**Attention Investors, Contractors, Geologists, and Engineers!**
What You Need to Know: In February 2024, a localized landslide occurred at 1037 Las Alturas. Experts believe the damage was primarily due to poor maintenance and improper drainage on that property. The landslide resulted in significant damage to 1037, including the destruction of the house. While most of the slide affected 1037, it did impact the eastern corner of 1105 Las Alturas.
The structure and foundation at 1105 Las Alturas sustained only minimal damage. Built in 2010, the property features a foundation supported by piles and caissons. The foundation experienced slight movement and cracks in the foundation wall, with most of the damage concentrated in the eastern portion of the land. Experts suggest that adding one to three additional caissons, repairing the foundation wall, and constructing a retaining wall on the east side would likely stabilize the soil and resolve the issue.
The current owners purchased 1105 Las Alturas in April 2021 for 4,650,000 dollars and have since invested over 1 million dollars in a high-quality renovation. Before the landslide, the property was valued at nearly 6 million dollars. Now listed at 2,995,000 dollars with repair cost opinions estimated between 500,000 and 1 million dollars, this property offers a compelling opportunity for investors or end-users to gain significant value.
Property Description: Perched atop the Upper Riviera, this 4-bedroom, 4.5-bathroom Mediterranean villa offers 4,261 square feet of serene living space with breathtaking views of Santa Barbara's coastline. Built in 2010 and thoughtfully reimagined, the home blends Spanish-inspired finishes such as gilded accents, handmade tiles, and travertine floors. The interiors are bathed in natural light, with nearly every room featuring stunning ocean vistas. A turreted foyer leads to expansive living and dining rooms with folding glass doors that merge indoor spaces with the natural surroundings. The kitchen is a chef's dream, boasting a large island, quartzite countertops, walnut cabinetry, an eight-burner range, and ample space for family gatherings.
On the lower level, three ensuite bedrooms, an office or exercise room, and a cozy den with a fireplace and wet bar provide versatile spaces for relaxation and entertainment. Outside, a stone pathway leads to a secluded patio surrounded by citrus and fig trees, creating an ideal setting for evening drinks or fireside chats. The home's primary bathroom is a highlight, featuring seven brass shower heads, luxurious white onyx surfaces, and a window offering picturesque harbor views. This property is an exquisite blend of modern comfort and timeless Mediterranean elegance, with panoramic views that capture the essence of Santa Barbara living.
