1445 School House Road, MONTECITO, CA 93108, MONTECITO, 93108 - 4 bed, 4 bath
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MONTECITO, CA 93108
This Rare Montecito Development Estate is a strategic Value-Add Acquisition with a List Price of $6,850,000—positioned well below the $6,965,487 Fair Market Value by 1%. This valuation gap provides $115,487 in Instant Equity for a buyer ready to capitalize on the ±1.93-acre lot. Featuring Mountain Views, a Pool, and a Patio, the property carries a Condition Rating of 6 and is marketed for a total rebuild. With conceptual plans for a 5,864 sqft residence plus an ADU, this is a premier acquisition for Luxury Developers or Owner-Builders.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1445 School House Road Subject | $6,850,000* List Price | 4 | 4 | 2,103 | $3,312 | - |
A 1445 School House Road Active | $6,695,000 List Price | 4 | 4 | 2,103 | $3,184 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
While the existing 1947 home appears maintained in photos, the listing is explicitly marketed as a development opportunity for a 'rebuild/replace' project. With conceptual plans for a much larger residence and the first five images being digital renderings of a proposed new build, the property's value is clearly tied to the 1.93-acre land and its redevelopment potential rather than the current dated structures.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 84070, living area = 2103.
The property offers significant upside with land-use reviews supporting a rebuild of a primary residence up to ~5,864 sqft, plus additional allowances for an ADU and accessory buildings.
Situated on a rare ±1.93-acre lot in the heart of Montecito, the estate provides ultimate privacy framed by mature oaks, a seasonal stream, and stunning mountain views.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 3.
The original 1947 home and guest house are likely under-improved for the $6.85M price point, necessitating a total teardown or a massive capital-intensive renovation.
The presence of a legal non-conforming guest house and the need for County/MBAR verification for future expansion adds a layer of complexity and risk to the development process.
First time on the market in 50 years. Discover this rare, secluded ±1.93 acre estate on Schoolhouse Rd in the heart of Montecito, framed by mature oaks, a seasonal stream, mountain views, & a pool. Existing ±2,103-sqft 3BD/2.5BA main home plus 400-sqft legacy guest house studio over a detached 2-car garage. Per recent land-use review: rebuild/replace with a primary residence up to ~5,864 sqft (+~800 sqft attached garage); add one ADU up to ~1,200 sqft; & up to ~1,445 sqft of detached accessory buildings (e.g. artist studio, cabana, pool house). The unusual combination of a legal non-conforming guest house + a future ADU may be possible (buyer to verify with County/MBAR). Conceptual architectural plans for this legacy parcel is ready for its next chapter. Your Dream Montecito Estate Await
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 4.0 | 4.0 | 50% |
| Square foot | 2,103 | 3,606 | 23% |
| Lot Size | - | 39,639.6 | 12% |
| Price | $6.85M | $5.31M | 66% |
| Price per sq ft | $3.3K | $1.7K | 94% |
| Built year | 1947 | 1977 | 14% |
| HOA | $0 | $0 | 50% |
| Days on market | 35 | 234 | 2% |
Mar 13, 2026
$6,850,000
Initial Listing