Have you been up there? Most are much bigger, but more pricy. Closest neighborhood to Montecito in SoCal might be some of the more country hoods on the Palos Verdes peninsula. Lots of trees, ocean breeze, rural country feel (but fricken mansions all in that Mediterranean style).
No, I haven't, but I don't care how beautiful the scenery is. I just can't think with such astronomical prices for such little real estate.
Here in Texas you can buy a 7,000 square foot mansion on ten acres, right outside Dallas, for $3 million. And that's in gorgeous, rolling countryside.