Noteworthy new listings….
The entrance to 5057 Via Alba ($8.875 million) is magical: in an ordinary Noleta neighborhood, you come upon an old-school ranch gate, and then you drive and drive till you finally reach the house. The land—39.44 acres west of N. San Marcos Road—is the main draw, and there are income-producing avocado and citrus trees. But the house has potential, if you de-Eighties it a bit. Not too much, though! Respect the good times that have undoubtedly occurred in the downstairs party room, complete with bar. P.S. How about that lipstick-red bathtub?
In April 2022, the new-build 691 Via Trepadora ($16.8 million) sold fast and for well over ask ($11.909 million). With its glassy entryway, deconstructed barn roofline, and black facade, the Hope Ranch house had swagger—and the current sellers glammed up the style considerably, including going hard on powder pink in one bedroom and converting the upstairs gym into a dance hall with puce bar. The questions I asked last time may still apply: “Why are the upstairs rec room, gym, and deck only accessible via exterior stairs? Why is the otherwise lovely guest quarters accessible only by walking through the courtyard and all the way around the house?” I’ll take a look during today’s brokers’ open, when I’ll also investigate this*, spotted in a video for the property. UPDATE: You still have to go outside to get upstairs, but the guest apartment is now accessible from inside the house. The sellers gave the place a lot of personality, much of which is baked in—which is great if it aligns with your style. (*Up close, it’s clearer that the figure is sunbathing.)
Comps don’t get much clearer than this: 4631 Via Bendita ($16.49 million) is new construction, of a similar style, that’s also on 1.5 acres in Hope Ranch. Even though it’s unstaged—and presumably rushed to market to compete with 691 Via Trepadora and/or be available for new arrivals to town—you can tell that it has less innate style than its competitor. (That black granite hearth looks like it arrived on a time-traveling DeLorean.) And it’s significantly smaller. In the plus column: the flag-lot location in the Roblada-Bendita loop. UPDATE: The lot feels more spacious—flatter, more open—than 691 Via Trepadora, with a very roomy motor court. Unlike at the other property, this is a blank slate.
Elsewhere in Hope Ranch, 4178 Cresta Avenue ($9.85 million) took four and a half months to sell (for $8.111 million, well off the initial $9.35 million ask) in October 2023, which surprised me at the time, because it’s a lot of house (7.386 square feet) on nearly three acres, and it was in decent shape. The current seller traded rusticity for elegance, which should help this go-round, and also turned a raw upstairs space in to a playroom. P.S. Again with the pink.
602 Parra Grande Lane ($7.395 million), west of Hot Springs Road, is a hot potato, having sold in early 2021 for $3.525 million, spring 2022 for $5.425 million, and last March for $5.8 million. The current owner upgraded some interior elements and switched out the fabulous palms for olives, but the fundamental issue remains that the 1915 building (originally a carriage house) and its motor court take up most of the .38-acre lot. If you detest the idea of maintenance, of course, that’s a boon.
The price of 1545 San Roque Road ($7.496 million) is an eye-popper, seeing as how the seller paid $3.445 million in May 2022, but you do get a whole compound. The 2.2-acre lot in a valley above the reservoir includes the 1998 four-bedroom, four-bath house—which has been given a name, Casa Calma, and a monochromatic makeover that feels more Airbnb than resort—as well as a two-bedroom guest house, domed tent, yurt, infrared sauna, and gym.
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And a few others worth checking out:
••• 311 Stanley Drive ($3.349 million): 1947 Samarkand house with four bedrooms, all en suite.
••• 318 Arden Road ($1.699 million): Tudor fixer in a more modest part of Samarkand, built in 1935 and “divided into two homes, and a third permitted living space is located in the backyard.”
••• 518 E. Pedregosa Street ($2.995 million): 1928 Craftsman with four bedrooms and two and a half baths; the seller paid $2.9 million at the end of 2022.
••• 805 Palermo Drive ($2.595 million): 1960 four-bedroom, two-bath in Hidden Valley being offered at a higher price than usual in the neighborhood; the house was sold as a spec reno in August 2021 for $2.02 million.
••• 2335 Whitney Avenue ($3.35 million): 1957 Summerland house in need of updating; the lot is double-wide, which makes for even better views.
••• 103 E. Micheltorena Street ($3.2 million): 1930 Spanish Colonial Revival at the corner of Anacapa (below); “zoned O-R, the property presents an exceptional opportunity for a range of potential uses, including luxurious single-family living, multi-family development, boutique hospitality, or mixed-use configurations, subject to city approvals.” And eight parking spaces!
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Aside from the high price, I’d go with the assumption that the compound on San Roque Rd is uninsurable. As are a number of hillside properties currently on the market. Retaining insurance is a serious problem that is going to hit SB real estate hard in the coming months.
I’m not sure people buying $10M+ houses care much about the cost or availability of fire insurance. That one in particular looks pretty defensible.
You’d be surprised at the number of people in 10M homes that are overextended with mortgages. One job away from a forced sale.
There is no neighborhood called Noleta. Silly new-be. BTW, I live in SoMontOliveville.
Perhaps we should just call it NoGo then