Wall Street Journal | Written by Libertina Brandt | Reference Source
A postmodern home outside Santa Barbara, Calif., is hitting the market for $21.5 million, nearly triple what the owner paid for it in 2018.
Atop a hill in the community of Hope Ranch, the estate spans just under 2.5 acres and overlooks the Pacific Ocean and the Channel Islands, according to Randy Solakian of Coldwell Banker, one of the listing agents.
The seller, landscape designer Jay Griffith, 72, bought the property in 2018 for $6.75 million, according to public records. Mr. Griffith, who is also a real-estate investor, said postmodern design is rare in the area. He made a few cosmetic changes to the interior and remodeled the kitchen, but most of it is true to the original design. Outside, he re-landscaped the grounds and planted vegetation that was sympathetic to the ocean view.
Mr. Solakian said the price increase is warranted because Hope Ranch, located about 7 miles west of Santa Barbara, has seen home prices grow exponentially over the past several years. The median listing price in Hope Ranch increased nearly 60% from $3.025 million in January 2021 to $4.8 million in January 2022, according to Mr. Solakian. Last year, a smaller property across the street from Mr. Griffith’s property sold for $19.9 million, he said.
Mr. Griffith said he used his Hope Ranch property as a weekend getaway from his primary residence in Los Angeles, but is selling because he has made an offer on another house nearby.
The property includes a six-bedroom main house measuring roughly 8,300 square feet and a two-bedroom guesthouse spanning around 1,200 square feet, according to Mr. Griffith. The main home was designed by the late California architect Barry Berkus, Mr. Griffith said. The entrance is about 85 feet long and modeled after the Egyptian Temple of Dendur on display at the Metropolitan Museum of Art in New York City. Inside, ceilings throughout stretch as high as 26 feet and most rooms have a view of the water.
Mr. Solakian shares the listing with colleagues Jessica McLernon and Deanna Solakian Williams, his daughter.
