Santa Barbara Real Estate Voice » Montecito

Santa Barbara Real Estate – Montecito Real Estate Market Update 3rd Quarter 2011

kevinschmidtchen — Thu, 17 Nov 2011 23:36:56 +0000

Where is the Montecito real estate market as we approach the last few months of 2011? A quick glance back throughout the year with regards to real estate in Montecito has shown up and down changes almost monthly. Some months the market feels very strong, other weeks there seems to be a lull etc. As I talk and share with many agents currently about their buyers and where they are at, their thoughts seem to also change monthly with some high end clients on hold while others don’t know where else they would put their money these days except to buy real estate.

With all that said, sales have continued to happen and most all homes that are priced well and at market are getting offers.

Here is a quick check of where Montecito Real Estate was for the 3rd quarter.

Closed Sales in the Montecito Area

During the 3rd quarter, Montecito had approximately 55 Closed sales of single family homes and town homes / condos. The lowest priced sale naturally was a town home located at 1932 North Jameson Lane that sold for $533,000. The lowest single family home sale recorded was an older small cottage located directly on East Valley Road that closed for $825,000.
The highest recorded sale was an ocean front “fixer” located at 1473 Edgecliff Lane that closed in 1 day for $10,750,000. This is once again a representation across all price points that if a home is priced well, there are buyers waiting.
The majority of all sales in Montecito seem to now be between the $1 and $3 million price point. Whereas $3-5 million was the heart of all sales only 3 years ago, the “average home” in Montecito now seems to be selling somewhere in the $1.5 to $3 million price point.

Montecito Ocean View Homes - Kevin Schmidtchen Realtor

Current Active Homes for Sale in Montecito

Currently as of November 1st, 2011, there are approximately 235 homes available for sale or pending sale in the Montecito area. The lowest priced available home is once again a town home located on North Jameson whereas the lowest single family homes available are priced mainly between $850,000 and $1.2 million.
Currently there are 15 active homes for sale priced above $15 million in Montecito.

Montecito Real Estate - Santa Barbara

Montecito Luxury Real Estate - Santa Barbara

Montecito High End Real Estate Homes for Sale - Kevin Schmidtchen

Montecito is located a few minutes southeast of Santa Barbara and is essentially one of the 2 very high end neighborhoods here in Santa Barbara.

View: All Current Active listings in Montecito in the Santa Barbara MLS

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

For more information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in the Santa Barbara area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

Montecito CA. Real Estate Once Again Finds Itself in Top 10 Wealthiest Zip Codes in the U.S.

kevinschmidtchen — Tue, 18 Oct 2011 15:41:56 +0000

Once again, America’s most expensive zip codes includes Montecito CA. Coming in this year at #9, statistics show that the median home price here in Montecito to be at $3,099,000. So far this year, the most expensive sale in Montecito was a dated, but clean ocean front home located at 1473 Edgecliff Lane that closed for $10,750,000. Other significant sales were a brand new Mediterranean Estate with privacy and panoramic ocean views located at 1379 Oak Creek Canyon Road. This wonderful Estate closed for $9,000,000. Another gorgeous Italian Villa located at 2959 Sycamore Canyon Road closed at $7,900,000.

Overall there have been no major high end sales in the $12-$25 million range, but plenty of sales in the $5 to $10 million range. This obviously has to do with the market coming down around 40% in the high end market for sure over the last 3 years.

Of the combined top 10 wealthiest zip codes, 4 were located in California (Montecito, Beverly Hills, Atherton and Hillsborough), while the other 6 were located in and around New York.

Montecito CA Estates

montecito ca real estate

Montecito Estates

Montecito Ocean View Real Estate

View: Santa Barbara / Montecito Real Estate $1-3 Million

View: Santa Barbara / Montecito Real Estate $3-5 Million

View: Santa Barbara / Montecito Real Estate $5 million and Above

Further Reading:

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Search: The Santa Barbara Area MLS

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Are Bank Owned Sales Prevalent in Montecito? August 2011 Update

kevinschmidtchen — Fri, 30 Sep 2011 16:13:03 +0000

Here are the latest statistics for real estate sales in Montecito for August 2011. The shaded area with an ‘X’ states whether the property was a bank owned (REO) sale or not. Although many people would love to find bank owned foreclosure properties in Montecito, the reality is that almost all of the sales are still traditional sales in Montecito. Additionally, most of the REO’s tend to be at the lower end of the price scale.

View: Santa Barbara / Montecito Real Estate $1-3 Million

View: Santa Barbara / Montecito Real Estate $3-5 Million

View: Santa Barbara / Montecito Real Estate $5 million and Above

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Santa Barbara, Montecito and Hope Ranch CORT Report on Yearly Real Estate Market Price Changes

kevinschmidtchen — Thu, 08 Sep 2011 18:53:29 +0000

Here are some of the latest statistics for the CORT reports for real estate here in Santa Barbara, Montecito and Hope Ranch CA. These statistics give a quick overview of comparative price changes in the real estate market in the month of July for the last 8 years.

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

What Are Considered the Higher End Neighborhoods in Santa Barbara?

kevinschmidtchen — Sun, 03 Jul 2011 20:01:46 +0000

When talking about Santa Barbara proper, the high end real estate market is usually referred to as home prices $2 million and above, although this is obviously pretty subjective. For example, within Montecito proper, most people would consider the high end there to start at around $ 5 million.

So what are the highest priced neighborhoods in Santa Barbara?

Number 1 on the list is Montecito with Hope Ranch not being too far behind. Montecito continuously finds itself within the top 10 zip codes nationally with the “average priced home” selling somewhere in the $2 – $4 million price point. One of the things that sets Montecito apart from most high end areas around the country is the extreme high end values. Within Montecito there is a legitimate real estate market of homes in the $12 – $20 million price point. Only a handful of areas in our country have this and most all of them sit next to a major city.

Hope Ranch follows Montecito as the second most exclusive area within Santa Barbara. Most of the “average homes” in Hope Ranch tend to sell somewhere between $1.7 and $3 million. Hope Ranch also has a very high end with values within this high end ranging from $7 to $20 million.

The next highest end neighborhood is most likely The Riviera. This is the beautiful “hill” that lines the town of Santa Barbara with most likely 50-70% of homes having gorgeous island and ocean views. The “average home” on The Riviera tends to sell for somewhere between $1.4 and $2.8 million.

The Upper East is considered the oldest established in-town residential area just off State Street. Most of the homes simply have larger yards and wonderful settings, but tend to be much bigger homes on average. The “average home” here also tends to sell for somewhere between $1.4 and $2.8 million.

The final higher end neighborhood is a little nook of a neighborhood along the ocean just outside of Hope Ranch called Campanil Hill and Braemar. Most of the homes that tend to sell here have spectacular ocean views and range from $1.3 to $3 million on average with the highest end most likely around the $4-7 million price point.

These 5 areas are not the only high end areas in Santa Barbara as many other areas have homes selling easily above the $1.5 million price point such as The Mesa, The Foothills, scattered ranches and anything along the ocean front. With that said, Montecito, Hope Ranch, The Riviera, Campanil Hill and The Upper East are for most people considered the “higher end neighborhoods” within Santa Barbara.

View: Santa Barbara Real Estate $1-3 Million

View: Santa Barbara Real Estate $3-5 Million

View: Santa Barbara Real Estate $5 million and Above

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

How Much Does an Ocean View Home Cost in Santa Barbara CA?

kevinschmidtchen — Fri, 10 Jun 2011 16:48:46 +0000

There are many different reasons why we all choose to live here in Santa Barbara. Each and everyone one of them add up to a great quality of life. Among the most obvious are the medium sized town, the culture and arts, the restaurants, the weather, all the outdoor pursuits…you name. There are many wonderful realities of a life here on The American Riviera.

Although the beach and the ocean are never more than a few minutes away for all of us, some of us are blessed with having homes with wonderful ocean and island views. With all the different null tops around our town, there are also many different “ocean views.” Locals have become somewhat jaded with their opinions on what constitutes a “good ocean view”, and thus begs the question…How Much Does an Ocean View Home Cost here in Santa Barbara?

Generally speaking, the areas of town that have the most legitimate ocean views are The Mesa, The Riviera, Montecito, Hope Ranch and Summerland. There are pockets of ocean view homes everywhere, but these are the main areas with an abundance of ocean view property.

On The Mesa you are generally looking at a starting point of around $900,000 to find an ocean view home with the bulk ranging from around $1,000,000 to $1,300,000. On The Mesa you can easily go up to $2 million for a great ocean view home as well as $3 million for a bluff top ocean view home.

Santa Barbara - The Mesa Ocean View

On The Riviera you are generally looking at a starting point of around $1,000,000 million for an ocean view home with the bulk of ocean view homes from around $1,200,000 to $2,000,000. The high end ocean view homes on the Riviera generally fall into the $1,700,000 to $3,500,000 price point.

Santa Barbara - Riviera Ocean View

In both Montecito and Hope Ranch, you are generally looking at at least $1,700,000 for a starting point for an ocean view home and at this price point it will be a fixer. A quality ocean view home in both these areas will start at around $2,200,000 with the bulk of “good ocean view” homes going much higher.

In Summerland most all of the homes are ocean view homes. Prices generally start at around $600,000 for a fixer ocean view home with the bulk of these being around $800,000 to $1,500,000. The biggest issue with Summerland is that most homes have some freeway noise.

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Good Activity on Beach Front and Ocean Front Homes from Carpinteria to Santa Barbara

kevinschmidtchen — Thu, 02 Jun 2011 14:25:43 +0000

During the last 60 days, beachfront real estate here in and around Santa Barbara has picked up quite a bit with a lot of activity. Just in the last 2 months we have seen 9 new Active ocean front listings, 4 closed sales and 1 pending (in escrow).

Of these listings, 7 have been in Carpinteria mainly along Padaro Lane and Sand Point Road.
Of these listings, 7 have been in the Santa Barbara or Montecito areas.

Here is a list below of the Current New Active Listings

4975 Sandyland Road #205, Carpinteria CA. priced at $999,500. Exceptional ocean front property at Carpinteria Shores. On second floor with full view of breaking surf year around. Beautifully remodeled unit. Furnishings (with some exceptions) are included. Rarely available property overlooking the Pacific. Owner may have pets. Elevator newly installed in building.
1220 Shoreline Drive, Santa Barbara CA. priced at $1,950,000. The beauty of Santa Barbara awaits you in this exquisitely designed cottage on Shoreline Drive, featured in Coastal Living Magazine. Ideally located with fantastic views of the ocean & islands, it is across from the park & steps to the beach. High-end quality throughout. Fully approved plans for an expansion & 2nd story addition. Don’t miss this one!
1349 Plaza Pacifica, Montecito CA. priced at $2,500,000. Rarely Available Near Oceanfront Luxury Penthouse End Unit. Great white water views from LR & huge enclosed terrace. All surfaces completely redone down to studs with exquisite taste. This single level 2nd flr 3/3 is the largest floor plan! Unit below is for sale too. Buy both! Washer/dryer, Fire Place, 2 garage spaces steps away & incredible location. Complete redo by Dennis Woodson AIA & Spieler Construction.
5289 Austin Road, Santa Barbara CA. priced at $2,695,000. Spectacular panoramic front-row oceanfront! Under $3M for one of the most beautiful bluff top view spots in Santa Barbara, with nearby private beach access. Newer upgraded home with almost 200′ of oceanfront, perfect for ocean-view entertaining and relaxing. Think 2nd home or in-town-always-on-vacation home! Private lane of 11 oceanfront homes by More Mesa.
1533 Shoreline Drive, Santa Barbara CA. priced at $3,250,000. Romantic oceanfront home with panoramic ocean & island views. Exceptionally private and thoughtfully remodeled 3/2.5 bright & airy home offering a gourmet’s kitchen, open beam ceilings, wood floors and many doorways to the seaside terrace for true indoor/outdoor living. Gated & beautifully landscaped property consisting of 2 parcels totaling 0.6 acres.
745 Sand Point Road, Carpinteria CA. priced at $4,300,000. Awe inspiring ocean, bird refuge, and mountain views from this 1+ acre beachfront property perfectly located on exclusive and coveted Sand Point Beach. Highly sought after enclave of rarely available ocean front homes. Guarded, gated. Acclaimed privacy and serenity. 1940′s original shingled beach cottage, enlarged with 2 story addition, guest quarters, garage/workshop. Extraordinary property.
871 Sand Point Road, Carpinteria CA. priced at $6,650,000. Breathtaking ocean, island & coastline views, a stunning floating staircase, majestic 2 story LR, formal DR, private master with fireplace, gym & wrap around balcony & attached guest quarters w/separate entrance are features of this quality home in a guarded enclave. Enjoy easy beach access & the fabulous community pool, tennis court & clubhouse.
869 Sand Point Road, Carpinteria CA. priced at $10,900,000. One-of-a-kind oceanfront site extends beyond the beach/neighbors, grandfathered by pre-1920 original estate. Moroccan Mediterranean style home feels remarkably ”surrounded” by ocean on 3 sides. Very rare. Private, gracious proportions, hi ceilings, flooded w/natural light, paneled Office/Library, Studio, Guest Suite, beach access, comm. Pool, Tennis Court, Gated.
4257 Avenue del Mar, Carpinteria CA. priced at $22,500,000. A very special & private beachfront family compound in exclusive & gated Sandyland Cove includes a 6 bedroom main house, a 1 bed guest house with living room, tennis court, swimming pool & spa, 3+-car garage on 1 +- acre with approximately 95 ft of beach frontage. One of the largest parcels on the “Cove.” Properties like this are almost never on the market.

Here is a list of the Recent Sales and 1 Pending Sale

661 Del Parque #B, Santa Barbara CA. closed at $1,299,000. Front and Center at East Beach–Tasteful Beach Abode, White Water Dolphin Views, gated, 2 car attached garage, fireplace, vaulted ceilings, over l600 square feet of Beach front living.
1109 Luneta Plaza, Santa Barbara CA. closed at $1,900,000. One of the most sought after ocean front sites. Steps from the beach, harbor, Stearn’s Wharf and downtown Santa Barbara in a fabulous bluff-top location. Existing structure features 4 bedrooms & 3 baths. Remodel plans by Tom Meaney AIA available.
1542 Miramar Beach Drive #B, Montecito CA. closed at $2,160,000. Darling Board n’ Batten BEACHFRONT cottage on the sand of Miramar Beach with 2 beach side decks and panoramic ocean, island & coastline views. While very cozy, it is extremely romantic and delightful throughout with open beam ceilings, a fireplace & abundant French Doors. This is the lowest priced beachfront home in years and an excellent rental income opportunity.
755 Sand Point Road, Carpinteria CA. closed at $5,000,000. Rarely available, build your Dream Home on this 6.15 acre site in prestigious Sand Point Beach Colony. Direct access to ocean and beach,all year-round resort lifestyle. Private Rd.Gate-Guarded Community. Great Bird Sanctuary views, Dolphins and Whales frolic out your front window.
3281 Padaro Lane, Carpinteria CA. pending sale…asking price $7,450,000. Commanding panoramic ocean, island & coastline views are enjoyed from this premier location on Padaro’s coveted knoll w/easy beach access yet total privacy & safety from wave damage. This spacious & bright South facing single story home has open beam wood ceilings & a flexible floor plan, large family rm, & a huge beach side patio for entertaining in privacy.

View: Santa Barbara Real Estate $1-3 Million

View: Santa Barbara Real Estate $3-5 Million

View: Santa Barbara Real Estate $5 million and Above

Further Reading:

Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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Low “Good Inventory” in The Heart of The Montecito Real Estate Market

kevinschmidtchen — Thu, 14 Apr 2011 15:53:59 +0000

Where is all the ”Good Inventory” in Montecito?

This is what a lot of agents and their clients are asking themselves with regards to the guts of the Montecito Real Estate market right now. These days the entry level price for getting into Montecito real estate is around $1.1 to $1.6 million. There are a few lower priced homes that come on the market, but only here and there and often these are almost “tear downs” or smaller older homes on or right next to a busy section on East Valley Road etc.

For most people, the heart of the real estate market for Montecito is now around the $2 to $4 million price point. This is now the “standard good home” and for most of us there is a true lack of “good inventory” right now in this price range…not a lack of buyers. What I mean by “good” is homes that are done and finished and priced well in the price range…not a fixer or dated or priced high etc.

I myself am working with 2 clients right now that are searching hard in these parameters and are ready to buy a “done home” in this price range and simply can not find it. The options are very limited and I personally know of several other agents that are working with buyers that are expressing the same thoughts. Currently there are 76 listings in Montecito from $2 to 4 million and of these, 61 have been on longer than 50 days. What this means is that all of these homes have had enough time for all buyers to see them, yet they are not in escrow. This essentially means that these homes are not resonating with buyers either on price or quality of home or both. Of these homes, there are only about 7 in my mind that are priced well and “good homes”. The others are simply too high priced for the market for what a buyer would be getting.

Contrary to this, almost any home that has been priced well in this price point is going into escrow within 3-4 weeks. There are seemingly always buyers in Montecito and if you are priced well and a “good home” you will not need to worry these days…buyers are waiting.

Further Reading:

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Happy Homeowners Around the Miramar Hotel in Montecito?

kevinschmidtchen — Wed, 23 Mar 2011 18:33:19 +0000

The latest “New Miramar Hotel Plan” has been recently approved by the County this last week. Current owner of the property, Rick Caruso went back to the board with a reduced size after getting approval from the Montecito Planning Commission earlier this year. After hearing comments from the board and the community, Mr. Caruso essentially took the following steps…eliminated the tennis court, reduced the gross square feet of the project by 120,000, reduced the total rooms from 192 to 186 and agreed to have a maximum number of guests down from 600 to 500. Mr. Caruso’s team had stated that it might of been more financially prudent to walk away from the project, but that they had fallen in love with the project, the beach, the mountains and the community.

Outside of the reality of construction noise for the coming years, if the project goes through, most Montecito home owners in the immediate area seem to be very elated to finally have the current eye soar gone. For Montecito real estate overall, if the project is seen to its completion, it should only add to the appeal of the Montecito area there below the freeway and around Miramar and Fernald.

Further Reading:

View: Current Active Montecito Real Estate $1-5 Million

View: Current Active Montecito Real Estate $5 Million and above

View: Map of Miramar Hotel

Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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February 2011 CORT Reports for Santa Barbara and Montecito Real Estate CA.

kevinschmidtchen — Mon, 14 Mar 2011 19:22:49 +0000

Here are the latest CORT reports for the Santa Barbara and Montecito area for the month of February 2011.

Further Reading:

Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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Search: The Santa Barbara Area MLS