is a local historian who has written two Noticias for the Santa Barbara Historical Museum as well as authored two books. One, The Way It Was: Santa Barbara Comes of Age, is a collection of articles written for the Montecito Journal. The other, Celebrating CAMA’s Centennial, is the fascinating story of Santa Barbara’s Community Arts Music Association.

wanted to move his grandchildren, who had fallen ill while staying at the Arlington Hotel, into the healthful countryside.

As the pace of winter residencies skyrocketed, it inspired the visits of national and international dignitaries.

European royalty have been drawn to the area since the week-long visit of Princess Louise, the daughter of Queen Victoria, in 1883. Among others, King Albert of Belgium and entourage sojourned in Montecito in 1919,

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and Prince William and Catherine, the Duke and Duchess of Cambridge, were dropped by helicopter at the Santa Barbara Polo fields in 2011.

U.S. presidents, also, have been welcomed. William McKinley had a three-hour date with Santa Barbara in 1901, Theodore Roosevelt alighted in Montecito in 1903, and soon-to-be president John F. Kennedy and Jackie spent their honeymoon at the San Ysidro Guest Ranch. Ronald Reagan established the area as the “Western White House,” and a host of other presidents have tarried a while in Montecito.

Wintering in Montecito In 1915, the annual migration to Montecito was quite extensive. Two great expositions celebrating the completion of the Panama Canal lured tens of thousands of visitors to California. One, the Panama-

An ad from 1881 promotes the hot springs in Montecito (Santa Barbara Historical Museum)

n 1874, author Charles Nordhoff, at the behest of the Southern Pacific Railroad, published a second edition of his California for Health, Pleasure and Residence. In it, he languished praise on Santa Barbara as the loveliest spot in California and promoted its health benefits. Soon the small influx of Easterners escaping the harsh winter months and flocking to the salubrious climes of Montecito and Santa Barbara became a flood. Nordhoff claimed to have met men and women who had been restored to health by their residence in Santa Barbara, and he credited an equable climate, lack of mosquitoes, and numerous sulfur springs for its healthful environment.

Additionally, the area could boast that it had a pleasant society, good schools, a circulating library and numerous excursion sites such as the old Mission, the beaches, and the big Grapevine.

In Montecito, the hot sulphur springs, which had been used by the Chumash and then the Spanish residents for times immemorial, had

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been developed as a resort by Wilbur Curtiss in the late 1850s after they restored his health from years spent in the mines. As word spread, more and more invalids had come to take its waters. By the time Nordhoff visited in the early 1870s, he found a cozy nest of New Englanders and western New Yorkers already established. Adding to the enticements to take up residence, the Common Council of Santa Barbara allowed people to claim large parcels of land in Montecito for $10 an acre. Hopeful farmers and land speculators rushed to stake their claims. Soon, some visitors started building winter residences, as well. Among the earliest of these were Captain Absalom Anderson, famous Hudson River boat pilot and owner, who built Stonehedge, and John Murray Forbes, descendent of a New England China Trade family and president of the Chicago, Burlington and Quincy Railroad. Forbes purchased a home and developed an estate called (left to right) Grace Meeker, Ambrose Cramer, and Isabelle Baker, who spent the winter of 1915 in Mount Saint George in 1881 because he Montecito (Montecito Association History Committee)

REAL ESTATES 2019

California Exposition opened at midnight on New Year’s Eve in San Diego, and the other, the Panama-Pacific International Exposition opened a month later in San Francisco. Santa Barbara was located conveniently half way between the two. By the end of January the Morning Press was able to report that the season was well underway and that the ranks of the winter colony was increasing weekly.

Many well-heeled Eastern visitors stayed at the new and exclusive cottage hotel of El Mirasol owned and created by the artists Albert and Adele Herter. (Its location is today’s Alice Keck Park Memorial Gardens.) Others rented private homes in Montecito or owned their own vacation homes. Still others chose to stay at the Miramar Hotel or rent one of nine cottages at Montecito Park on Channel Drive.

(Site of today’s Four Seasons Biltmore.)

Winter guests usually stayed for two or three months, enjoying the social season in Santa Barbara, touring local sites like Ferl’s Banana Farm and Sawyer’s Hot Springs Resort on Mountain Drive, and taking excursions by horse, rail, boat, or automobile.

The Bakers By 1915, the Alfred Landon Bakers had been wintering in Montecito for years. In 1904, they had rented

WAY IT WAS Page 224

Senator John F. and Jackie Kennedy honeymooned at the San Ysidro Guest Ranch in September 1953 (Courtesy of photographer Hal Boucher whose work is on display as part of the Santa Barbara Historical Museum’s exhibition of noted Santa Barbara photographers, both current and historical.)

A salubrious climate had always beckoned visitors to Santa Barbara, but when the Panama California Exposition opened in San Diego, winter residents arrived in droves (WikiCommons)

Near the junction of today’s Coyote Road and Mountain Drive, William Ferl established a banana farm and a popular farm stand called Mountain Nook (Courtesy Santa Barbara Historical Museum and John Fritsche)

REAL ESTATES 2019

• The Voice of the Village •

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HOMES THAT DEFINE SANTA BARBARA FROM MONTECITO TO HOPE RANCH AND EVERYTHING IN BETWEEN.

3511 SEA LEDGE LANE | $9,750,000

4691 BOULDER RIDGE $2,895,000

2775 EAST VALLEY RD

4664 BEDROCK CT

$2,595,000

$2,695,000

(805) 563-4054 DRE: 01005021

SantaBarbaraHomes.com

© 2019 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 m

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REAL ESTATES 2019

1030 VIA PRADERA | $3,498,000

3626 SAN REMO DR $2,395,000

1220 NORTHRIDGE RD $2,095,000

1762 SYCAMORE CANYON $1,595,000

(805) 563-4054 DRE: 01005021

SantaBarbaraHomes.com

cluding 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.

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

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Has your REALTOR shown you this magical property yet?

Real Estate Snapshot

by Kelly Mahan Herrick Kelly is a licensed realtor with Berkshire Hathaway HomeServices, and a member of the award-winning Calcagno & Hamilton Real Estate Team. She can be reached at Kelly@homesinsantabarbara.com

Montecito Market Update One of eight homes sold over $10M this year: A 1920s George Washington Smith estate on Hot Springs sold in March for $15,500,000 (listed by Riskin Partners and Grubb Campbell Group of Village Properties; sold by Calcagno & Hamilton of Berkshire Hathaway)

OPEN SAT & SUN 1:00 – 5:00 1000 East Mountain Drive, Montecito

$3,450,000

Exclusive Montecito retreat on 3.4 acres. Four bedrooms, Four baths including Guest House. Ocean, mountain, and valley views. Convenient to Montecito villages, restaurants, the beach, and downtown Santa Barbara.

SERVICE RESULTS SALES

MARCEL P. FRASER

MONTECITO SPECIALISTS

BROKER, DRE #00691593

REBECCA L. FRASER REALTOR, DRE #01227487

MARCEL P. FRASER, REALTORS (805) 895-2288 (805) 570-7356 www.MarcelFraser.com

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ontecito continues to enjoy a healthy real estate market, with sales up 22% over last year; 131 homes and condos have sold so far this year, compared to 107 by the end of August in 2018. By this time in 2017, prior to the Thomas Fire and

debris flow, we were at 149 sales.

Looking at sales prices, median sales price is up 4%: $2,855,475, compared to $2,737,500 in 2018. Average sales price is $3,634,621, which is down

SNAPSHOT Page 164

CALL FOR OFFERS, DUE 9/13/19

INVESTMENT PROPERTY

FOR SALE

Location, location, location!

West Beach apartment complex within walking distance of the beach, Funk Zone, downtown, bus stops, and recreation. This well-maintained property is easy to manage with many recent upgrades and has been rented as a 21-unit complex for decades. Easy to rent with dozens of applications for any vacancy, providing income stability.

230-234 Castillo St & 321-325 W Montecito St Santa Barbara, CA

Asking Price: $6,395,000

Call today for details on this offering or to discuss other real estate investments.

Liam Murphy, ccim

Dan Moll

liam@hayescommercial.com

dan@hayescommercial.com

805.898.4385

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HayesCommercial.com 222 E. Carrillo St, Suite 101 Santa Barbara, California

805.898.4380

REAL ESTATES 2019

Montecito

Modern Farmhouse 645elbosqueroad.com

This recently reimagined ranch home has been redesigned by Stephanie Hunt, an international Interior Designer who has recently relocated to Montecito. As Flairhunter, she travels the world collecting unique and interesting finds for her projects and design clients. Stephanie combines her love of color and passion for fine art and fashion to create her own signature style. This stunning home was the perfect canvas for adding color and flair, creating a welcoming environment for all who visit. Set among mature oaks in the Golden Quadrangle of Montecito and boasting panoramic mountain views, this extensively remodeled, modern farmhouse is an entertainer’s dream. By merging interior design and real estate, Tyler and Renee provide the next level of concierge real estate services. Whether to curate the sale of your existing property or in the acquisition of your next, we are here to assist.

Offered at $5,250,000

Tyler Mearce

Renee Marvin

Tyler.Mearce@sothebyshomes.com 805.450.3336 tylermearce.com

Renee.Marvin@sothebyshomes.com 805.698.1590 reneemarvinhomes.com

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. Tyler Mearce DRE: 1969409 | Renee Marvin DRE: 2056190

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

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SNAPSHOT (Continued from page 14)

A remodeled debris flow home on Santa Clara Way in Montecito Oaks recently went on the market and into escrow within the first week (listed by Dusty Baker of Sotheby’s)

slightly from $3,721,211 in 2018, year-to-date. Month over month, the median sales price was up significantly in August: $4.2M, which is the highest monthly median sales price since May 2015. While there were only 12 sales in August, they were higher priced sales, ranging in price from $1.5M-$6.9M. We’ve seen the sale of eight homes over $10M this year so far, which is twice as many as we saw last year, and four times as many in 2017. Notable sales include 2955 East Valley Road, an impressive contemporary home on over eight acres that sold for $27M after being on the market for 549 days. The sale was the highest sale we’ve seen since 2016, when Seamair Farm, 23 acres in the Hedgerow, sold for $28,850,000 (Oprah bought that one).

Another notable sale this year was on Hot Springs Road, a 1920s George

YTD Price Range: Volume Price Range

0 - $2,000,000 $2,000,001 - $4,000,000 $4,000,001 - $6,000,000 $6,000,001 - $10,000,000 $10,000,001-Up TOTAL

250

2015 83

2016 84

2017 76

2018 64

2019 (YTD) 40

79 28 17 12 219

79 37 14 5 219

90 35 16 2 219

58 19 13 10 164

52 25 6 8 131

2015

2016

Washington Smith estate that sold in March for $15,500,000.

This year has brought the sale of several homes affected by the debris flow; some which were sold pre-restoration and some that were remodeled and restored, and then put on the market. Sales of homes damaged in the debris flow and sold as-is include a property on Olive Mill Road (sold for $1,545,000), a home on Rockbridge in Riven Rock ($1,950,000), a large home in the Hedgerow (sold for $2M), a 3-acre property in Glen Oaks (sold for $2.1M), and a home on a private lane off Olive Mill (sold for $2,375,000).

There are currently two homes in Montecito Oaks in escrow after being restored following the mudflow; both went into escrow within one week of being listed.

SNAPSHOT Page 304 2017

200

2018 2019 (YTD)

150 100 50

Total Sales Volume YTD 2019

0

1

YTD Montecito Price Range by Year

100 90 80 70 60 50 40 30 20 10 0

2015

0 - $2,000,000

2016 $2,000,001 - $4,000,000

2017 $4,000,001 - $6,000,000

2018 $6,000,001 - $10,000,000

$10,000,001-Up

2019 (YTD)

Montecito Price Range Trends by Year

100 90 80 70 60 50 40 30 20 10 0

2015

2016 0 - $2,000,000

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$2,000,001 - $4,000,000

2017 $4,000,001 - $6,000,000

2018

2019 (YTD)

$6,000,001 - $10,000,000

$10,000,001-Up

REAL ESTATES 2019

IN THE KNOW BEHIND THE SCENES AT VILLAGE PROPERTIES Locally Owned | Nationally Recognized | Globally Connected

COMMUNITY FIRST Village Properties owner and broker Renee Grubb was named Board Chair of the American Heart Association. She was honored at the annual Heart Ball which went on to raise $85,000 to support research, advocacy and patient support programs.

In addition, Village Properties has donated over $100,000 in the past year to local organizations including the Unity Shoppe, CADA, CALM, the American Heart Assocation, Santa Barbara Museum, Music Academy of the West, the Wellness Center, and our schools, to name a few.

CLIENT APPRECIATION LUXURY PORTFOLIO Village Properties hosted a client appreciation party at the Santa Barbara Club along with special guest Stephanie Anton, president of Luxury Portfolio International (LPI). Forging lasting personal relationships with customers is at the core of Village Properties’ mission statement. “We pride ourselves on keeping clients for life,” Renee Grubb said.

“We’re firm believers in developing and sustaining these long-term relationships.” Village Properties is the only Santa Barbara real estate company with exclusive membership in LPI exposing our listings to the world’s largest global network of locally branded brokerages.

GRAND OPENING OF NEW COAST VILLAGE ROAD OFFICE “We love our local community and are thrilled to open our second office on Coast Village Road to further serve the needs of our clients and the community,” said Renee Grubb. The new office at 1296 Coast Village Road is in a mixed-use building that features four commercial spaces on the ground floor.

TEACHER’S FUND & #BEKIND21 Let’s help our local teachers! Join us for a pizza party & ice cream social benefitting our local teachers on October 4th from 4-7pm at Village Properties Santa Barbara Office Courtyard. Visit tfsuppliesdrive.com for more information.

Kindness is our Village Properties culture and we are a part of Lady Gaga’s Born This Way ‘Be Kind 21: Make Kindness A Habit. We are committed to supporting young people and empowering them to create a kinder, braver world.

REAL ESTATES 2019

805.969.8900 | villagesite.com | 1250 Coast Village Road, Montecito CA | DRE 01206734

• The Voice of the Village •

MONTECITO JOURNAL

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z

15 Miramar Ave – $4,989,000

950 Brooktree – $6,729,000

Coming soon: 495 E. Mountain Dr

116 & 118 W. Yanonali St – $2,695,000 – $2,495,000

39 Seaview Dr – $2,250,000

1220 Coast Village Rd #309 – $949,000

#1 TEAM

in the Santa Barbara MLS for Transactions

&

in BHHS Santa Barbara and Montecito

homesinsantabarbara.com @homesinsb (805) 565-4000 DRE 01499736/01129919

for Transactions & Volume ©2019 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.

18 MONTECITO JOURNAL

REAL ESTATES 2019

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

19

WE AR E

150 EL CAMINO DRIVE, BEVERLY HILLS, CA 90212. 310.595.3888 © 2019 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY.

Douglas Elliman

20 MONTECITO JOURNAL

JA SON ST R E AT F EI LD M: 805.280.9797 JASON.STRE ATFEILD@ELLIMAN.C OM DRE# 018 34 496

elliman.com/california 12 5 5 C O A S T V I L L A G E R O A D , S U I T E 2 0 1 B M O N T E C I T O, C A L I F O R N I A 9 310 8 O : 8 0 5 . 617. 418 0

REAL ESTATES 2019

DUSTY BAKER DustyBakerRealEstate.com

805.570.0102

FE AT U R ED LI STI NGS 2733SycamoreCanyon.com* $11,999,999 849SandPoint.com $11,850,000 2169Refugio.com $4,250,000 197TiburonBay.com $4,249,000 2885SpyglassRidge.com $2,995,000 67LaVueltaRd.com $2,735,000 977ViaLosPadres.com $2,649,000 1406APS.com $2,595,000

Contemporary Montecito Farmhouse Offered at $4,249,000 | 197TiburonBay.com

2970HiddenValley.com $2,349,000 1355SantaClara.com* $1,799,000 4366Modoc.com $1,095,000

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. Dusty Baker DRE: 1908615

REAL ESTATES 2019

• The Voice of the Village •

* Under Contract

MONTECITO JOURNAL

21

WAY IT WAS (Continued from page 11)

The Bakers’ winter home, Cedar Cottage, stood at 1060 Channel Drive (Montecito Association History Committee)

On slow days, the kids engaged in snail races on the porch of Cedar Cottage (Montecito Association History Committee)

one of the cottages belonging to the Montecito Country Club and Mary Corwith Baker spent her days at the beach or wandering the Montecito countryside with her two daughters, Isabelle (7) and Mary (3). Alfred L. Baker was a stockbroker and president of the Chicago Stock Exchange from 1898 to 1900 as well as president of the National City Bank.

In 1907, Baker purchased a lot on Channel Drive, once occupied by the ninth hole of the Santa Barbara Country Club. (Today, 1060 Channel Drive.) In 1913, he engaged José Curletti to design the house he named Cedar Cottage and construction commenced. When the Baker family returned to Santa Barbara in 1914, they were met at the train station and escorted to their new two-story shingle home, which, according to an interview with Isabelle Baker Welch, “was completely furnished, down to the china, silver and linens.” Diehl’s world famous grocery had even provided a Chinese cook who had dinner on the table waiting for them.

The following year, the Bakers arrived in Montecito in February. Their friends, the Arthur Meekers of Chicago, who had missed several seasons in Montecito, had rented Montecito Park Cottage #4, the former clubhouse of the Santa Barbara Country Club on Channel Drive, and had sent their children, who were escorted by their governesses, ahead of them. Arthur Meeker, manager of Armour Packing Company, and his wife Grace Murray Meeker, would arrive later.

The Bakers embarked on hosting a series of luncheons at the Country Club and at Madame Jacoutot’s French restaurant, Le Chalet, located on a corner of Humphrey Road and today’s South Jameson. Alfred teamed up with another winter visi-

El Mirasol was the exclusive cottage hotel created by internationally-known artists Albert and Adele Herter in 1914.

The hotel burned to the ground in the 1960s and the site is today Alice Keck Park Memorial Gardens. (Santa Barbara Historical Museum)

22 MONTECITO JOURNAL

REAL ESTATES 2019

Another visitor was 22-year-old Ambrose C. Cramer, scion of a wealthy Chicago family and an architect, who was courting Grace Meeker. The two married the following year. Though they divorced ten years later, Cramer would remain in the family, for after designing a Cape Dutch style home named Constantia for his in-laws in Montecito, he married Grace’s sister.

Montecito Amenities

Lolita Armour poses for Grace and Isabelle, whom she had invited to lunch at El Mirasol (Montecito Association History Committee)

Montecito in 1915 stood poised to grow beyond the collection of farms and ranches and citrus groves that dominated its countryside. Already, several mostly ornamental estates had been established, most notably Tanglewood – 1882; Stonehedge – 1884; Riso Rivo – 1887; Riso Rivo - 1887 (today’s El Mirador); Mount.

Saint George – 1881; Mira Vista -1891; Arcady –1894; Vegamar – 1897; El Fureidis – 1906; Bellosguardo – 190306; Bonneymede – 1906; Stewart House – 1909 (designed by Frank Lloyd Wright); Eucalyptus Hill – 1913; and Solano – 1915.

Farming and ranching did occur on some of these estates, in fact, Charles Frederick Eaton and Ralph Kinton Stevens were integrally involved in the horticulture pursuits of the community, and many estates sported

WAY IT WAS Page 264

“The Art of Downsizing”

By Nancy Newquist-Nolan REALTOR® Senior Real Estate Specialist Grace and Isabelle took many rides into the mountains escorted by José del Carmen Cota, the owner of a livery stable in Montecito. They were entranced by his dog “Pipkin” riding pillion on “Joe.” (Montecito Association History Committee)

tor, Watson Blair, to host a reception for August Schvan, former secretary of the Swedish delegation to Russia and peace advocate.

Isabelle and Grace

Isabelle Baker (18) and Grace Meeker (20), were great friends. They found many ways to entertain themselves while wintering in Montecito. Favored among the varied activities were horseback trips into the Montecito backcountry and beyond. José del Carmen Romero of the Montecito Livery on Cota Lane was engaged to assist in these excursions. He brought saddle horses to Cedar Cottage and escorted the riders up Cold Spring and other local trails, all while his dog Pipkin rode pillion. Picnics in Franklin Canyon in Carpinteria and trips over San Marcos Pass filled the days. When life became tedious, there were always snail races to entertain the troop of children.

Excursions into town found the two girls visiting Diehl’s Grocery Store, a REAL ESTATES 2019

favorite local meeting place known for its gourmet inventory and exceptional service. Like her mother in 1904, Isabelle and Grace visited Larco, the fishmonger, and his white pelican on lower State Street. This pelican was said to be a harbinger of bad weather, for when he was in residence, there was sure to be a storm on the way, and when he was far out at sea, sunny days would prevail. He was a famous and popular tourist attraction for many years.

Of course, a trip into Santa Barbara would not be complete without a visit to the Santa Barbara Mission. In those days, visitors could climb into the bell towers for amazing city and ocean views as well as views of Arlington Heights where the new State Normal School (today’s Riviera Park) and extension of the trolley were the dominant features. One time the girls were invited to lunch at the new El Mirasol Hotel by Lolita Armour, granddaughter of the Chicago meat-packing magnate, who was staying there for the season.

ASK NANCY How do you know it’s the right time to downsize?

Your home is too big, you are spending time in one room and cleaning is overwhelming. You no longer want to (or can) afford the maintenance of a house. The landscaping of your home is overgrown with weeds and you no longer have the energy to keep it up. Finally if the stairs are becoming public enemy #1, you are ready for a new home. Bring life back into your lifestyle.

When you are ready to sell your home, Call Nancy.

www.NancyNewquistNolan.com

805.570.1015

nancynolanrealtor@gmail.com CalRE#01459696

Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 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 and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

• The Voice of the Village •

MONTECITO JOURNAL

23

#1 INDIVIDUAL AGENT A SELECTION OF SALES, SEPT ‘18 - SEPT ‘19...

SELLER

BUYER & SELLER

BUYER & SELLER $12,750,000

$10,500,000

CARPINTERIA

CARPINTERIA

MONTECITO

S A N TA B A R B A R A

SELLER

BUYER & SELLER $5,395,000

$5,199,000

$4,995,000

HOPE RANCH

MONTECITO

MONTECITO

MONTECITO

$26,500,000

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SELLER

$14,900,000

BUYER

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$4,950,000

$4,350,000

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BUYER & SELLER $4,150,000

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MONTECITO

MONTECITO

MONTECITO

MONTECITO

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BUYER & SELLER $3,500,000

$3,450,000

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S A N TA B A R B A R A

MONTECITO

MONTECITO

MONTECITO

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BUYER

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SELLER

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$3,250,000

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CARPINTERIA

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$1,995,000

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S A N TA B A R B A R A

MONTECITO

MONTECITO

S A N TA B A R B A R A

For a full list of current & off

w w w. M o n t e c i

* 2019

YTD by sales volume. Based on sta

©2019 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not gua

24 MONTECITO JOURNAL

REAL ESTATES 2019

A TOUCH OF TUSCANY I N S A N TA B A R B A R A M L S * A SELECTION OF CURRENT OFFERINGS...

PICACHO LANE

E A S T M O U N TA I N D R I V E

$22,450,000

E A S T M O U N TA I N D R I V E

$16,250,000

$9,950,000

UNDER CONTRACT

MIRAMAR BEACH

E A S T M O U N TA I N D R I V E

$8,400,000

E A S T VA L L E Y R O A D

$7,500,000

$7,495,000

OFF-MARKET LISTING

E A S T M O U N TA I N D R I V E $6,495,000

OFF-MARKET LISTING

LAS ENTRADAS DRIVE

F E AT H E R H I L L R O A D

MISSION RIDGE ROAD

HILL ROAD

SCHOOL HOUSE ROAD

BOUNDARY DRIVE

$5,850,000

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MCLEAN LANE $5,295,000

$4,895,000

$4,750,000

$4,475,000

OFF-MARKET LISTING

SCHOOL HOUSE ROAD $4,395,000

EL RANCHO ROAD $3,900,000

CIMA LINDA LANE

E A S T VA L L E Y R O A D

A U G U S TA L A N E

SAN YSIDRO ROAD

$3,295,000

$3,195,000

UNDER CONTRACT

AYA L A L A N E $2,975,000

SAN ANTONIO CREEK RD $2,795,000

$2,295,000

$1,298,000

UNDER CONTRACT

f-market listings please visit:

ito-Estate.com

atistics compiled by the Santa Barbara MLS

805.886.9378

Cristal@Montecito-Estate.com w w w. M o n t e c i t o - E s t a t e . c o m

arantee 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.

REAL ESTATES 2019

• The Voice of the Village •

DRE#00968247 MONTECITO JOURNAL

25

WAY IT WAS (Continued from page 26)

Adele Herter painted a cactus mural on top a background of silver tea packets for El MIrasol Hotel.

Frank Lloyd Wright called it the most beautiful wall covering he’d ever seen. Winter visitor Lolita Armour entertained Grace Meeker and Isabelle Baker here in 1915. (Santa Barbara Historical Museum)

Ambrose Cramer designed a Cape Dutch style home named Constantia for his Meeker in-laws in Montecito in the 1920s (Courtesy Santa Barbara Historical Museum)

26 MONTECITO JOURNAL

REAL ESTATES 2019

The lunch counter and restaurant at Diehl’s was a famous meeting place for Santa Barbara residents and visitors alike

Isabelle, standing, and Grace were chauffeured to Diehl’s grocery store on State Street, possibly to take lunch in the popular establishment (Montecito Association History Committee)

small citrus groves. By 1916, however, 30 large homes were in the planning stages or under construction. In the next ten years, estate building would proliferate and subdivisions make patchwork of the formerly large parcels and farms.

In 1915, Montecito boasted three churches, several water companies, a riding school, public library, three public elementary schools (Cold Spring, Montecito and Ortega) and two private schools, Deane School and Howard School. The Santa Barbara Country Club provided social and recreational opportunities for members and the Montecito Home Club provided the community with classes, a library, bowling alley, movies and a tennis court. In 1915 the Community REAL ESTATES 2019

Playhouse opened in Montecito next to the Bartlett Polo Field. Cultural life was thriving.

Potential residents no longer had to worry about a lack of essential amenities for there were a grocery and meat market, two dairies, two restaurants, a blacksmith, livery stables, automobile liveries, and a telephone and telegraph company. Roads continued being improved and the County Road as well as a few major arteries had been paved since 1909.

Electrifying Excursions

The Baker family and friends were not immune to the allure of

WAY IT WAS Page 384

The Bakers had been visiting Santa Barbara since at least 1904. At that time Isabelle’s mother, Mary Corwin Baker, had taken a walk with Larco’s famous white pelican. In 1915, Isabelle takes a careful look at “Jim.” (Montecito Association History Committee)

• The Voice of the Village •

MONTECITO JOURNAL

27

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.

East Montecito

I

n the past half dozen or so articles we have worked our way across Montecito, looking at different neighborhoods and homes for sale within these pockets.

We have covered areas such as western Montecito’s edge on the border with Santa Barbara, the Cold Spring School area, the now-open-again, San Ysidro Ranch and Montecito Union School neighborhood, the beach area near the Four Seasons Biltmore and the Rosewood Resort at Miramar Beach.

We took a verbal and visual drive along the foothills of Lilac Drive and Romero Canyon and now we find ourselves in eastern Montecito in a more rural part of town, yet just a few minutes further away from shops and conveniences than other homes recently featured.

Eastern Montecito can be roughly defined as the streets and homes along East Valley Road, between Toro Canyon Road to the east, Ortega Ridge and the area of Ladera Lane to the west, and the homes and streets to the north of East Valley Road, up to and along Bella Vista Drive east of Romero Canyon.

This eastern area of Montecito’s 93108 zip code is not within the Cold Spring or Montecito Union School Districts and is in the Summerland and Carpinteria School Districts.

As mentioned, this area has a more rural feel and most properties are on an a +/- full acre, and larger lots are common here, such as the multi-acre, and five-acre homes on Cima Del Mundo and Cima Vista, and larger parcels such as two of the properties featured here today at 32 and 84 acres respectively.

750 Ladera Lane: $2,695,000

On lower Ladera Lane between Hidden Valley Lane and East Valley Road is this very private single-level, Cliff May designed home. The 3-bedroom,

3-bathroom home was renovated in 2006 and offers an indoor-outdoor flow in a serene setting.

The living room with fireplace is set beneath a wood beamed ceiling and opens directly to an outdoor patio through a set of French doors to the pool and spa area. The kitchen offers vaulted ceilings, stainless steel appliances, a large center island, granite countertops and multiple skylights. Nearly every room in the house opens directly to outdoor areas.

Resting on an acre (+/-), the sprawling and usable backyard offers mature landscaping, manicured gardens and ocean peeks as well.

720 Ladera Lane: $3,950,000

Just next door is this split-level contemporary California ranch home on 1+/acre of land. This mini-estate is surrounded by mature oaks, lush gardens and landscaped grounds offering some ocean views as well. There is a pool and spa, a garden studio, outdoor patios and pathways throughout the property.

The 5-bedroom, 4-full and one half bathroom home includes air conditioning, pantry, hardwood and stone floors, abundant windows looking out on gardens, stone fireplaces,

REAL ESTATE P 434

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28 MONTECITO JOURNAL

REAL ESTATES 2019

Home4Generations.com 2.12± Acres | $16,500,000

Suzanne’s 201 9 Sales 815CimadDelMundoRd.com 10± Acres | SOLD $17,500,000

PadaroLn.com 1.13± Acres | SOLD $23,000,000

SOLD! 7 Days On The Market EastValleyRoad.com 8.24± Acres | SOLD $27,000,000

SOLD! 13 Days On The Market 990Mariposa.com 2.73± Acres | SOLD $12,100,000

Does your home need a perk?

SOLD! 9 Days On The Market ToroFarmhouse.com 8.24± Acres | SOLD $6,982,000

860SanYsidroRd.com 3± Acres | SOLD $6,500,000

Suzanne Perkins 805.895.2138 www.SuzannePerkins.com suzanne.perkins@compass.com DRE# 01106512 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.

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

29

SNAPSHOT (Continued from page 16)

aesthetically pleasing palette. It’s located in Cold Spring School district and just a quick drive to downtown Santa Barbara.

A modernized classic Spanish-style home is back on the market in the Hedgerow on San Leandro Lane.

Built in the 1920s, the estate has been updated with whimsical accents while retaining the historic architecture.

Sitting on 1.3 acres, the home has four bedrooms and five bathrooms, with a pool located in a picturesque courtyard. List price is $4,995,000.

Set above Coast Village Road and boasting expansive ocean views, 136 Middle Road is currently listed for $7,250,000. The 1930s remodeled Villa is down a secluded private lane with a private motor court, and offers four

Montecito Picks at Every Price

There are currently 190 homes, condos, and PUDs for sale in the Cold Spring and Montecito Union School districts, ranging in price from a studio at Bonnymede for $799,900 to Rancho San Carlos, a 237-acre estate on the east end of Montecito that’s been on the market for 4.5 years and is listed for $75,000,000. There are several buys in every price point; here are a few of my favorites.

A completely remodeled home on Sycamore Canyon Road is listed for $1,595,000. The 2-bedroom, 2.5-bathroom home is outfitted with handcarved white oak doors, custom marble vanities, wide plank hardwood floors, solid birch walk in closets, and quartzite kitchen counters, in a warm,

SNAPSHOT Page 324

A completely remodeled home on Sycamore Canyon Road is listed at under $2M (listed by Bartron Real Estate Group of Berkshire Hathaway)

Fidelity National Title Group-Santa Barbara Year

Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sept

Oct

Nov

Dec

Total

2015 2016 2017 2018 2019

16 28 13 9 11

14 17 15 10 10

22 20 16 13 12

22 15 17 6 22

23 26 25 16 22

26 16 21 17 22

14 20 16 18 20

21 14 26 18 12

13 18 14 10

14 15 16 26

9 13 21 6

24 17 19 15

218 219 219 164 131

YTD Montecito Total Sales Volume 30 25 20 15 10 5 0

Jan

Feb

Mar

Apr

May

2015

Year

Sales Total Condos

SFR

TOTAL

2016 2017 2018 2019(YTD)

28 29 22 18

192 190 142 113

219 219 164 131

Jun

2016

July

2017

Aug

2018

Sept

Oct

Condo to Single Family Totals

158 156 149 107 131

Dec

2019

YTD Sales Volume

YTD Volume 2015 2016 2017 2018 2019

Nov

180 160 140 120 100 80 60

250

40

200

20 0 2015

150

2016 2015

2017 2016

2017

2018 2018

2019

2019

100 50 0 2016

2017 Condos

2018

2019(YTD)

SFR

All information deemed reliable but not guaranteed

30 MONTECITO JOURNAL

REAL ESTATES 2019

Q UA L I T Y - P R I VACY - V E R S AT I L I T Y 1570 San Leandro Lane, Montecito

MARK MacGILLVRAY 805.886.7097

m a r k m a c g i l lv r ay

@outlook.com

calre/01395504

TERESA McWILLIAMS 805.895.7038 t e r e s k a 1 @aol.com calre/00285016

KRISTIN McWILLIAMS 805.455.5001

kristinmcw

@cox.net

calre/01853292

WWW.MONTECITOSTYLE.COM

COLDWELL BANKER RESIDENTIAL BROKERAGE

REAL ESTATES 2019

The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 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 and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

• The Voice of the Village •

MONTECITO JOURNAL

31

SNAPSHOT (Continued from page 30)

Located in the Hedgerow, this Spanish estate has been reimagined by a celebrity designer while still retaining historic details (listed for $4,995,000 by Pippa Davis and Brian Goldsworthy of Compass)

Set above Coast Village Road and boasting island/ocean views, 136 Middle Road is on the market for $7,250,000

A-LISTER

691 PICACHO LANE | MONTECITO

A six-acre horse property in Ennisbrook offers multiple residences and stables, and is offered for $12,670,000 (listed by Suzanne Perkins of Compass)

N

Properties

rival anyone’s, Gloria is a remarkable property

Realtors’ London office searches for the

with a four-bedroom main house and three-

ICK

CHURTON

of

Village

true meaning of Californian luxury and is sure

bedroom guesthouse.

he has found it in Montecito.

The accommodation offers a haven of calm What is a Californian luxury style when it

and luxury. It is spectacular – show biz

comes to great houses? Is it the Spanish look

spectacular. And it is cool – cool, sophisticated

or the Mediterranean influenced home? Is it

and white. If I had met a smiling Diane Keaton

the pool? Or is it the way of life that such a

in the kitchen, I wouldn’t have been at all

home engenders? I would say the answer

surprised – pleased, but not surprised. Now

is not specifically any of those things. The

that is Californian luxury style.

bedrooms and seven bathrooms with a guest apartment and plenty of extra space. A sprawling terrace frames the pool where one can enjoy ocean and island views.

A six-acre compound behind the gates of Ennisbrook is on the market for $12,670,000. The unique property offers multiple structures including

the Adobe House, which has a large master suite, chef’s kitchen, breakfast room, subterranean wine cellar, and game room. Nearby is the Monterey House, a separate residence with a living room, kitchen, three bedrooms, 3.5 bathrooms, and an outdoor entertain-

SNAPSHOT Page 414

closest I can get to explaining it would be Gloria – one of, if not the most outstanding

Of course, the great Californian home should

and elite estate homes within the celebrated

overlook the ocean. Gloria does. And ideally, it

Golden Quadrangle of historic Montecito near

should have a sensational mountain backdrop

Santa Barbara.

for added drama. It has this too.

Another way of putting it is that to be a really

If you were shopping for the ultimate Californian

great Californian luxury home, it should feel

luxury super-home slightly away from the hustle

better than having the Beverly Hills Hotel to

and bustle of LA, then I would put Gloria right at

yourself. Gloria is better even than that.

the top of your A-list.

Set in five acres of lush palm-studded gardens,

Listed by Riskin Partners Estate Group of Village

with a pool and umbrella-shaded terrace to

805.969.8900

|

villagesite.com

|

(805)332-6818 Lic#1052634

Properties Realtors | montecito-realestate.com

1250 Coast Village Road, Montecito CA

32 MONTECITO JOURNAL

Making your outdoors beautiful

|

DRE 01206734

WWW.Delmontelandscaping.com

REAL ESTATES 2019

Shop Your Style From Casual to Luxury For Your New Home

Coast 2 Coast Collection Bridal Registry ~ Luxury Dinnerware ~ Home Decor & Gifts ~ Unique Jewelry La Arcada Courtyard ~ 1114 State Street, Suite 10 ~ Santa Barbara, CA 93101 (805) 845-7888 www. Coast2CoastCollection .com

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

33

Fidelity National Title Group Year

Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sept

Oct

Nov

Dec

2015 2016 2017 2018 2019

$3,995,250 $3,167,500 $2,250,000 $3,000,000 $2,400,000

$2,410,000 $4,000,000 $2,536,000 $2,357,500 $3,325,000

$2,275,000 $2,612,500 $2,312,500 $3,400,000 $2,851,000

$1,872,500 $1,979,000 $2,405,000 $1,725,000 $3,013,750

$4,300,000 $2,377,500 $3,200,000 $2,737,500 $2,992,500

$2,720,000 $2,545,000 $2,800,000 $2,850,000 $2,125,000

$2,325,000 $2,500,000 $3,219,000 $2,655,000 $2,832,750

$1,950,000 $2,167,500 $3,374,500 $2,582,500 $4,200,000

$2,840,000 $2,037,500 $3,140,250 $2,535,000

$2,165,000 $2,575,000 $2,415,000 $2,212,500

$2,734,500 $1,831,000 $1,700,000 $2,395,000

$1,825,000 $2,778,500 $2,280,000 $2,819,000

YTD Montecito Median Price 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0

Jan

Feb

Mar

Apr

May

2015

Jun

2016

July

2017

2018

Aug

Sept

Oct

Nov

Dec

2019

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REAL ESTATES 2019

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F A C I L I TAT I N G T R A N S A C T I O N S B E T W E E N T W O L I F E S T Y L E D E S T I N A T I O N S .

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Representing both buyers and sellers among the two regions.

LISA McCANN M Realtor® M: 805.570.9968 Lisa.McCann@Elliman.com LisaMcCann.Elliman.com DRE# 01985174 (CA) / 100077661 (CO)

elliman.com/california

150 EL CAMINO DRIVE, BEVERLY HILLS, CA 90212. 310.595.3888 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.

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37

WAY IT WAS (Continued from page 27)

Isabelle Baker (right) races Grace Meeker in the electric carts hired at the Panama Pacific Exposition in San Diego

Grace Meeker sprints away from the overly enthusiastic greeting of Larco’s white pelican (Montecito Association History Committee)

38 MONTECITO JOURNAL

the Panama – California Exposition in San Diego. Gathering into several automobiles, the group rambled down to San Diego, stopping at various touristic sites, like Mission San Buenaventura, along the way. In San Diego, the family entered an idealized replica of a 17th century Spanish town. Bertram Grosvenor Goodhue was the lead architect of the 400-acre village that included an amusement park, model ranch, Indian village and exhibits from various industries and California counties. The Exposition is credited with popularizing the Spanish Colonial Revival architectural style throughout the United States and had an enormous impact on the future of Santa Barbara. (Goodhue had designed James Waldron Gillespie’s El Fureidis on Parra Grande Lane back in the early 1900s and would return to design the 1918 clubhouse for the Montecito Country Club, among other projects.)

In San Diego, the Bakers and friends found the Exposition to be enormous, and to get around, they rented electric wicker carts and went electriquetting along El Prado (the main street) and the Puente Cabrillo, cameras in hand.

At the end of March, the Meeker and Baker families headed back to Chicago via the Panama – Pacific International Exposition in San Francisco. The

Bakers continued to use Cedar Cottage off and on until 1921 when they sold it.

In 1952, its second story was removed, and since then it has been remodeled several times.

Like many former winter guests, the two friends eventually returned to live permanently in Montecito. Grace in 1923 and Isabelle in 1942. Grace was named Santa Barbara “Woman of the Year” for her many philanthropic and cultural contributions to Santa Barbara. Isabelle married twice; her second husband was Edwin C. Welch with whom she moved to Montecito.

For more stories about Santa Barbara and Montecito’s famous visitors and attractions, pick up a copy of The Way It Was: Santa Barbara Comes of Age by Hattie Beresford. Available at Tecolote Book Shop, Chaucer’s Book Store, Read and Post, the Santa Barbara Historical Museum, and Accents at the Four Season’s Biltmore, the book contains nearly 300 historic photos and chronicles the rich and fascinating history of the area.

(Sources: David Myrick’s Montecito and Santa Barbara, Baker Family Photo Albums, files of Montecito Association History Archive, recorded interview with Isabelle Baker Welch, The Morning Press of 1915, various U.S. Censuses) •MJ REAL ESTATES 2019

Mortgage Minute

by Mark Hall

Good Time to Buy

A

s we head into the last quarter of the year, it is interesting to look back at where we have been and then forward to what lies ahead. Back in November, hardly a long time ago, most forecasters believed that mortgage rates would rise to 5% or higher this year. Don’t laugh.

At the end of the first half of 2019, heading into the summer buying season, the mortgage market saw rising interest rates with word of a stronger economy and a surging stock market, but with revised economic news that the tightening policy from 2018 had slowed the economy more than previously reported. Then two developments have had a pronounced impact on financial markets: The Fed cut rates for the first time in over a decade and the Trade War has expanded to include 10% tariffs on an additional $300 billion of goods coming in from China effective September 1.

The Fed decided to rekindle the economy by lowering the Federal Funds Rate to boost the economy by reducing the cost of capital for businesses and freeing up cash flow for households. The markets believe that the FOMC will make an additional cut to the Federal Funds Rate 25 bps again later in September, then keep policy on hold through the end of 2020. With these recent moves by the FOMC, we have seen the effects in the Bond Markets, especially with the 10-year Treasury (which many people follow as an indicator for mortgage rate direction), which has dropped to almost the lowest point ever recorded.

How does this affect mortgage rates, and ultimately the real estate markets?

This is one of the most frequent questions I get, and one of the biggest misperceptions with the general public: that with the FOMC lowering short term rates, mortgage rates should drop in line with this. This is absolutely not the case.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 mtd 2019

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 $3,566,905 $3,946,770 $3,781,985

$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 $2,925,000 $2,700,000 $2,755,000

When we see reductions in short-term consumer rates, like the .25% FOMC rate cut in June and the expected .25% rate cut this month, mortgage rates are much slower to react, and there is a significant lag time to see what effect the stimulus has on the economy before the mortgage markets weigh in.

The bottom line: This is a great time to buy!

Even though they haven’t fallen as far as many have expected, mortgage rates haven’t been this low in over three years. Lower mortgage rates have not yet proved to be a panacea for the housing market, but should boost sales later this year. Home prices are still higher than they were a year ago, but the gains have been moderating.

Low mortgage rates, however, are enticing, and buyers are saying they don’t want to miss out on that potential savings. The average rate on the 30-year fixed is a full percentage point lower today than it was a year ago.

Doug Duncan, chief economist at Fannie Mae: “We do expect housing market activity to remain relatively stable, and the favorable rate environment should continue supporting increased refinance and purchase activity.”

Based on the most recent Santa Barbara Real Estate market numbers, I can note a few bright spots. The median home prices are now nearing all-time highs which were set in 2007 and a 4% increase over 2018, while total sales are up over 13% in 2019 vs. 2018, with the largest increase in condo sales.

One last thought: as interest rates decline, buying power increases. For every .25% decrease in interest rates, it increases the affordability of a higher loan amount by 3%. Someone would could afford a $1,000,000 can now afford a $1,030,000 loan with the same payment.

Mark Hall Home Mortgage Consultant, Wells Fargo Home Mortgage NMLSR ID 233293 c. 805-895-1996 mark.c.hall@wellsfargo.com

$4,500,000

$4,000,000

$3,500,000

16-Year Price Trends Montecito

$3,000,000

$2,500,000

$2,000,000

$1,500,000

2019

2018

2017

2016

2015

Med Price

2014

2013

2012

2011

Avg Price

2010

2009

2008

2007

2006

2005

2004

2003

$1,000,000

Information deemed reliable but not guaranteed

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

39

montecito | santa barbar a | G oleta | Santa ynez

New Price!

3735 Foothill Road San Roque Built in 1964 4 Bed, 2.5 Bath 2,258 Square Feet Offered at $1,399,000

Open Saturday 1-3 & Sunday 2-4 This gorgeous Colonial exudes classic curb appeal with its black shutters & window boxes, red door, and brick entryway. This San Roque gem is elegant yet comfortably casual, offering a traditional floorplan with entry foyer, spacious living room with fireplace, dining room with gracious moldings, charming kitchen & breakfast area, powder room, and a cozy den. Four large bedrooms, including a lovely master suite, are located upstairs; the front bedrooms enjoy gorgeous mountain views. The home boasts a HUGE attic space, offering ample storage space or even additional living space if desired. Well cherished for nearly two decades, this home is an entertainer's paradise, sitting on 1/4 of an acre and boasting a pool/spa, large patio for indoor/outdoor living, and beautiful gardens with fruit trees, roses, and picturesque views. Monte Vista School attendance area.

Kelly Mahan Herrick (805) 208-1451 Kelly@HomesInSantaBarbara.com REAL ESTATE TEA M

www.HomesInSantaBarbara.com

Š2019 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.

DRE 01499736/01129919/01974836

40 MONTECITO JOURNAL

REAL ESTATES 2019

SNAPSHOT (Continued from page 32)

ment terrace with a fireplace, dining areas and an adjacent formal library and exercise studio. There’s also a large stable with four stalls, and a tack room that overlooks a fenced dressage arena, and paddocks.

South County Statistics

The Santa Barbara Multiple Listing Service released numbers earlier this week giving perspective of how today’s market compares to past years. At the end of August, our median sales price year-to-date for single-family homes, estates, and PUDs from Goleta to Carpinteria, was $1,291,500, which is up slightly from last year ($1,250,000). This is the highest January-August median sales price we’ve ever seen. Just looking at August, the median sales price was $1,300,000, which is down slightly from July’s median sales price of $1,322,495. August sales were a touch lower than last year; 107 compared to 112 sold in August 2018.

The number of sold properties in the Santa Barbara South Coast is up 4.7% from last year: 765 compared to 731 in 2018, year-to-date. Average sold price is also up 13.4% from last year.

There are currently about 580 active listings from Goleta to Carpinteria, including homes, condos, and PUDs. Another 89 are currently pending.

This translates to a 5.2-month supply of homes if no other homes are to come on the market. A six-month supply is considered a balanced market; fewer than six months is considered a sellers’ market and over six months is considered a buyers’ market. The number of new properties that have come on the market so far this year is down 1.9%, while the number of properties that have gone into escrow is up 4.2%; 823 properties have gone into escrow this year so far, compared to 790 by the end of August 2018. This tells me that the lack of new listings is keeping prices high; there continues to be a high demand for good quality, well priced inventory.

The sweet spot in our market continues to be $1M to $1.4M; we saw the sale of 28 homes in this bracket, which is over 25% of the total sales.

Other popular price points are $800K to $1M, and $2M-$2.25M.

Condos Sales Slump

In Montecito, no condos sold in August. The previous months were slow as well: there were four sales in both June and July. We currently have 28 condos in Montecito listed in the MLS, with at least five more that are for sale quietly. Of the 28 listed, 11 have had price reductions, and the average number of days on market is REAL ESTATES 2019

174 days.

At the end of August, the number of South County condo sales year-to-date was down 6.2% over last year, while the median price is nearly the same: right around $650K. Active listings, new listings, and properties going under contract are also down. August was easily the slowest month for condos this summer: only 29 sold compared to 45 in July and 39 in June. Last August (2018), we saw the sale of 46 condos.

L I V E A LO H A at O N E M I R A M A R AV E 4 B E D R O O M S 4 . 5 B AT H R O O M S

Days on Market Increasing

An interesting statistic to check in with the temperature of the market is the increase of what we call “cumulative days on market,” or CDOM. This is a number that takes into account the number of days the home has been listed, regardless if the listing was withdrawn or canceled and relisted with a different agent. In August, the average CDOM was 75, which means that sold properties were on the market an average of 75 days before selling.

In July that number was 61, and in June it was 52. This tells me that homes are sitting longer than they should be, and correlates to a greater gap in original list price and final sales price.

What’s Next for Our Market

As we head into fall, I predict that prices will continue to increase, but not at the rate we’ve seen in the past. In Montecito I believe we will continue to see the listing of remodeled debris flow homes, and buyers will be eagerly awaiting the new iteration of the debris flow risk map which is expected by the end of October.

Buyers should be aware that many sellers whose homes have been on the market longer than average may be motivated to sell at a lower price, but may not want to “show their cards” by lowering their list price.

Active buyers who may have been pre-qualified earlier this summer may want to have their mortgage lender rerun the numbers with the very latest interest rates, which could save them hundreds of dollars per month on their mortgage.

My advice to sellers is the same as it always is: have your Realtor monitor the market carefully to help inform the list price of your home.

Thanks in part to the Internet, buyers are savvier than ever, and if a home is grossly overpriced it will very likely sit on the market for months, which will ultimately have a devaluing effect.

•MJ

TIFFANY DORÉ & CATHY O'NEILL

SANTA BARBARA NATIVES REPRESENTING THE POWER OF TEAMWORK. EXPECT BETTER. LO C A L E X P E R T S | G LO B A L P R E S E N C E

805-947-0608 | OwnSantaBarbara.com | DRE 01806890/01788156 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.

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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

• #4 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)

Dan Encell “The Real Estate Guy” Phone: (805) 565-4896 Visit: www.DanEncell.com for market information & to search the entire MLS Email: danencell@aol.com DRE #00976141 WATCH ME ON CHANNEL 8, MONDAYS AT 8:30PM!

Each YEar Dan SpEnDS OvEr $250,000 In MarkEtIng anD aDvErtISIng!

MONTECITO BEACHFRONT

1491 EDGECLIFF LANE

This stunning Montecito beachfront estate, with a gorgeous main house and three cottages, could be the perfect tribute to your family legacy. The property boasts ocean/ island and coastline views and is wonderfully suited for entertaining guests or relaxing to the sound of crashing waves. The Main House features inspiring views from each of the charming living spaces, and an abundance of light. The kitchen enjoys designer appliances, a pristine wine fridge, two Wolf ovens, beautiful marble countertops and an elevator to the oversized garage. The master bedroom is its own haven overlooking the sparkling Pacific with an intimate fireplace and private balcony. A perfect place to pamper yourself, the master bathroom features a luxurious marble spa-tub, an oversized shower and large walk-in closet. While this extravagant oasis is convenient to all that Montecito has to offer, including the Rosewood Miramar Hotel, it preserves the ambiance of a secluded paradise creating a serene and carefree life.

OFFERED AT $18,950,000

©2019 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.CalDRE#: 00976141

42 MONTECITO JOURNAL

REAL ESTATES 2019

REAL ESTATE (Continued from page 28)

an art studio-exercise room and a versatile floor plan spanning nearly 4,800 square feet of living space.

2600 Bella Vista Drive: $8,475,000

This gated Montecito Mediterranean estate is set on a whopping 32 acres of privacy and offers extraordinary ocean, island and harbor views with a, “top of the world, Ma” feel.

The home is just over 5,700 square feet in size offering 4 bedrooms and 4 full and 1 half bathrooms. Beyond the impressive entry gates, the estate boasts a private well, fruit trees, a 4-car garage, curving cobblestone driveway and outdoor living spaces.

The infinity pool leads the eye to the blue Pacific from many rooms. The master suite offers impressive views over the pool to the ocean, islands, and harbor beyond. Additional features include air conditioning, wide doors, a ground floor master bedroom, indoor and outdoor fireplaces, a breakfast area and formal dining room as well as an office, pantry, and intercom system within the home.

370 Ortega Ridge Road: $15,995,000

This 84+ acre, close to town agricultural estate offers a single-level main home with Spanish tile roof, a close-to-town location, expansive ocean, island, coastline, and mountain views, a tennis court, pool, parking for guests, sprawling lawn and, oh yes, the ranch itself.

The main home is appointed with 4 bedroom suites, an office, air conditioning and there is a separate guest casita as well. The ranch maintains the Williamson Act Agriculture Preserve status, which allows for a low property tax basis. Additionally, agricultural water is available and the property is zoned, AG-preserve according to the listing information.

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 805698-2174. Please view my website, www.MontecitoBestBuys.com, from which this article is based.

•MJ REAL ESTATES 2019

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

ULTRA PRIVATE GARDEN RETREAT 1589 Las Canoas Road, Santa Barbara

SINGLE LEVEL LIVING WITH SEPARATE GUEST SUITE

Offered at $2,995,000 Thinking of Selling?

C. Scott McCosker COLDWELL B ANKER R ESI DENTI AL B R OKER AGE

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

The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2018 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. CalRE#00494253.

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Real Estate View

Montecito Heat Index 40

by Michael Phillips

How Hot is Today’s Market?

Michael Phillips is president and principal broker of Phillips Real Estate.

He can be reached at 805.969.4569 and info@ MPPRE.net.

30

30

Heat Index

T

he Montecito Heat Index identifies today’s demand for Montecito single family homes.

By measuring buyer contracts – pending sales – in five price sectors, rather than sales – closed escrows – lagging typically at least thirty days, the Heat Index provides a forward looking indicator of both market strength and direction. It also shows us the price point(s) where value is most recognized by buyers and the properties scheduled to close escrow.

Today’s Heat Score is compared to this date last year. All data are from the Santa Barbara MLS and are uniformly deemed reliable.

Today’s Index registers 165, an increase of 108.8% over last year’s score of 79.

Our hottest sector is the entry level $1-2m with a strong score of 36, showing an increase over last year of 44%.

This is a nice change for this group which has had a difficult time attracting buyers of late. A 4bd/3.5ba contemporary with floor to ceiling glass and harbor views from Via Alicia listed at $1.930m includes a conforming guest house ADU and a walk-in wine

36

35

25

25 22 2018

20

2019

16

15

13

11

10 5

5

cellar and is under contract represented by Gary Goldberg.

The $2-3m sector posted a score of 16 below last year’s 22. In this group a 4/4 Mediterranean with exceptional Hidden Valley Lane ocean, city, and mountain views, represented by Kathy Marvin and Barbara Koutnik, pended at $2.795m after a total of over three years on the market in spite of a great ocean view putting green; real estate can be confounding.

The $3-4m group found some buyer interest with a score of 13 easily outperforming last year which found no buyers at all. Here a 4bd/4ba walk to Butterfly Beach house on Hill Road with a wonderful rear entertainment area, and represented by

2

0

0 1-2M

2-3M 3-4M 4-5M $$ in Millions

Wilson Quarre, went under contract at $3.175m.

And the $4-5m sector, with a score of 11, failed to meet last year’s strong posting of 30. With prior attempts from a number of brokers and with an original 2014 listing price of $6.3m, a huge 6bd/7ba European inspired villa on a private lane off East Valley a stone’s throw from the Upper Village is in escrow at $4.995m, represented

by Lisa Scibird.

Last year on this date there were 59 properties on the market in the $5m and above estate sector; today there are 80. With a score of 5, this sector slightly exceeded last year’s score of 2. On Sycamore Valley Road, just above East Valley, an extraordinary old world influenced 9,000 sq ft estate, built by super builder Bobby Webb in ‘04, and purchased at near the top of the market in ‘06 for $17.5m, really does have everything. Represented by Dusty Baker, it is under contract after announcing its availability nearly a year ago at $11.999m.

Once again, Montecito properties defy both California and national market trends. Where nearly everywhere is feeling a significant slowdown, Montecito is not. Here there are 48% more homes currently under contract than this time last year, and sales are up year over year by a big 34%.

Our average sales price has risen 16%

5+ M

to $4,817,623 and our median price is up 8% to $2,837,500.

Nationally, it seems that the historically low mortgage rates have failed to induce buyers to step up this summer and affordability is increasingly preventing home purchase commitments.

In California, sales are down 9.1% and price reductions are becoming routine.

And, in many Midwest and East Coast markets, sales and prices are off even more. Montecito, on the other hand, has never been too concerned about mortgage rates nor employment data and though affordability is always an issue here, our demand remains very strong. Confidence in the economy, on the other hand, is an important issue here. What is called The Present Situation Index (a discrete measurement within the Consumer Confidence Index) is today the highest it has been since November 2000. However, with increasing stock and global market volatility and discussion of the next economic recession growing louder, it is likely homebuyers, even here, could become hesitant to purchase heading into a major downturn.

In the meantime, new buyers here are finding a healing, optimistic community and are enjoying an inventory increase of 31% while our sellers, although experiencing a longer time on market, continue to control as prices rise. Paradise remains.

•MJ

THINKING OF SELLING?

Edward Anthony

805-453-5637 Master Hair Colorist and Stylist

RDouglas@bhhscal.com | 805.318.0900 RachaelDouglas.com Montecito | Hope Ranch | Santa Barbara | Goleta

©2019 Berkshire Hathaway HomeServices California Properties is a member of the franchise system of BHH Affiliates LLC

44 MONTECITO JOURNAL

DRE 02024147

REAL ESTATES 2019

RESIDENTIAL STATISTICS

www.fidelitysb.com | www.chicagotitlesb.com

YTD July

2019

SOUTH SANTA BARBARA COUNTY

CONDOMINIUM

SINGLE FAMILY

Total Sales

$1,923,884 Average Sales Price $1,250,000 Median Sales Price

1150

$791,637 Average Sales Price

( %13)

$1,533,997 ( %6)

$698,250 Median Sales Price

Average Price

$1,007,250 ( %2) Median July ’19 V July ’18

754 Single Family Sold Jan-July 2019

396 Condos Sold Jan-July 2019

Condominium

Jan.- July ’19 v Jan July’18

SingleFamily

Jan-July ’19 v Jan-July ‘18

REAL ESTATES 2019

SINGLE FAMILY

CONDOMINIUM

YTD 2019 SALES

YTD 2019 SALES

Carpinteria: 45 Sales $550,489 Avg. Price $545,000 Median Goleta 179 Sales $684,595 Avg. Price $691,500 Median Montecito 18 Sales $1,835,806. AvgPrice 1,411,250 Median Hope Ranch n/a Santa Barbara 152 Sales $863,357 Avg. Price $762,500 Median Summerland 2 949,500 Avg Price 949,500 Median

Carpinteria 53 Sales: $2,810,255 Avg $1,066,500. Median Goleta 219 Sales $1,163,672 Avg $995,000 Median.

Montecito 101 Sales $4,081,965 Avg. $2,835,000 Median Hope Ranch 24 Sales $4,792,417 Avg. $2,974,000 Median Santa Barbara 349 Sales $1,452,061 Avg $1,250,000 Median.

Summerland 8 Sales $1,594,375 Avg $1,575,000 Median.

24% 2019 396 Total Sales 2018 320 Total Sales

-2.5% 2019 $791,637 Average 2018 $812,307 Average

8% 2019 754 Total Sales 2018 696 Total Sales

11% 2019 $1,923,884 Average 2018 $1,736,514 Average

• The Voice of the Village •

2.7% 2019 $698,250 Median 2018 $680,000 Median

4% 2019 $1,250,000 Median 2018 $1,200,000 Median

MONTECITO JOURNAL

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E X PE RT I S E Expert advice.

Comprehensive solutions.

Extraordinary results.

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Ta x P l a n n i n g & C o m p l i a n c e • Au d i t & Acco u n t i n g E s tat e P l a n n i n g • C l i e n t Acco u n t i n g S e rv i c e s • C o s t S e g re g at i o n E R P & C R M S o f t wa re • Bu s i n e s s C o n s u lt i n g • L i t i g at i o n S u p p o rt

1 1 2 3 C h a pa l a S t re e t · S a n ta Ba r b a r a , C A 9 3 1 0 1 · ( 8 0 5 ) 9 6 3 - 7 8 1 1 · w w w. b p w. c o m

46 MONTECITO JOURNAL

REAL ESTATES 2019

UNRIVALED

$112 BILLION

GLOBAL PERFORMANCE

ANOTHER RECORD YEAR IN ANNUAL GLOBAL SALES IN 2018

990 22,500 72 OFFICES

AGENTS

COUNTRIES

1 3 OUT OF

OFFICES IS OUTSIDE OF THE UNITED STATES

31 MILLION VISITS TO SOTHEBYSREALTY.COM 13% INCREASE YEAR OVER YEAR

180,000 YOUTUBE SUBSCRIBERS SILVER CREATOR AWARD WINNER

Featured Property:

1954EASTVALLEYRD.COM | MONTECITO 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.

REAL ESTATES 2019

• The Voice of the Village •

MONTECITO JOURNAL

47

RISKIN PARTNERS ESTATE GROUP s ant a ba r b a r a ’s to p p r o d u ci n g r ea l es ta te tea m W I T H Y E A R T O D AT E C L O S I N G S I N E X C E S S O F $ 1 5 5 M I L L I O N

N

P A R T

K

N

I

P

R S

R I S

E

S

DINA LANDI

G R

O

JASMINE TENNIS

2019 closings

3443 Padaro Lane 3055 Padaro Lane Hot Springs Road 4160 La Ladera Road 1631 Posilipo Lane 860 Picacho Lane 4280 Via Esperanza 2029 Las Tunas Road 1908 Boundary Drive 568 Toro Canyon Road 470 Eastgate Lane 801 San Ysidro Lane 669 Picacho Lane 770 Via Manana 1731 Lasuen Road 4055 Cuervo Avenue

AT E

U

E

T

$24,000,000 $22,000,000 $15,995,000 $14,950,000 $12,230,000 $11,300,000 $8,995,000 $7,995,000 $7,950,000 $7,950,000 $6,595,000 $6,000,000 $4,950,000 $4,900,000 $4,695,000 $4,575,000

SARAH HANACEK

ROBERT RISKIN

2019 closings, continued

1

no.

Santa Barbara 2019 sales volume

1601 Moore Road* 2129 Forge Road 1636 Moore Road 1167 Dulzura Drive 1008 San Antonio Creek 168 Canon View Road 546 San Ysidro Road 2222 Gibraltar Road 401 Chapala Street

pending

4163 Marina Drive 1167 Summit Road 0 Las Tunas Road 2121 Las Tunas Road

$4,195,000 $3,395,000 $4,500,000 $2,999,000 $2,395,000 $1,975,000 $1,445,000 $1,295,000 $1,240,000

$6,995,000 $5,995,000 $1,300,000 $1,000,000

Prices noted above reflect list price. *Represented both buyer and seller. License #01954177