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Montecito : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 6
Thu Apr 4, 2013
charnaklein asked:
Mon Nov 17, 2014
Al Goldberg answered:
Hi

Yes.

Anything is possible in this big beautiful world.

How much rent do you want to pay? We have a location in Santa Barbara.

Al
0 votes 5 answers Share Flag
Wed Jul 31, 2013
iNSITES Team answered:
Hello Samuari500-

I won't be able to meet all of your requirements in that price range, but I have some interesting options and would like to speak with you about them. Would you please contact me directly at your convenience? I am available via email or telephone, whichever is more convenient.

Best regards,

Jon Perkins
(805) 284-3660 direct
jon@theluxurycoast.com
... more
0 votes 8 answers Share Flag
Wed Sep 24, 2008
iNSITES Team answered:
Hi Rene-

There are multiple gated communities in the Montecito zip code of 93108, though all are quite different in location, price, and style. Some are condominium developments and some are comprised of large homes and estates.

On the condominium side, Bonnymede and Montecito Shores have the best location. They are in close proximity to the Biltmore Hotel, Coast Village Road (shopping and restaurants), and the beach. Studio units in original condition nearest the train tracks sell in the $800,000 range and oceanfront remodeled townhome-style units have sold up to $5,000,000. Loma Alicia is a planned unit development (detached homes and attached units) on the west side of Montecito close to the mountains. These homes are newer, reasonably large, have excellent views, and today sell in the $1,800,000 to $2,800,000 range. On the affordable end, Villa De Montecito is located near the freeway in eastern Montecito. These are made up of 3 bedroom townhome-style units. They are a little older and get some freeway noise, but are a value for the square footage. These are generally priced between $700,000 and $1,100,000.

Homes and estates are found in several communities in 93108 as well. Nearest the beach are Sea Meadow and Miramar Beach. Sea Meadow is a planned unit development on the ocean (next to Bonnymede/Montecito Shores). While the homes share a similar French Country style, prices vary greatly based on the size of home and location within the complex. Lower recent sales have been in the $6,000,000 range. Homes on the ocean have not traded for years, and it's likely a couple could command more than $20,000,000. Miramar Beach is comprised mainly of small homes and split-home units (essentially condos). These homes are oceanfront and most have direct access to the sand. Even though they are small, prices are high and the smallest are in the $3,000,000 range. The largest units could be expected to trade close to $10,000,000. Moving away from the beach, Ennisbrook is an interesting community offering custom-built estates that are currently listed up to $17,900,000, and "casitas" which are smaller, 3,000 square foot homes (on much smaller lots), that have recently traded in the $2,500,000 range. The community offers walking and equestrian trails, a wonderful clubhouse, pool, and multiple tennis courts (both hardcourt and clay). Montecito Valley Ranch is a smaller nearby community and prices for completed homes are in the $4,000,000 to $7,000,000 range. Birnam Wood is a golf course community and membership in the golf and country club is compulsory. Most homes here are single-level and many are located on the golf course. Prices start near $2,500,000 for smaller, original condition homes and higher-end homes basically range up to $8,000,000. One home has been listed in recent years for $20,000,000. There is at least one additional smaller gated complex on a street called Court Place. It is comprised of single-family homes that sell between $2,800,000 and $5,000,000.

Rentals are certainly available and start near $2,800 per month for the least-expensive townhomes. Properties on the high-end command monthly rates near $40,000. Please let me know what price range you're targeting and I can direct you to the appropriate parties. Rent-to-buy (lease option) properties have been listed in the MLS. It's also possible to make lease option offers on properties not advertised as such, especially if a home has been on the market a while. I'm happy to discuss these options as well. Time frame restrictions are common in gated complexes and vary community to community. Expect at least one month with a maximum requirement of one year.

Please let me know if you have any additional questions.

Best regards,

Jon Perkins
(805) 284-3660 direct
... more
0 votes 2 answers Share Flag
Tue Sep 29, 2009
Keith Sorem answered:
Kelly
Normally land value is based on a theory called "highest and best use". Depending upon the zoning of the property, one would calcluate what the "best" type of home or homes could be built, that would provide a range of value for a finished product.

Let's say that the zoning was Residental, Single Family (R-!). Then question is would how many lots could be formed from one acre. Let's say that most of the lots in that area are 1.2 an acre, to 2 lots of 22,000 s/f, at a 30% building densiity that means a home about 7,000 s/f on each lot, determine the likely retail value, say $500 /s/f that would give you a sale price of about $3.5 million. Now, estimate the construction and related costs, say 7000 @ $250 per s./f, that would be 1.75 million.

Sale price $3.5 million
less construction $1.75
less closing costs $350000
Land value $2.25-2.35 million ---per half acre.

Obviously every lot is different,so slope, views, etc. make a big difference. There is a home, on one acre, on San Ysidro, listied for $7 million, so the above estimate is farily accurate given the amount of information.

Hope this is helpful. I would ask a Realtor to get a more local picture.
... more
0 votes 5 answers Share Flag
Fri Oct 26, 2007
Patti Phillips answered:
Charlene, I guess that there are no agents on Trulia from that area. So sorry you haven't gotten an answer. What about calling the area Chamber of Commerce and asking a few questions, they may be able to help you. Or, I often go to an area on a weekend day, see who is out, and ask questions of the people who live right there! You might give that a try!

Patti Phillips
800-680-9133
... more
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