Meg Ryan Just Made a Killing in Montecito

Notable sales from the past seven days….

645 EL BOSQUE ROAD
In February 2020. Meg Ryan paid $5.025 million for 645 El Bosque, an appealing three-bedroom house on an acre and a half. She enlarged it a bit—but didn’t add any outbuildings—and by all accounts improved the house considerably. (She posted photos of the kitchen here and the landscaping here.) If we’re being generous, let’s say she put $3 million into the property—which means she just made a $5 million profit in an off-market sale that’s a clear sign this market is nowhere near a plateau. That goes double for anything turnkey in the Montecito Union schoolshed; young families are driving the boom and they’ll pay to (a) avoid a renovation and (b) get into a good school. All of which makes me think the Montecito market won’t be ebbing anytime soon, as families tend to put down roots, although we’ll have a better picture when more inventory eventually comes online. P.S. No word on whether Ryan has bought elsewhere. (The photo is from the previous listing.)
Listed: N/A.
Closed: $13.25 million.

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545 TORO CANYON ROAD
Four-bedroom house, a bunch of outbuildings, and a coffee orchard on 9.6 acres (three parcels).
Listed: $14.9 million in November 2020.
Closed: $15.5 million.

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1811 FERNALD POINT LANE
Wedged between the beach and the freeway.
Listed: $9.975 million in May 2019, cut to $9.25 million in September 2020.
Closed: $8.85 million.

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1338 EAST VALLEY ROAD
Six-bedroom in need of updating.
Listed: $4.995 million in May 2021.
Closed: $5.8 million.

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233 E. CANON PERDIDO STREET
1983 building with two residential units atop a 2,700-square-foot commercial space.
Listed: $4.495 million in May 2021.
Closed: $4.4 million.

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595 FREEHAVEN DRIVE
6,041-square-foot house with great mountain views but aesthetic limitations.
Listed: $3.4 million in March 2012, raised to $3.45 million in March 2015, raised to $3.475 million in March 2016, relisted for $3.7 million in March 2018, relisted for $3.95 million in September 2020.
Closed: $3.85 million.

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141 HIXON ROAD
Off-market sale of a three-bedroom in the Hedgerow.
Listed: N/A.
Closed: $3.65 million.

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700 MISSION CANYON ROAD
Flip of a 1925 house and fabulous guest house next to Rocky Nook Park. The seller paid $2.884 million in July 2020.
Listed: $3.75 million in June 2021.
Closed: $3.616 million.

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And a few others worth checking out:
••• 1109 Camino del Rio: $2.875 million.
••• 1338 De La Guerra Road: $2.724 million (below).
••• 1829 Loma Street: $2.668 million.
••• 2718 Macadamia Lane: $2.63 million.
••• 1986 Arriba Street: $2.4 million.
••• 1655 Santa Rosa Avenue: $2.313 million.
••• 859 Summit Road: $2.306 million.
••• 1730 Calle Poniente: $2.2 million.
••• 340 Woodley Court: $2.1 million.
••• 5329 University Drive: $2.01 million.

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Comment:

2 Comments

Erik Torkells

The folks at Coastal Coffee Collective, which roasts at the orchard, said it’s business as usual for them. In the longterm, there’s always the possibility that the new owner will develop two of the three parcels.

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