What Does $3 Million Buy You Today in The Montecito Real Estate Market?
Every few months I try and give an update and snapshot of what $1 Million can buy you in Santa Barbara. With the ups and downs of the market over the past 10 years, this has definitely varied each year and it is interesting to look at the comparisons. This week I am going to start doing the same, but specifically in Montecito. Since Montecito tends to always be one of the top 10 real estate zip codes in the country, I am going to make the benchmark price point be $3 million instead of $1 million. In Montecito, $1 million tends to only buy a condo, townhome or a much older smaller home. With regards to general prices in Montecito, here is a bench mark of what you get up to roughly $5 million:
- $1.5 million is generally thought of as a starter home and the starting price for most homes in Montecito. Generally this will be an older home set on a decent lot of around 1/3 to 1/2 acre, maybe some mountain views and a nice setting, single level and around 2000 to 3200 sqft.
- $2.5 million is the start of your "guts of the market in Montecito". This is a very popular price point and if you have a good home priced around the $2.5 million mark, you will often see multiple offers.
- $3-5 million is probably the sweet spot for most nicer Montecito homes. In this price point you can find a quality nicely built home on 1-2 acres, some great mountain views and overall setting, sometimes nice ocean views as well, newly done, roughly 3000-5000 sqft. Again this is generic as you can easily spend $5-15 million Montecito for some spectacular homes.
So what does $3 million buy today in Montecito?
Located in the heart of Montecito, here is an exquisitely restored George Washington Smith carriage house. This home is situated on a fairly private acre with four bedrooms, four baths in the main residence. Roughly 4,000 sq. ft., this home was a fixer only a year ago and has been carefully renovated through out. In addition to the main residence the grounds offer a pool, guest cottage, sprawling lawns and gardens. This home was located at 1321 School House Road in Montecito. It was listed at $3.35 million and sold for $3.155 million in August 2012 only a few days after going on the market.
Here below is another recent sale right around the $3 million price point. This is the first time this home has been on the market! A classic contemporary on a serene acre by the golf course in Birnam Wood. Stunning living room with domed skylight ceiling, quartz floor & glass solarium walls to showcase the beautiful gardens. Each bedroom opens up onto a patio. Kitchen has a SubZero fridge, 2 Wolf ranges, black granite counters and glass doors to tranquil lawns. Black Hills ''Mt Rushmore'' quarry granite sculptures. This home is located at 551 Crocker Sperry Drive and was listed for $3.295 million. The home was only on the market less than a week and closed in September 2012 for $3.215 million.
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