REGROUP AND REMEMBER

Posted on Feb 28, 2018

REAL ESTATE
By Mark Ashton Hunt

I must say that the events of the past few months sort of slid right past me, both emotionally and literally. I remained stoic as we got past the fires, they stopped the flames 6 houses up the hill from me. We moved back in, sort of. And then the warning on January 7th, which we heeded… and then the whole of it all, the heroic efforts to save lives and to rebuild our infrastructure, the discovery of those missing and the determination of everyone who worked tirelessly to turn things around these past weeks, just amazing. The lives and property lost, tragic, hitting too close to home for me to even comprehend.
But it is only now, in the rear-view mirror, and with the subtle and not so subtle reminders every day, that these events are sinking in.
It’s not been easy getting used to this new normal. Yes, I know it will get better and I can be a part of that healing and rebuilding, but it’s difficult to know what to do when friends no longer have homes, as you drive by and ask where did they move to again? Who is where, when will they come back, can they rebuild or not? Are they ok financially, how’s their health, their art collection, their history…? The questions are endless.
We look to the future for information on how these situations will end up for ourselves and our friends, our businesses, our families and those in our community. It seems we will have to look to the future also to find out where our Real Estate market lies in terms of sales, values and the like.
One thing we hear often is that insurance, finding it, securing it, is an issue to be addressed more now than ever in a purchase within Montecito. I am not an expert so I suggest speaking with lenders and title folks, and we can connect you to someone in that area, but for now, looking at sales, here are some basic statistics, as well as a few listings that might be worth considering if you are looking for a home in Montecito.
Due to the fires and floods, very few properties have been closing escrow in recent months. The lack of sales makes it difficult to determine what is happening with prices vs asking prices, but a positive sign is that there are 9 properties that went into escrow since January 9th (to Feb 25), and quite a few were just in this past week. And while still well off the average, there are homes going into escrow, and in various areas of the 93108, which is great to see.
Recent sales in the MLS (Multiple Listing Service):
Only 8+/- properties have closed escrow in the 93108 this year, Jan 9 to Feb 25, 2018.
18+/- properties closed escrow in that same time period, last year in 2017.
33+/- properties closed escrow in that same time period, in 2016. Wow!
Volume and price point of sales have been lowered by half year over year, with this season being wildly affected by the 500 year storm event, of course.
All properties mentioned today are within the Montecito Union School District, the area hit hardest by the recent mudslides. These properties represent significant opportunities in one way or the other. From a rarely available ocean view condo to a tennis court estate under $4,000,000 to a major estate on an A+ block, to the only casita available on the market within the Ennisbrook gated community.

1220 Coast Village Road #309 – $1,195,000

This is the premiere condominium complex on the north side of Coast Village Road and unit #309 is one of the rarely available, top floor, ocean view units. The two-bedroom ocean-view condo is in the heart of Montecito’s Coast Village Road, surrounded by restaurants, shops and conveniences, and just a few short blocks to Butterfly beach or a slightly longer stretch takes one to the bird refuge and pathways leading to East Beach and toward the Pier and Marina and all that Santa Barbara’s waterfront offers.
Upgrades to this unit include Asian doors, newer kitchen, tilework, plantation shutters and dual master closets. Enjoy ocean views from both bedrooms and living room, as well as from the exterior patio space. This development is located within Montecito Union School District and the complex also features a common area patio, guest parking and covered parking for one vehicle.

499 Monarch Lane – $2,975,000

This is a great opportunity to purchase an “Ennisbrook Casita”, situated at the end of a private cul de sac, offering a sunny, private setting. The Casitas at Ennisbrook are located within the guard gated community of Ennisbrook in Montecito. The floorplan allows for either a downstairs or upstairs master suite, each with fireplace and mountain views. The living room boasts cathedral height beamed ceilings, tall windows and doors overlooking the brick patio and mountain views accented with a double-sided fireplace open on the far side to the formal dining room. The kitchen offers recently upgraded Bosch oven, microwave, dishwasher, and cook top complete with indoor grill. The adjacent laundry room has front loaded washer and dryer. Across the hall is interior access to the 2 car garage where additional storage has been added by the current owners. In addition to the main, common area Clubhouse, the pool and tennis courts, the 18 Casitas share their own smaller clubhouse, housing gym equipment and a pool with chaise lined patio.

1520 Bolero Drive – $3,995,000

Located on just over an acre, a block up and over from Montecito’s upper village on a quiet street is this tennis court property, ready for a new owner. This property just hit the market in the last weeks and represents the rare opportunity to own a pool/tennis home in the upper village of Montecito for under $4,000,000. The property is adjacent to a 2+/- estate of some significance, while on the other side is a quiet lane, and to the North, your private tennis court, so one feels as if they have their own multi acre estate. The home includes 3 bedrooms and 4 baths in just over 3,400 square feet of living space. The property is surrounded by a stucco wall and includes a private driveway and off street parking for guests.

860 Picacho Lane – $13,600,000

In the heart of Montecito’s Golden Quadrangle is this newer, 9,000+ sqft Mediterranean estate (2008) boasting privacy, ocean and mountain views and estate level amenities. Enjoy gracious formal spaces, a master suite with dual baths & closets & an expansive ocean view terrace. In addition, there are 3 en-suite bedrooms, nanny/staff room w/bath, playroom, theater, wine cellar, and a 1st floor office with bath. An elevator allows easy access to the 2nd floor bedrooms. The covered loggia w/fireplace ensures excellent indoor/outdoor living regardless of the season. The 2.2+/- acres host a beautiful one bedroom guest house, private water source, rose garden, & terraced gardens. This is a significant estate with newer construction in a most coveted Montecito location. surrounded by other $10,000,000+ estates.

For more information on any of these listings or to have us arrange a showing with the listing agents, please contact us directly:

http://Mark@Villagesite.com or call/text 805-698-2174

http://Sheela@Villagesite.com or call/text 805-698-3767

Please view our website, www.MontecitoBestBuys.com, from which this article is based.