Introduction: When it comes to the housing market, Montecito is considered the gold standard of the many beautiful and enticing cities in Southern California. The town was founded by a group of wealthy Californians, who were drawn to its temperate climate and breathtaking views of the Santa Ynez Mountains.
When it comes to the housing market, Montecito is considered one of the best cities in California. The town’s homes and its property market are valued at over $3.65 billion. As a result, some of the most affluent home buyers in the world are making their home there. Here is a list of some of the most expensive home sales in Montecito:
9500 block of East Valley Road: $53.5 million
Montecito “E” estate: $47.9 million
“E”, built in 1995, sits at the end of an extensive private drive and overlooks Montecito Creek on one side and a golf course on the other. The estate boasts three bedrooms, six baths, a tennis court, a pool and spa, and enough acreage to have its own vineyard.
2800 block of Montecito Avenue: $44 million
The largest of the sales in the city, this is an “E” on steroids. Built in 1999, it has seven bedrooms and six bathrooms with approximately 5.5 acres of land for farming and fruit trees. The house also has two kitchens, a home theater and a wine cellar. Furthermore, it is situated on the same private street as “E.”
3400 block of Yerba Buena Lane: $15.9 million
What Housing Options is Available in Montecito?
Located just 30 miles northwest of Santa Barbara, Montecito has a nice variety of homes and real estate options. There are many types of houses to choose from, everything from tiny options to huge mansions. New homes are having a great demand as buyers can be sure that their choice is also going to cost them a lot. The town has got million-dollar homes with stunning views of the Santa Ynez Mountains. By looking at the amazing views and elegant houses, many visitors are tempted to buy a piece of this paradise. The town is a perfect choice for retirees. It has got a great school system, and the residents enjoy comfortable winters and mild summers.
With just over 2,700 residents, Montecito is mainly a residential community with no large employment centers. Montecito’s gated neighborhoods feature gorgeous mansions and beautiful views. The most famous neighborhood in Montecito is East Valley Road, located near the center of town. It is home to the town’s most expensive homes, with average list prices that reach seven figures. The houses along East Valley Road are so fabulous, they are often used as sets for movies and television shows.
What are some Pros & Cons of Buying a Home in Montecito?
Some of the cons that one should be aware of include frequent traffic jams, no home security and a lot of crime. Pros include low income properties, and the fact that it is home to many celebrities such as Oprah Winfrey.
It is a con that there are no public transportation facilities available in this area. This may not be possible for people who are not of driving age or who do not have a driver’s license. On the other hand, the schools here are among the best in the state and most residents here have good salaries and high levels of education which help sustain this area economically.
How Much Does a House Cost in Montecito?
The price of a home ranges depending on its size, location, and how recently it has been built. The housing prices are comparable to those in Los Angeles, but with a smaller overall cost since there are very few families living there. This can be attributed to the lower cost of living compared to Los Angeles. There is a population of approximately 8,000 residents living in this area.
The median household income for families and individuals in the Montecito area is $130,000. The average annual home value is about $1,324,000. The average price per square foot for homes sold in 2013 in Montecito was $1,399. This is comparable to Los Angeles which has an average of about $1,288 per square foot. This is for a mid-range home in the middle of the market. The lowest priced property available in Montecito is $1,000 per square foot. The highest priced property sold recently is $5,000 per square foot. The highest price paid for a house was $82 million for a home that has been on the market several times.