New Montecito Beach Closing: 1154 Channel Drive
After about 4 months on the market and one $550,000 price reduction, 1154 Channel Drive has closed escrow.
Built in 1975, 1154 Channel Drive is a two story 4 bedroom/4.5 bath 3,844 square foot Mediterranean style home with walls of glass to expansive ocean views over Butterfly Beach in Montecito. Features include a living room with fireplace overlooking a terrace, an oceanside pool and spa and a huge lawn. Upstairs is an ultra-private master bedroom suite with fireplace and ocean view balcony. This property enjoys the premier beach location steps from Biltmore.
History of the Listing
1154 Channel Drive was listed at the end of January 2013 for $9,500,000. Its asking price was reduced to $8,950,000 at the end of March and it went into escrow at the beginning of June. It closed in August 2013 for $8,800,000.
About Butterfly Beach in Montecito
The world famous Four Seasons Santa Barbara Biltmore Hotel and its private spa, the Coral Casino, anchor the eastern end of Butterfly Beach in Montecito, while the Santa Barbara Cemetery rests peacefully on the bluff at the western end. In between, the homes along Channel Drive and Hill Road view the ocean from just across the street from Butterfly Beach and the estates along Fairway Road enjoy bluff-top views with only a pedestrian and bike path between their gardens and the sea. The famed Music Academy of the West on Fairway Road is just a stone’s throw from Butterfly Beach.
Ty Warner, the billionaire creator of the Beanie Baby phenomenon, is playing Monopoly with his holdings along Butterfly Beach. His personal residence is on muliple acres on Fairway Road, on the same block as the Music Academy. He is also the owner of the Biltmore Hotel and Coral Casino and the Montecito Country Club just five minutes away.
The disadvantage of homeownership along Channel Drive is the public parking along, and the inconvenience of having to cross, the street to access the beach. But homeowners greatly enjoy strolling down the block to dine at the world class Biltmore Hotel or to have a swim at the Coral Casino, or walking just up the road to listen to excellent recitals in the elegant gardens of the Music Academy.
