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  • ho

    A truly beautiful mansion on an adequate lot. Trouble is, mansions of this size and quality, on similar lots in other locales can be had for well under $10 million, often under $5 million. We see them here on HOTR all the time. Santa Barbara is undoubtedly a lovely city, and this development is surely among the best to be had there, and so what? The price is so out of line for what you get as to be almost insulting to one’s intelligence. $28 million should buy at least twice the house on three times the land, and in a prestigious and exclusive gated and guarded community – which is really as good as it gets anywhere in the country. Any buyer who accepts these ridiculous and arbitrary “market conditions” needs his head examined.

    • Drake

      Not sure I agree with your opinion that mansions of this size and quality on similar lots can be found in other locales for under $10 million or even $5 million. Granted nearly $28 million is insane for any home (looking at you L.A., Malibu, Atherton, NY, etc etc), this estate shouldn’t be thrown in with $10 million estates. Just a few quick reasons: 1) The estate sold for $26.5 million a little over a year ago. So there’s some incredibly wealthy entity or individual out there who thought this home is worth at least that amount. 2) The locale isn’t Santa Barbara city or “Noleta.” While technically zoned Santa Barbara County – the estate is pretty much in Montecito. Montecito being one of the wealthiest areas in the country. It might not have the $5+ million median home price that NY, parts of L.A., and other comparably wealthy areas have… but it does have its fair share of billionaires. With that said, this estate’s particular area above East Mountain Dr is particularly sought after and expensive ($3-5 million/acre just for the land). 3) The biggest draw back to some billionaire paying $28 million is the lack of water. Santa Barbara as a whole is very bad off for water – more so for Montecito and the hills. This is a major reason there haven’t been many crazy high sales in a number of months. The upkeep cost skyrockets if an estate doesn’t have its own water well.

      Obviously I’m biased and could keep rambling on. But just wanted to point out that it’s difficult to find any other place in the country with the PRIVACY, amount of land, small-town feel, laid back people (mostly), and prestige that this particular area of SB affords. No “exclusive gated and guarded communities” needed here – although there are a couple to choose from. 🙂

      Having lived in the area for a short time along with L.A., multiple other beach cities + states… I’d hands-down choose to retire in Montecito if I could afford my dream home there.

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