May 4, 2026
Tag: 5438 San Patricio Drive
Unfinished Montecito Mansion Sells for Just Under $60 Million
Last week's sales also include three big off-market transactions (Winsor Soule compound, Carpinteria oceanfront, and Bella Vista Mediterranean); Summerland’s Montecito Ranch gated community for $9 million off the initial asking price; glam Santa Ynez Valley Tudor for $7 million off the initial ask; contemporary drop-down in Toro Canyon; impressive backyard on the back of TV Hill; and more. 1
Burning Questions
- Why Are the Railroad Tracks Being Expanded Along Padaro Lane?
- Will You Explain the Plan to Adapt the Waterfront for Climate Change?
- Why Did the Rosewood Miramar Beach Install Gates?
- How Long Will This Big Pipe Be at East Beach?
- Is Cabrillo Boulevard Going to Be Widened Under Highway 101?
- Was There a Fisherman Inn in Downtown Santa Barbara?
- What Are Those Old Buildings at the Corner of Castillo and Montecito Streets?
Recent Comments
John: I think we should keep in mind that Yardi is a software company that sells software *and data* for *real estate property management*. The… — SBradley
Though Yardi is a commercial software developer, real development is much riskier. That business has moats, history, customer lock in and competitive advantages. Redevelopment and… — John
You should remember that where you're sitting right now used to be a tree, a field, or open land at some point. You benefit every… — Tony Machado
It is kind of complex to tease out who bears the risks and benefits in these projects that have public and private parties involved. I… — SBradley
Very interesting. If Yardi is paying anywhere near $120M + $35M + $5.7M for almost 250k empty square feet, this is going to take a… — NuemanJ
I think some folks who would consider this is a windfall for Yardi may be overlooking two things: 1)The cost to Yardi to buyout AB's… — StanThompson
Just realizing I did not address your first point. The buildings on the property have been up for sale, and their value is also depressed… — SBradley
I think that the city's representation of this land as having ‘zero value’ is confusing because it sums together the value of 2 distinct things… — SBradley
No idea whether this is a good deal for Yardi or not. Paseo Nuevo has been available for sale since 2020 with no buyers -… — NuemanJ
I wish this same logic worked for Thrifty ice cream! According to the BLS inflation calculator, something that cost 5 cents in 1970 should cost… — Doug B