1520 Willina Lane, Santa Barbara, CA 93108, Santa Barbara, 93108 - 2 bed, 2 bath
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Santa Barbara, CA 93108
This Charming Montecito Cottage represents a High-Potential Investment Opportunity, listed at $4,650,000—positioned well below the $4,797,660 Fair Market Value by 3%. This valuation gap offers $147,660 in Instant Equity for the discerning buyer. Featuring a Pool, Spa, and Pool House on a prime lot within the Montecito Union School District, the property maintains a Fair Condition Rating due to dated finishes. This rare offering is ideal for Value-Add Investors or Owner-Occupants seeking to modernize a historic retreat.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1520 Willina Lane Subject | $4,250,000* List Price | 2 | 2 | 1,761 | $2,557 | - |
A 1520 Willina Lane Active | $4,895,000 List Price | 2 | 2 | 1,727 | $2,834 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
While the 1920s cottage is meticulously maintained and charming, the kitchen and interior finishes appear to be from a renovation performed over 20 years ago, featuring dated tile countertops and older white appliances. Per the criteria, renovations older than 20 years are classified as fair.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8712, living area = 1727.
Situated in the prestigious Hedgerow District, the property offers exceptional walkability to the Rosewood Miramar Resort, local beaches, and both the Upper and Lower Villages.
The inclusion of a 317-square-foot pool house provides valuable flexibility, serving as a guest suite, home office, or creative studio to complement the main residence.
With a listing price of $4.65 million for a 1,727-square-foot, 2-bedroom home, the price per square foot is significantly high, which may challenge appraisal values.
The 8,712-square-foot lot is relatively small for the Montecito luxury market, potentially limiting privacy and future expansion opportunities compared to neighboring estates.
Welcome to this enchanting 2-bedroom, 2-bathroom cottage nestled in the highly sought-after Hedgerow District of Montecito. Spanning +/-1,761 square feet, this lovingly maintained home exudes character and charm, offering a serene and private retreat. The quaint lot is adorned with verdant landscaping, providing a tranquil and secluded setting. Take a dip in the sparkling pool or unwind in the spa, perfect for enjoying Montecito's idyllic weather year-round. The +/-317-square-foot pool house offers additional space for guests, a home office, or a creative studio, enhancing the property's appeal. This charming neighborhood is a short stroll to the Rosewood Miramar Resort, beach access, both the Upper and Lower Villages, restaurants, shopping, and all that Montecito has to offer. Lovingly cared for by its owners for over 24 years and situated in the highly coveted Montecito Union School District, this cottage is a rare find that seamlessly blends historic charm with modern comforts.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 0.0 |
| Baths | 2.0 | 0.0 |
| Square foot | 1,761 | - |
| Lot Size | 8,712 | - |
| Price | $4.25M | $2.43M |
| Price per sq ft | $2.4K | $1.3K |
| Built year | 1920 | 0 |
| HOA | $0 | $0 |
| Days on market | 43 | 60 |
Jul 8, 2026
$4,250,000
$4,650,000
-9% Price Drop
Initial Listing
Jun 9, 2026
$4,650,000
Initial Listing