When actor Jeff Bridges listed his beautiful Tuscan ocean view estate on Hot Springs Road in Montecito for $29.5 million in the summer of 2015 he didn’t expect that it would sell for only $15.925 million almost two years later.
A couple of other celebrity estates have recently come on the market in the Santa Barbara area. Ellen DeGeneres has just listed her incredibly restored ocean and mountain view Italianate estate on Hidden Valley Lane in Montecito for $45 million. She purchased the home in 2011 for $16.5 million before restoration and is looking to make a substantial profit. Kevin Costner just listed his 10.25 acre ocean front estate site on Padaro Lane in Carpinteria for $60 million. He purchased the property and 7 acre lot next to it in 2006 for $28.5 million and resold the 7 acre lot for $25 million in 2009.
985 Hot Springs Road – 6 bed 6 bath on 19.5 acres – Listed for $29.5 million – Sold for $15.925 million
2840 Hidden Valley Lane – 6 bed 8 bath on 16.88 acres – Listed for $45 million
2825 Padaro Lane – 2 bed 2 bath on 10.25 acres – Listed for $60 million
It’s a general rule in real estate that if a property is initially listed close to its market value it will end up selling at the best and highest price. It’s when a seller “tests the market” or believes in an inflated value of their property that they can end up selling for a lot less.
A most important part of a chosen agent representative’s job is to accurately assess the value of any property their client is looking to purchase or sell. If you’re active in the local real estate market and would like to know the accurate value of a property I look forward to the opportunity to assist and appreciate your inquiries.