“UPSIDE POTENTIAL IN MONTECITO”
Originally published in the Montecito Journal, 06/17.
With average to lower than average inventory of available homes for sale in Montecito under $3,000,000, and with new listings trickling slowly into the system, one may find the need to look toward “fixer” opportunities, to find something that works to achieve their specific location and housing goals.
A factor that can drive up the value of fixers is, that there are very few available lots for sale in Montecito, (about 15 as of this writing, mostly over $2 – $3,000,000 up to $5,000,000 and more). In this value environment, it is common to pay a higher price for a “fixer” or “tear down” property, merely for the chance to put your own updating touches on a home or start from scratch.
A one-acre property in a prime Montecito neighborhood with water and ready to develop might sell from $2,000,000 to $3,000,000. One can purchase the same lot with an existing “fixer” or “tear down” structure for around the same price, so this fixer approach can provide more options than raw land at usually about the same price give or take 10-20% maybe as an example.
The problems with starting from scratch can be the many: the time it can take to find the property, get approvals for a new or remodel project, the time and carrying costs until the home is built, rebuilt, and / or ready to move into, etc… All that said, buying a fixer in Montecito is a sure way to get into a property at near or just above lot value and one can go from there.
The properties below offer upside or upgrade potential. This refers to improving existing structures not stating a guarantee in value upside, to be clear. Whether livable as is, requiring extensive remodeling or just a cosmetic upgrade for now, the options are up to your imagination, your pocketbook, and the Montecito Board Of Architectural Review, approvals process:-), Happy House Hunting.
540 El Bosque Road – Multiple structures on a street to street lot – $2,750,000
This two story farmhouse is on .93 acres just blocks to Montecito Union School and the shopping and conveniences at the Upper Village. In addition to the main home, there is a separate, fully contained guest house and two-car garage.
Celebrate life in this gated country setting, on a quiet lane, just two blocks from the world famous ”San Ysidro Ranch”. What I really like about this property is the access off Live Oaks Road as well as the main entrance on El Bosque and you are just a few doors up from Oprah.
Add landscaping and revisit the structures with your own touches, think bocce ball court, spa, putting green, raised garden beds, etc…
677 El Bosque Road – Prime lot with 1933 Monterey colonial home – $2,950,000
This home is up the street from 540 El Bosque, and offers an exceptional opportunity for an owner or developer. This one acre property is set amidst much more expensive homes (mostly $4,000,000-$10,000,000 or more).
Like all homes on El Bosque Road this property is in the Montecito Union School attendance area, and is just a few blocks to school, Montecito’s Upper Village and the San Ysidro Ranch Hotel.
This vintage 1930’s home has period detailing, a ground floor master bedroom, formal dining room, plus a renovated guest house.
There is a new well in place, mature trees and boxwood hedges. Additionally, according to the marketing materials, there are approved (but now expired) plans, for renovation and expansion, with a pool and cabana.
2350 Bella Vista Drive – Significant ocean views – $3,395,000 (now in escrow)
Serious ocean and island views are yours from this 3.15 acre retreat located up an oak canopied private drive in the Montecito foothills. This property is between Park Lane and Romero Canyon Road, just above Lilac Drive, and is located within the Montecito Union School District.
This property is served by the Montecito Water District and also has a private well, a three car garage and a central courtyard with views. This is the first time this property has been offered for sale in over 23 years and offers a new owner the chance to make this home their own.
The existing house and property includes 2 bedrooms and 2&1/2 bathrooms, a 3-car garage and room for improvements throughout the property.
3202 Toro Canyon Park Road – 8+ Rural acres with house and barn – $3,950,000
This private and peaceful 8.2 acre property is in the 93108 zip code but is just outside of the Montecito Union School District. The property boasts mountain, setting and ocean views as advertised.
There is a 1917 Farmhouse remodel project that is permitted with plans and ready to go according to the listing materials. The acreage is very usable, fenced and gated, with pool & spa in place and a 2 story 100 yr old barn.
Offering equestrian potential and room for agriculture, this property was listed as high as, $5,750,000, and is down in price substantially.
For additional information on any of these listings or to have one of us arrange a showing with the listing agents, or for a price evaluation of your home in the area, please contact us directly by email or phone.
Mark Ashton Hunt – Mark@Villagesite.com or call/text 805-698-2174
Sheela Hunt – Sheela@Villagesite.com or call/text 805-698-3767
Also, visit our website, www.MontecitoBestBuys.com, from which this article is based.