Carolwood Estates Plans to Open Branch Office in Montecito

Less than a year after its debut, luxe brokerage Carolwood Estates has taken steps to open a new office in addition to its Beverly Hills headquarters.

Carolwood reported opening an office in the wealthy enclave of Montecito, where A-list celebrities such as Ellen De Generes and Oprah Winfrey own estates.

On its California Department of Real Estate profile, Carolwood listed a new branch at 1284 Coast Village Road, the main thoroughfare in Montecito. It is the only branch office listed on the brokerage’s DRE profile.

Nick Segal, Carolwood’s managing broker, confirmed the company was opening a Montecito branch, but declined further comment.

Carolwood co-founder Drew Fenton has long maintained an interest in Montecito. A closed sale listing for an $18 million estate, located at 710 Picacho Lane in Montecito, is posted on Fenton’s website.

Montecito, positioned about 90 miles north of Los Angeles on a rugged coast near Santa Barbara, has long been a playground of celebrities and the ultra-wealthy. Los Angeles developer and former mayoral candidate Rick Caruso owns the Miramar Beach Resort in Montecito. Prince Harry and Meghan Markle have put their Montecito mansion on the market for $33.5 million, according to media reports.

In September 2022, De Generes sold a 12,000-square foot mansion for $36 million. One pricey Montecito estate, called Far Afield, was listed for $74 million in 2021; since June, the ask has dropped to about $60 million. The average price for a Montecito home is $6.3 million, according to Redfin.

Montecito has long attracted the attention of Los Angeles area agents, but interest in the enclave increased during the pandemic, when many wealthy people sought second homes far away from metropolises, said Steve Clark, who is establishing an office for his Pasadena-headquartered Backbeat Homes in Santa Barbara. But breaking into the market is not easy.

“It’s a small community with not a lot of inventory,” Clark said. “The agents who work there are often third- and fourth-generation agents who aren’t exactly interested in doing business with out-of-area agents.”