Fire, ICE, COVID; Harry and Meghan, Oprah, Gwyneth: These are some but certainly not all of the factors driving Montecito real estate into the stratosphere.
The post-pandemic influx of celebrities and royals, as well as local restaurant openings that look more like red carpet events, have catapulted the small, unincorporated town of fewer than 10,000 people into the real estate stratosphere, while much of Southern California stagnates. Through the end of May, closed sales are up 31 percent compared to the same period in 2024, according to Riskin Partners Estate Group.
Even more staggering: Since 2019, the median price for a Montecito home has increased by 80 percent, according to Zillow. Take Meg Ryan’s 2-acre compound on Picacho Lane: Purchased by Ryan in 2020 for a reported $5.4 million, the home is currently listed for $19.5 million.
Craig Barritt/Getty Images For Time
And while A-listers may be bringing unwanted attention to the once-quiet town, most assimilate to the overriding Montecito aesthetic: more beekeeping, less bling. Designers like Meredith Still and Kari Ivanitsky of The Meredith Project routinely work with homeowners looking to capture the area’s low-key, high-end look: “Montecito may be relaxed, but it’s never careless. Behind the casual linen slipcovers and open shelving is a rigorous attention to detail,” says Still, who recounts recent projects that include everything from building nonworking marble fireplaces to walk-in refrigerated pantries. “Here homes are like a Nancy Meyers movie, but in real life.”
For Josiah Hamilton, a local resident and real estate agent, the true draw to the enclave is less celebrity and more topography: “Santa Barbara is the longest stretch of south-facing coastline until you get to Alaska. That means the sun rises on the left side and sets on right. That is a remarkable thing.”
This story appeared in the June 18 issue of The Hollywood Reporter magazine. Click here to subscribe.